The bill proposes the establishment of a "Fresh Start Program" aimed at assisting incarcerated individuals in Minnesota who have defaulted on federal student loans. It appropriates $200,000 from the general fund for the fiscal year 2024 to the commissioner of the Office of Higher Education. This funding is designated for a grant to Lutheran Social Service of Minnesota, which will be responsible for identifying incarcerated persons with defaulted loans in correctional facilities and helping them apply for the Fresh Start program.

Additionally, the bill includes a provision stating that the section will take effect the day following its final enactment. This initiative seeks to provide support and resources to those affected by student loan defaults, potentially aiding their reintegration into society upon release.