students loan consultancy

Idea, Hot, Idea Board, Uncategorized | Comments

Minnesotans value higher education, and we all agree education is key to remaining competitive in today’s fast-paced global economy. But college tuition in Minnesota has been rising for years, and with it, student loan debt. More Minnesota students are borrowing to go to college and those that borrow do so at amounts greater than the national average. (Source: Minnesota Office of Higher Education)

Repaying those debts can dramatically affect where a graduate will live and work and what career they will choose. And for smaller Minnesota communities, this can add up to a real brain drain.

That’s why I authored legislation to support low- and middle-income college graduates so they can continue to live, work and pay taxes in Minnesota. Under the Education Opportunity Credit, any Minnesota student who earns an associate or bachelors degree from a Minnesota college with a student loan can receive a 50 percent tax credit on tuition loan repayments. The degree can be from any Minnesota two- or four-year college or community college, public or private.

Minnesota is facing a dramatic shift in population. More Minnesotans are retiring, leaving a smaller workforce pool to support an aging and dependent population. This legislation will help us retain the skilled and educated work force necessary to remain competitive and attract well-paying jobs. And only Minnesotans who live, work and pay taxes in Minnesota after graduating will benefit.

Minnesota’s past success is largely due to our highly trained and motivated work force. Helping Minnesota college graduates to live and work in our state ensures the Minnesota promise works for everyone.