WINONA, Minn. (AP) - The state's Office of Higher Education has announced a new refinancing program to cut interest rates for Minnesotans who face large debt from student loans.

Hundreds of thousands of Minnesota residents could be eligible.

The SELF Refi program was announced Thursday in Winona. Officials say students with debt between $10,000 and $70,000 are eligible. The program is available to current state residents who have completed a degree and have credit scores of 720 or higher. Those with credit scores of at least 650 could apply with the help of a co-signer.

About 70 percent of Minnesota students borrow loans to pay for college and the state ranks fifth-highest nationwide when it comes to student debt. Lt. Gov. Tina Smith said the average Minnesota student graduates with about $30,000 in debt.