ST. PAUL, Minn. (WCCO) — A new state program promises to help college students refinance their loans and save money.

With an average balance of $31,000, Minnesota ranks 5th highest in the country for student loan debt.

The initiative, called SELF Refi, will allow people to refinance their debt at a lower rate. The Office of Higher Education says a person with $40,000 in student loans at an 8 percent interest rate could save as much as $200 a month on the program.

For more information or to find out if you qualify, head to the SELF Refi website.