AB744-SSA1,14,2221 19.42 (13) (p) The chief executive officer and members of the board of directors
22of the Wisconsin Student Loan Refinancing Authority.
AB744-SSA1,31 23Section 31. 20.005 (3) (schedule) of the statutes: at the appropriate place,
24insert the following amounts for the purposes indicated: - See PDF for table PDF
AB744-SSA1,32 1Section 32. 20.195 of the statutes is created to read:
AB744-SSA1,15,4 220.195 Wisconsin Student Loan Refinancing Authority. There is
3appropriated to the Wisconsin Student Loan Refinancing Authority for the following
4programs:
AB744-SSA1,15,8 5(1) Student loan refinancing program. (a) Initial funding. Biennially, the
6amounts in the schedule to fund the initial costs of operating the Wisconsin Student
7Loan Refinancing Authority and to start the student loan refinancing program under
8ch. 239.
AB744-SSA1,33 9Section 33. 39.28 (7) of the statutes is created to read:
AB744-SSA1,15,1210 39.28 (7) The board shall create on its Internet site a link to that portion of the
11department of financial institutions' Internet site created under s. 224.30 (6) (c) and
12(d).
AB744-SSA1,34 13Section 34. 39.54 of the statutes is created to read:
AB744-SSA1,16,2 1439.54 Student lending transparency. (1) In this section, "institution of
15higher education" means an institution or college campus within the University of
16Wisconsin System, a technical college within the technical college system, a tribally
17controlled college, or a private, nonprofit institution of higher education located in
18this state that provides an educational program for which the institution awards an

1associate degree or higher or provides a program that is acceptable toward such a
2degree.
AB744-SSA1,16,5 3(2) Each institution of higher education shall provide to a prospective or newly
4accepted student and to the student's parents clearly outlined and
5easy-to-understand information pertaining to all of the following:
AB744-SSA1,16,66 (a) The total cost of attendance at the institution of higher education.
AB744-SSA1,16,117 (b) The approximate or, if known, the actual total amount of financial aid that
8the student would receive from the institution of higher education, and the
9approximate or, if known, the actual total amount of student loan debt that the
10student would accumulate, over the course of 4 years if the student were to attend
11the institution of higher education for 4 years.
AB744-SSA1,16,1412 (c) Student loan rates, repayment plans, default rates, and the actual monthly
13payment that would be required to pay the student loan debt described in par. (b)
14when the loan becomes due.
AB744-SSA1,16,17 15(3) Each institution of higher education shall create on its Internet site a link
16to that portion of the department of financial institutions' Internet site created under
17s. 224.30 (6) (c) and (d).
AB744-SSA1,35 18Section 35. 39.56 of the statutes is created to read:
AB744-SSA1,16,23 1939.56 Loan counseling. (1) Definition. In this section, "institution of higher
20education" means an institution or college campus within the University of
21Wisconsin System, a technical college under ch. 38, or any private, nonprofit,
22educational institution located in this state that provides an educational program for
23which it awards an associate degree or higher.
AB744-SSA1,17,2 24(2) Applicability. This section applies to any student loan offered by an
25institution of higher education or a private lender or recommended to a student by

1an institution of higher education, other than a federally funded, federally insured,
2or federally guaranteed loan for which counseling is required by 20 USC 1092.
AB744-SSA1,17,10 3(3) Entrance counseling. (a) Before a student enters into a student loan
4agreement, an institution of higher education shall provide the student with
5comprehensive information on the terms and conditions of a loan and the
6responsibilities the student has with respect to the loan. The institution shall
7provide the information during a counseling session conducted in person, on a
8written form provided to the student that the student signs and returns, or online,
9with the student acknowledging receipt of the information. The information
10provided shall include all of the following:
AB744-SSA1,17,1211 1. To the extent practicable, the effect of accepting the loan to be disbursed on
12the eligibility of the borrower for other forms of student financial assistance.
AB744-SSA1,17,1413 2. How interest accrues and is capitalized during periods when the interest is
14not paid by the borrower.
AB744-SSA1,17,1715 3. The definitions of full-time and half-time enrollment at the institution of
16higher education, during regular terms and intersession terms, if applicable, and the
17consequences of not maintaining full-time or half-time enrollment.
AB744-SSA1,17,2018 4. The importance of contacting the appropriate office at the institution of
19higher education if the borrower withdraws before completing his or her program of
20study so that the institution can provide counseling under sub. (4).
AB744-SSA1,17,2221 5. Sample monthly repayment amounts, based on a range of levels of
22indebtedness.
AB744-SSA1,17,2523 6. The obligation of the borrower to repay the full amount of the loan,
24irrespective of whether the borrower completes his or her program of study at the
25institution.
