Minnesota has launched a state-backed program for state residents interested in refinancing their student-loan debt.

I know this program is great news to most college students including myself and I'm still in school! Currently Minnesota ranks fifth nationally in the amount of college-loan debt carried by residents, who have on average nearly $32,000 in outstanding loans.

In order to be eligible, borrowers must be a Minnesota resident and have completed at least one postsecondary credentialed program. They must also meet certain credit requirements or have a creditworthy co-signer.

The maximum loan amount that can be refinanced for a bachelor or graduate degree is $70,000. The maximum loan amount for a two-year diploma or certificate is $25,000. You can read the full story here and get more information on the program here. Let me know what you think of this program in the comments below.