AB811-SSA2,21,53 6. The obligation of the borrower to repay the full amount of the loan,
4irrespective of whether the borrower completes his or her program of study at the
5institution.
AB811-SSA2,21,76 7. The likely consequences of default on the loan, including adverse credit
7reports, delinquent debt collection procedures, and litigation.
AB811-SSA2,21,98 8. Whether the student has reached the limit on his or her federal student loan
9opportunities.
AB811-SSA2,21,1210 9. The name of, and contact information for, an individual the borrower may
11contact if he or she has any questions about the borrower's rights and responsibilities
12or the terms and conditions of the loan.
AB811-SSA2,21,1713 10. How a student or any member of the public may file a complaint about a
14lender with the federal Consumer Financial Protection Bureau by calling a toll-free
15telephone number, or by completing a complaint form, which may be obtained on the
16bureau's Internet site. The institution of higher education shall also include the
17toll-free telephone number and Internet site address of the bureau.
AB811-SSA2,21,1918 (b) In conjunction with providing information under par. (a), the institution of
19higher education shall also do all of the following:
AB811-SSA2,21,2220 1. Clearly distinguish private loans from federal loans in individual financial
21aid awards by stating, for any private loans included by the institution as part of the
22institution's award package, all of the following:
AB811-SSA2,21,2323 a. Whether the rate is fixed or variable.
AB811-SSA2,21,2524 b. An explanation that private student loan lenders can offer variable interest
25rates that can increase or decrease over time, depending on market conditions.
AB811-SSA2,22,4
1c. An explanation that private student loans have a range of interest rates and
2fees and students should determine the interest rate of, and any fees associated with,
3the private student loan included in their financial aid award package before
4accepting the loan.
AB811-SSA2,22,75 d. An explanation that students should contact the lender of the private
6student loan or their institution's financial aid office if they have any questions about
7a private student loan.
AB811-SSA2,22,98 e. An explanation that the interest rate on a private student loan may depend
9on the borrower's credit rating.
AB811-SSA2,22,1310 2. If the institution of higher education provides a private loan lender list,
11provide general information about the loans available through the lender and
12disclose the basis for each lender's inclusion on the list. The institution shall also
13disclose with the list that the student may choose any lender.
AB811-SSA2,22,1914 (c) 1. A lender may not accept a final and complete application for a private
15student loan from an applicant, or assess any fees upon an applicant, without first
16receiving certification from the applicant's institution of higher education that the
17applicant has received counseling from the institution under pars. (a) and (b) and
18that the counseling was conducted in person, unless the certification specified that
19the applicant elected to receive the counseling in a manner other than in person.
AB811-SSA2,22,2520 2. The certification required by subd. 1. shall be signed by the applicant and
21the institutional counselor, and shall include the date of the counseling and the
22name, address, and telephone number of both the counselor and the applicant. An
23electronic facsimile copy of the counseling certification satisfies the requirement
24under this subdivision. The lender shall maintain the certification in an accurate,
25reproducible, and accessible format for the term of the student loan.
AB811-SSA2,23,4
1(4) Exit counseling. (a) As close as practicable to the date that a student
2graduates from, transfers from, withdraws from, or otherwise completes his or her
3program of study at the institution of higher education, the institution shall provide
4the student with information relating to all of the following:
AB811-SSA2,23,85 1. Repayment plans that are available, including a description of the different
6features of each plan and sample information showing the average anticipated
7monthly payments, and the difference in interest paid and total payments, under
8each plan.
AB811-SSA2,23,109 2. Debt management strategies designed to facilitate the repayment of
10indebtedness.
AB811-SSA2,23,1211 3. The options to prepay each loan, pay each loan on a shorter schedule, or
12change repayment plans.
AB811-SSA2,23,1413 4. The likely consequences of default on the loan, including adverse credit
14reports, delinquent debt collection procedures, and litigation.
AB811-SSA2,23,1515 5. The effects of consolidation on a borrower's underlying loan benefits.
AB811-SSA2,23,1616 6. Grace periods, loan forgiveness, cancellation, and deferment opportunities.
AB811-SSA2,23,1717 7. The borrower benefit programs of different lenders.
AB811-SSA2,23,1818 8. The tax benefits that may be available to borrowers.
AB811-SSA2,23,1919 9. How to enroll in income-based repayment.
AB811-SSA2,23,2220 (b) With respect to a student who leaves an institution of higher education
21without the knowledge of the institution, the institution shall attempt to provide the
22information described in par. (a) to the student in writing.
AB811-SSA2,24,2 23(5) Fee. An institution of higher education may assess a reasonable fee to the
24lender to defray the cost of counseling under this section in an amount not exceeding

1$50. The higher educational aids board and the department of financial institutions
2shall jointly promulgate rules to implement and administer this subsection.
