New $250 Payment Facing Thousands of Minnesotans Next Month
Don't look now, but thousands of Minnesotans could soon be facing another sizable monthly bill that's set to start in just a few weeks.
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 as we first noted back in July, that could be the scenario for around several thousand residents of Minnesota starting October 1st, who could be looking at a new $250 to $300 monthly payment.
What's up with that?!? Well, it's a monthly payment that 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 Payments Lakes.
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In fact, CNN says that interest on student loans, which had also been paused during the pandemic, started accruing again on September 1st, 2023, with those monthly student loan payments set to begin again on October 1st, 2023.
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 for those Minnesotans with student loans.
The international research data and analytics group, WordsRated says student loans in Minnesota are 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
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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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