Minnesotans Could Soon See a New $250 Monthly Bill
Don't look now, but thousands of Minnesotans could soon be facing another sizable monthly bill that's set to start soon.
Nobody likes paying bills, right? And when you suddenly see you're on the hook for yet another monthly payment, it can be frustrating, to say the least. But that could be the scenario for around several thousand residents of Minnesota later this fall, who could be looking at a new $250 to $300 monthly payment.
That new payment will apply to those Minnesotans who have current or outstanding student loans on the books. And while those monthly payments had been delayed for the past several years, starting during the pandemic, they're once again coming due here in the Land of 10,000
This CBS News story says that when the U.S. Supreme Court struck down the federal plan to forgive billions of dollars in student loans in late June, it means the clock is now ticking on an early fall deadline for those Minnesotans with student loans.
The international research data and analytics group, WordsRated says student loans in Minnesota is big business:
- Minnesota has a total student loan debt of $26.5 billion
- This is the 22nd most of any state in the country (plus Puerto Rico and Washington DC)
- The average debt for borrowers who live in Minnesota is $33,604 – this is the 33rd highest in the country
- This is $4,183 below the national average of $37,787
Meanwhile, the Minnesota Youth Collective, in a story written along with a University of Minnesota Peace Studies class, noted that the average student loan payment for Minnesota students with loans is between $250 and $300. And those payments will now start coming due again beginning on October 1st, 2023.
There IS some good news, however. The new Minnesota North Star program passed by the Legislature and signed by Gov. Walz earlier this spring creates a free college program for students. However, only students whose family income is under $80,000 are eligible for the new program.
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