AB811-SSA2,38 3Section 38 . 40.02 (54) (n) of the statutes is created to read:
AB811-SSA2,24,44 40.02 (54) (n) The Wisconsin Student Loan Refinancing Authority.
AB811-SSA2,39 5Section 39 . 70.11 (38v) of the statutes is created to read:
AB811-SSA2,24,96 70.11 (38v) Wisconsin Student Loan Refinancing Authority. All property
7owned by the Wisconsin Student Loan Refinancing Authority, provided that use of
8the property is primarily related to the purposes of the Wisconsin Student Loan
9Refinancing Authority.
AB811-SSA2,40 10Section 40 . 71.05 (6) (b) 28. (intro.) and h. of the statutes, as affected by 2017
11Wisconsin Act 59
, are amended to read:
AB811-SSA2,24,2312 71.05 (6) (b) 28. (intro.) An amount paid by a claimant for tuition expenses,
13including any amount paid by a claimant in the year to which the claim relates on
14a loan, the proceeds of which were used by the claimant to pay the claimant's
15expenses for tuition, fees, books, room and board, and educational supplies that were
16directly related to the claimant's attendance at an eligible educational institution,
17as defined in s. 18.81 (2),
and mandatory student fees for a student who is the
18claimant or who is the claimant's child and the claimant's dependent who is claimed
19under section 151 (c) of the Internal Revenue Code, to attend any university, college,
20technical college or a school approved under s. 440.52, that is located in Wisconsin
21or to attend a public vocational school or public institution of higher education in
22Minnesota under the Minnesota-Wisconsin reciprocity agreement under s. 39.47,
23calculated as follows:
AB811-SSA2,25,1024 h. No modification may be claimed under this subdivision for an amount paid
25for tuition expenses, including any amount paid by a claimant in the year to which

1the claim relates on a loan, the proceeds of which were used by the claimant to pay
2the claimant's expenses for tuition, fees, books, room and board, and educational
3supplies that were directly related to the claimant's attendance at an eligible
4educational institution, as defined in s. 18.81 (2),
and mandatory student fees, as
5described under this subdivision, if the source of the payment is an amount
6withdrawn from a college savings account, as described in s. 224.50 or from a college
7tuition and expenses program, as described in s. 224.48, and if the owner of the
8account or a parent, grandparent, great-grandparent, aunt, or uncle of the
9beneficiary, who contributed to the account, has claimed a deduction under subd. 32.
10or 33. that relates to such an amount.
AB811-SSA2,41 11Section 41. 71.05 (6) (b) 28. am. of the statutes is amended to read:
AB811-SSA2,26,312 71.05 (6) (b) 28. am. Notwithstanding subd. 28. a., for taxable years beginning
13after December 31, 2008, the department of revenue and the Board of Regents of the
14University of Wisconsin System shall continue making the calculation described
15under subd. 28. a. Notwithstanding subd. 28. a., once this calculation exceeds
16$6,000, the deduction for tuition expenses, including any amount paid by a claimant
17in the year to which the claim relates on a loan, the proceeds of which were used by
18the claimant to pay the claimant's expenses for tuition, fees, books, room and board,
19and educational supplies that were directly related to the claimant's attendance at
20an eligible educational institution, as defined in s. 18.81 (2),
and mandatory student
21fees, as described in subd. 28. (intro.), shall be based on an amount equal to not more
22than twice the average amount charged by the Board of Regents of the University
23of Wisconsin System at 4-year institutions for resident undergraduate academic fees
24for the most recent fall semester, as determined by the Board of Regents by
25September 1 of that semester, per student for each year to which the claim relates,

1and the deduction that may be claimed under this subd. 28. am. first applies to
2taxable years beginning on the January 1 after the calculation of the Board of
3Regents, that must occur by September 1, exceeds $6,000.
AB811-SSA2,42 4Section 42 . 71.05 (6) (b) 28. j. of the statutes is created to read:
AB811-SSA2,26,65 71.05 (6) (b) 28. j. The provisions of subd. 28. b., c., d., and g. do not apply to
6a taxable year that begins after December 31, 2017.
AB811-SSA2,43 7Section 43 . 77.54 (9a) (a) of the statutes is amended to read:
AB811-SSA2,26,118 77.54 (9a) (a) This state or any agency thereof, the University of Wisconsin
9Hospitals and Clinics Authority, the Wisconsin Aerospace Authority, the Wisconsin
10Economic Development Corporation, the Wisconsin Student Loan Refinancing
11Authority,
and the Fox River Navigational System Authority.
