St. Cloud Times — A new state program could allow college graduates to cut thousands of dollars from their debt loads.
On Thursday, the Minnesota Office of Higher Education, lieutenant governor and a few lawmakers announced SELF Refi. It will allow graduates to refinance loans at a lower rate — between 3 and about 7 percent in some cases, Higher Education Commissioner Larry Pogemiller said.
Mike Uran, financial aid director at St. Cloud State University, said his office was excited about the new program.
Uran stressed as with any refinancing, graduates need to consider their current loans and whether the new program would make sense. SELF Refi could benefit graduate students with its lower interest rates, he said. It could also help graduates paying off private loans with high interest rates who also have strong credit or a co-signer in such a situation, Uran said.
