A new student loan refinancing program is now available to Minnesota residents. Officials say competitive rates offered through the state “SELF Refi” program can help some students locked into higher rate private loans not only reduce their monthly payments, but also lower their overall debt. Some borrowers may also be able to shorten the duration of their student loans, or extend them over a longer period of time. Minnesota ranks fifth highest in the country for student loan debt, with the typical student carrying an average of nearly 32-thousand dollars. To be eligible for the “SELF Refi” program, borrowers must be a Minnesota resident, have completed at least one post-secondary credentialed program, and meet credit criteria.