AB811-SSA2,44 12Section 44 . 100.45 (1) (dm) of the statutes is amended to read:
AB811-SSA2,26,2213 100.45 (1) (dm) “State agency" means any office, department, agency,
14institution of higher education, association, society, or other body in state
15government created or authorized to be created by the constitution or any law which
16is entitled to expend moneys appropriated by law, including the legislature and the
17courts, the Wisconsin Housing and Economic Development Authority, the Bradley
18Center Sports and Entertainment Corporation, the University of Wisconsin
19Hospitals and Clinics Authority, the Wisconsin Health and Educational Facilities
20Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic
21Development Corporation, the Wisconsin Student Loan Refinancing Authority, and
22the Fox River Navigational System Authority.
AB811-SSA2,45 23Section 45 . 224.30 (6) of the statutes is created to read:
AB811-SSA2,26,2424 224.30 (6) Student lending transparency. (a) In this subsection:
AB811-SSA2,26,2525 1. “Higher education expenses" includes all of the following:
AB811-SSA2,27,1
1a. Tuition and fees.
AB811-SSA2,27,22 b. Books and supplies
AB811-SSA2,27,33 c. Room and board.
AB811-SSA2,27,54 2. “Private student loan" means a loan issued by a private lending institution
5for the purpose of paying for or financing higher education expenses.
AB811-SSA2,27,86 3. “Private lending institution" means any private entity that itself or through
7an affiliate makes available student loans to pay for or finance higher education
8expenses.
AB811-SSA2,27,109 4. “Student borrower" means any individual who borrows money from a private
10lending institution to finance higher education expenses.
AB811-SSA2,27,1311 (b) The department shall compile data related to private student loans for the
12purpose of comparing private lending institutions' student loan interest rates and
13repayment plans, including all of the following:
AB811-SSA2,27,1414 1. Policies relating to deferment and forbearance.
AB811-SSA2,27,1515 2. Loan default policies and penalties.
AB811-SSA2,27,1816 3. Any other information that the department deems relevant for the purpose
17of creating a list of private lending institutions that provide the lowest rates and best
18repayment options on student loans.
AB811-SSA2,27,2119 (c) 1. Using the data compiled under par. (b), the department shall create and
20maintain a list of private lending institutions that provide the lowest rates and best
21repayment options on student loans.
AB811-SSA2,28,222 2. In addition to the list under subd. 1., the department shall compile a list of
23the 10 best private lending institutions based on rates and policies that are most
24favorable to the student borrower. The department may also consider the private
25lending institutions' policies for allowing a student borrower to borrow more than 10

1percent over the student borrower's total cost of higher education expenses when
2determining if a private lending institution should be placed on this list.
AB811-SSA2,28,93 (d) The department shall place the lists created and compiled under par. (c) at
4an easily accessible location on the department's Internet site. The department shall
5update its Internet site on a monthly basis to ensure that the student loan
6information in these lists is current and accurate. Information pertaining to lending
7institutions that do not make the list compiled under par. (c) 2. shall also be posted
8on the department's Internet site and those lending institutions that provide the
9worst rates and strictest repayment options shall be clearly indicated.
AB811-SSA2,28,1210 (e) The department shall make any list or other data under this subsection that
11appears on the department's Internet site available to be linked as provided in ss.
1239.28 (7) and 39.54 (3).
AB811-SSA2,28,1413 (f) The department may satisfy its duties under this subsection through a
14designee or 3rd-party contractor.
AB811-SSA2,46 15Section 46 . 230.03 (3) of the statutes is amended to read:
AB811-SSA2,28,2516 230.03 (3) “Agency" means any board, commission, committee, council, or
17department in state government or a unit thereof created by the constitution or
18statutes if such board, commission, committee, council, department, unit, or the
19head thereof, is authorized to appoint subordinate staff by the constitution or
20statute, except the Board of Regents of the University of Wisconsin System, a
21legislative or judicial board, commission, committee, council, department, or unit
22thereof or an authority created under subch. II of ch. 114 or under ch. 231, 232, 233,
23234, 237, 238, 239, or 279. “Agency" does not mean any local unit of government or
24body within one or more local units of government that is created by law or by action
25of one or more local units of government.
AB811-SSA2,47
1Section 47. 238.155 of the statutes is created to read:
AB811-SSA2,29,6 2238.155 Talent attraction and retention initiatives. The corporation shall
3collaborate with state agencies to develop and implement initiatives for the
4attraction of talent to and retention of talent in this state, including by leveraging
5the existing programs of state agencies for those purposes within the scopes of those
6existing programs.
