RAPID CITY, S.D. (KOTA) – Deciding to further your education after high school can come with a hefty price tag, but South Dakota’s politicians are working to offer a new student loan option to help with the cost.
Senator Mike Rounds introduced the Affordable Future Loan Program Act, which would guarantee loans of up to $19,000 a year for four years through eligible lenders. With the program, no interest would accrue for the student while they are enrolled in school full-time.
The program was inspired by the Federal Family Education Loan Program, which was created by the Higher Education Act of 1965 but was later repealed in 2010. The Department of Education has issued all federal student loans since then.
Rounds says this wouldn’t replace anything but would serve as an additional financing option. He believes this program could be a good option for many students and banks.
“A lot …