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Student Loan Debt Counseling Grant Program


 

Providing individual student loan repayment counseling to borrowers who are Minnesota residents.

The Office of Higher Education administers the Student Loan Debt Counseling Grant Program to support a Minnesota-based nonprofit qualified debt counseling organization to provide individual student loan debt repayment counseling to borrowers who are Minnesota residents concerning loans obtained to attend a postsecondary institution. The number of individuals receiving counseling may be limited to those capable of being served with available appropriations for that purpose. A goal of the counseling program is to provide two counseling sessions to at least 75 percent of borrowers receiving counseling.

The purpose of the counseling is to assist borrowers to:

  1. Understand their loan and repayment options;
  2. manage loan repayment; and
  3. develop a workable budget based on the borrowers full financial situation regarding income, expenses, and other debt.

A qualified debt counseling organization is an organization that:

  1. has experience in providing individualized student loan counseling;
  2. employs certified financial counselors; and
  3. is based in Minnesota and has offices at multiple rural and metropolitan area locations in the state to provide in-person counseling.

Funding Sources

The 2019 Minnesota Legislature allocated $200,000 per year in the 2020 - 2021 biennium to be granted out to eligible Minnesota-based nonprofit qualified debt counseling organizations.

Fiscal Year 2020 Request for Proposals

The Minnesota Office of Higher Education welcomes all eligible applicants to apply for Fiscal Year (FY) 2020 - 2021 funding.

RFP posted on the Office of Higher Education web site November 20, 2019

Questions due no later than 4:30 pm Central Time December 16, 2019

Applications due no later than 4:30 pm Central time January 6, 2020

Student Loan Debt Counseling Grant Program RFP

If you have any questions regarding the RFP process, please contact Maya Beecham (Maya.beecham@state.mn.us).

Criteria

The program awards grants to Minnesota-based nonprofit qualified debt counseling organizations that provide individual student loan debt repayment counseling to borrowers who are Minnesota residents concerning loans obtained to attend a postsecondary institution.