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South Dakota Senator introduces new option for student loans

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South Dakota Senator introduces new option for student loans


SIOUX FALLS, S.D. (Dakota News Now) – A South Dakota Senator introduced legislation on Thursday that would provide a new affordable student loan option.

Senator Mike Rounds’ bill is not only an attempt to bring in the private sector into student loans but it’s also a return to old policy.

While at an undergraduate institution, the federal government will be picking up the majority of your loan bill when you get a loan through eligible lenders.

“The federal government will guarantee 98% of that loan to the banks, there’s no risk, the banks are going to buy into this, it used to work really well before it was abandoned in favor of the current plans,” Rounds said.

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In a letter sent to Senator Rounds on Tuesday, the America’s Credit Unions and Dakota Credit Union Association endorsed the bill, saying it will allow the industry to effectively meet the needs of their over 140 million credit union members nationwide.

“We have capacity, we have humans here, we have people who would love to sit down with you and process it, we would be very happy to facilitate a member’s questions about that program at any time,” Jeff Jorgensen, President of Bluestone Federal Credit Union said.

Jorgensen says his company still gets phone calls daily asking if they can get a student loan and that they have to send them to the federal government.

The bill allows for up to $19,000 per year in loans adjusted with inflation, the average cost to attend a public university. The interest would not accrue when students are in school.

Additionally, there would be two different repayment options including one that is income-driven. You could either do a 15-year installment plan with no penalties for paying early or do an income-driven repayment plan. It’s available for undergraduates or trade school students.

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The hope is to help middle-class students who often have to bypass college to some extent.

According to Rounds, the bill would not take away opportunities for governmental-based student loan programs, although his bill doesn’t require you to fill out the FAFSA form.



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South Dakota

South Dakota comedy performer dies

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South Dakota comedy performer dies


SIOUX FALLS, S.D. (KELO) — A local South Dakota comedy legend has died Saturday. Terry Ree, of the comedy duo Williams and Ree, died Saturday morning. Williams and Ree performed for over fifty years together, performing with names such as Garth Brooks, the Oak Ridge Boys and Tim McGraw.



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South Dakota

Sunday will be warm and breezy

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Sunday will be warm and breezy


RAPID CITY, S.D. (KOTA) – Partly cloudy skies are expected. A stray shower or two will be possible, but chances aren’t great. Highs will be in the 40s and 50s for much of KOTA Territory.

Wind gusts could range from 30 to 40 mph at times – especially across western South Dakota.

We’ll remain mild all Christmas week with highs in the 40s to near 50°. Mostly sunny to partly cloudy skies will be likely all week long. It could get a little breezy on Christmas Day, but nothing too crazy.

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South Dakota

Montana State vs. South Dakota: 2024 FCS semifinal highlights

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Montana State vs. South Dakota: 2024 FCS semifinal highlights


Football

Dec. 21, 2024

Montana State vs. South Dakota: 2024 FCS semifinal highlights

Dec. 21, 2024

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Montana State defeated South Dakota 31-17 to advance the FCS finals, led by Walter Payton Award finalist Tommy Mellott. Watch the full game highlights here.



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