AB811-SSA2,48 7Section 48 . Chapter 239 of the statutes is created to read:
AB811-SSA2,29,88 Chapter 239
AB811-SSA2,29,10 9Wisconsin Student Loan
10 REFINANCING Authority
AB811-SSA2,29,11 11239.01 Definitions. In this chapter:
AB811-SSA2,29,12 12(1) “Authority" means the Wisconsin Student Loan Refinancing Authority.
AB811-SSA2,29,13 13(2) “Board" means the governing board of the authority.
AB811-SSA2,29,14 14(3) “Qualified education loan" has the meaning given in 26 USC 221 (d).
AB811-SSA2,29,18 15239.02 Creation and organization of authority. (1) (a) There is created an
16authority, which is a public body corporate and politic, to be known as the “Wisconsin
17Student Loan Refinancing Authority." The members of the board shall consist of all
18of the following:
AB811-SSA2,29,1919 1. One member of the majority party in each house of the legislature.
AB811-SSA2,29,2020 2. One member of the minority party in each house of the legislature.
AB811-SSA2,29,2321 3. One undergraduate student enrolled at least half-time and in good academic
22standing at an institution within the University of Wisconsin System who is at least
2318 years old and a resident of this state.
AB811-SSA2,29,2524 4. One student enrolled at least half-time and in good academic standing at a
25technical college who is at least 18 years old and a resident of this state.
AB811-SSA2,30,3
15. One undergraduate student enrolled at least half-time and in good academic
2standing at a private, nonprofit institution of higher education located in this state
3who is at least 18 years old and a resident of this state.
AB811-SSA2,30,94 6. Two members who have at least 10 years experience in making qualified
5education loans or loan refinancing, but any person having a financial interest in or
6whose employer is primarily engaged in the business of making qualified education
7loans is not eligible for appointment under this subdivision, and any member
8appointed under this subdivision who acquires such an interest while serving as a
9member shall resign from the board.
AB811-SSA2,30,1110 (b) 1. The members specified in par. (a) 1. and 2. shall be appointed as are the
11members of standing committees in their respective houses.
AB811-SSA2,30,1312 2. The members specified in par. (a) 3. to 5. shall be nominated by the governor,
13and with the advice and consent of the senate appointed, for 2-year terms.
AB811-SSA2,30,1514 3. The members specified in par. (a) 6. shall be nominated by the governor, and
15with the advice and consent of the senate appointed, for 3-year terms.
AB811-SSA2,30,21 16(2) If a student member of the board appointed under sub. (1) (a) 3. to 5. loses
17his or her student status upon which the appointment was based, he or she ceases
18to be a member of the board upon the appointment of a qualified successor to the
19board. A student member who loses his or her student status solely because he or
20she graduates from an institution of higher education may complete his or her
21current term on the board.
AB811-SSA2,31,2 22(3) The members of the board shall annually elect a chairperson and may elect
23other officers as they consider appropriate. A majority of the members of the board
24constitutes a quorum for the purpose of conducting its business and exercising its
25powers and for all other purposes, notwithstanding the existence of any vacancies.

1Action may be taken by the board upon a vote of a majority of the voting members
2present.
AB811-SSA2,31,5 3(4) A member of the board may not be compensated for his or her services but
4shall be reimbursed for actual and necessary expenses, including travel expenses,
5incurred in the performance of his or her duties.
AB811-SSA2,31,9 6(5) No cause of action of any nature may arise against and no civil liability may
7be imposed upon a member of the board for any act or omission in the performance
8of his or her powers and duties under this chapter, unless the person asserting
9liability proves that the act or omission constitutes willful misconduct.
AB811-SSA2,31,20 10(6) The board shall appoint a chief executive officer who shall not be a member
11of the board and who shall serve at the pleasure of the board. The chief executive
12officer shall receive such compensation as the board fixes. The chief executive officer
13or other person designated by resolution of the board shall keep a record of the
14proceedings of the authority and shall be custodian of all books, documents, and
15papers filed with the authority, the minute book or journal of the authority, and its
16official seal. The chief executive officer or other person may cause copies to be made
17of all minutes and other records and documents of the authority and may give
18certificates under the official seal of the authority to the effect that such copies are
19true copies, and all persons dealing with the authority may rely upon such
20certificates.
AB811-SSA2,31,23 21239.03 Powers of board. The board shall have all the powers necessary or
22convenient to carry out the purposes and provisions of this chapter. In addition to
23all other powers granted the board under this chapter, the board may specifically:
AB811-SSA2,31,25 24(1) Adopt, amend, and repeal any bylaws, policies, and procedures for the
25regulation of its affairs and the conduct of its business.
AB811-SSA2,32,1
1(2) Have a seal and alter the seal at pleasure.
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