AB744-SSA1,18,2
17. The likely consequences of default on the loan, including adverse credit
2reports, delinquent debt collection procedures, and litigation.
AB744-SSA1,18,43 8. Whether the student has reached the limit on his or her federal student loan
4opportunities.
AB744-SSA1,18,75 9. The name of, and contact information for, an individual the borrower may
6contact if he or she has any questions about the borrower's rights and responsibilities
7or the terms and conditions of the loan.
AB744-SSA1,18,128 10. How a student or any member of the public may file a complaint about a
9lender with the federal Consumer Financial Protection Bureau by calling a toll-free
10telephone number, or by completing a complaint form, which may be obtained on the
11bureau's Internet site. The institution of higher education shall also include the
12toll-free telephone number and Internet site address of the bureau.
AB744-SSA1,18,1413 (b) In conjunction with providing information under par. (a), the institution of
14higher education shall also do all of the following:
AB744-SSA1,18,1715 1. Clearly distinguish private loans from federal loans in individual financial
16aid awards by stating, for any private loans included by the institution as part of the
17institution's award package, all of the following:
AB744-SSA1,18,1818 a. Whether the rate is fixed or variable.
AB744-SSA1,18,2019 b. An explanation that private student loan lenders can offer variable interest
20rates that can increase or decrease over time, depending on market conditions.
AB744-SSA1,18,2421 c. An explanation that private student loans have a range of interest rates and
22fees and students should determine the interest rate of, and any fees associated with,
23the private student loan included in their financial aid award package before
24accepting the loan.
AB744-SSA1,19,3
1d. An explanation that students should contact the lender of the private
2student loan or their institution's financial aid office if they have any questions about
3a private student loan.
AB744-SSA1,19,54 e. An explanation that the interest rate on a private loan may depend on the
5borrower's credit rating.
AB744-SSA1,19,96 2. If the institution of higher education provides a private loan lender list,
7provide general information about the loans available through the lender and
8disclose the basis for each lender's inclusion on the list. The institution shall also
9disclose with the list that the student may choose any lender.
AB744-SSA1,19,1510 (c) 1. A lender may not accept a final and complete application for a private
11student loan from an applicant, or assess any fees upon an applicant, without first
12receiving certification from the applicant's institution of higher education that the
13applicant has received counseling from the institution under pars. (a) and (b) and
14that the counseling was conducted in person, unless the certification specified that
15the applicant elected to receive the counseling in a manner other than in person.
AB744-SSA1,19,2116 2. The certification required by subd. 1. shall be signed by the applicant and
17the institutional counselor, and shall include the date of the counseling and the
18name, address, and telephone number of both the counselor and the applicant. An
19electronic facsimile copy of the counseling certification satisfies the requirement
20under this subdivision. The lender shall maintain the certification in an accurate,
21reproducible, and accessible format for the term of the student loan.
AB744-SSA1,19,25 22(4) Exit counseling. (a) As close as practicable to the date that a student
23graduates from, transfers from, withdraws from, or otherwise completes his or her
24program of study at the institution of higher education, the institution shall provide
25the student with information relating to all of the following:
AB744-SSA1,20,4
11. Repayment plans that are available, including a description of the different
2features of each plan and sample information showing the average anticipated
3monthly payments, and the difference in interest paid and total payments, under
4each plan.
AB744-SSA1,20,65 2. Debt management strategies designed to facilitate the repayment of
6indebtedness.
AB744-SSA1,20,87 3. The options to prepay each loan, pay each loan on a shorter schedule, or
8change repayment plans.
AB744-SSA1,20,109 4. The likely consequences of default on the loan, including adverse credit
10reports, delinquent debt collection procedures, and litigation.
AB744-SSA1,20,1111 5. The effects of consolidation on a borrower's underlying loan benefits.
AB744-SSA1,20,1212 6. Grace periods, loan forgiveness, cancellation, and deferment opportunities.
AB744-SSA1,20,1313 7. The borrower benefit programs of different lenders.
AB744-SSA1,20,1414 8. The tax benefits that may be available to borrowers.
AB744-SSA1,20,1515 9. How to enroll in income-based repayment.
AB744-SSA1,20,1816 (b) With respect to a student who leaves an institution of higher education
17without the knowledge of the institution, the institution shall attempt to provide the
18information described in par. (a) to the student in writing.
AB744-SSA1,20,22 19(5) Fee. An institution of higher education may assess a reasonable fee to the
20lender to defray the cost of counseling under this section in an amount not exceeding
21$50. The higher educational aids board and the department of financial institutions
22shall jointly promulgate rules to implement and administer this subsection.
AB744-SSA1,36 23Section 36. 40.02 (54) (n) of the statutes is created to read:
AB744-SSA1,20,2424 40.02 (54) (n) The Wisconsin Student Loan Refinancing Authority.
AB744-SSA1,37 25Section 37. 70.11 (38v) of the statutes is created to read:
AB744-SSA1,21,4
170.11 (38v) Wisconsin Student Loan Refinancing Authority. All property
2owned by the Wisconsin Student Loan Refinancing Authority, provided that use of
3the property is primarily related to the purposes of the Wisconsin Student loan
4Refinancing Authority.
AB744-SSA1,38 5Section 38. 77.54 (9a) (a) of the statutes is amended to read:
AB744-SSA1,21,96 77.54 (9a) (a) This state or any agency thereof, the University of Wisconsin
7Hospitals and Clinics Authority, the Wisconsin Aerospace Authority, the Wisconsin
8Economic Development Corporation, the Wisconsin Student Loan Refinancing
9Authority,
and the Fox River Navigational System Authority.
AB744-SSA1,39 10Section 39. 100.45 (1) (dm) of the statutes is amended to read:
AB744-SSA1,21,2011 100.45 (1) (dm) "State agency" means any office, department, agency,
12institution of higher education, association, society, or other body in state
13government created or authorized to be created by the constitution or any law which
14is entitled to expend moneys appropriated by law, including the legislature and the
15courts, the Wisconsin Housing and Economic Development Authority, the Bradley
16Center Sports and Entertainment Corporation, the University of Wisconsin
17Hospitals and Clinics Authority, the Wisconsin Health and Educational Facilities
18Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic
19Development Corporation, the Wisconsin Student Loan Refinancing Authority, and
20the Fox River Navigational System Authority.
AB744-SSA1,40 21Section 40. 224.30 (6) of the statutes is created to read:
AB744-SSA1,21,2222 224.30 (6) Student lending transparency. (a) In this subsection:
AB744-SSA1,21,2323 1. "Higher education expenses" includes all of the following:
AB744-SSA1,21,2424 a. Tuition and fees.
AB744-SSA1,21,2525 b. Books and supplies
AB744-SSA1,22,1
1c. Room and board.
AB744-SSA1,22,32 2. "Private student loan" means a loan issued by a private lending institution
3for the purpose of paying for or financing higher education expenses.
AB744-SSA1,22,64 3. "Private lending institution" means any private entity that itself or through
5an affiliate makes available student loans to pay for or finance higher education
6expenses.
AB744-SSA1,22,87 4. "Student borrower" means any individual who borrows money from a private
8lending institution to finance higher education expenses.
AB744-SSA1,22,119 (b) The department shall compile data related to private student loans for the
10purpose of comparing private lending institutions' student loan interest rates and
11repayment plans, including all of the following:
AB744-SSA1,22,1212 1. Policies relating to deferment and forbearance.
AB744-SSA1,22,1313 2. Loan default policies and penalties.
AB744-SSA1,22,1614 3. Any other information that the department deems relevant for the purpose
15of creating a list of private lending institutions that provide the lowest rates and best
16repayment options on student loans.
AB744-SSA1,22,1917 (c) 1. Using the data compiled under par. (b), the department shall create and
18maintain a list of private lending institutions that provide the lowest rates and best
19repayment options on student loans.
AB744-SSA1,22,2520 2. In addition to the list under subd. 1., the department shall compile a list of
21the 10 best private lending institutions based on rates and policies that are most
22favorable to the student borrower. The department may also consider the private
23lending institutions' policies for allowing a student borrower to borrow more than 10
24percent over the student borrower's total cost of higher education expenses when
25determining if a private lending institution should be placed on this list.
AB744-SSA1,23,7
1(d) The department shall place the lists created and compiled under par. (c) at
2an easily accessible location on the department's Internet site. The department shall
3update its Internet site on a monthly basis to ensure that the student loan
4information in these lists is current and accurate. Information pertaining to lending
5institutions that do not make the list compiled under par. (c) 2. shall also be posted
6on the department's Internet site and those lending institutions that provide the
7worst rates and strictest repayment options shall be clearly indicated.
AB744-SSA1,23,108 (e) The department shall make any list or other data under this subsection that
9appears on the department's Internet site available to be linked as provided in ss.
1039.28 (7) and 39.54 (3).
AB744-SSA1,23,1211 (f) The department may satisfy its duties under this subsection through a
12designee or 3rd-party contractor.
AB744-SSA1,41 13Section 41. 230.03 (3) of the statutes, as affected by 2013 Wisconsin Act 20,
14is amended to read:
AB744-SSA1,23,2415 230.03 (3) "Agency" means any board, commission, committee, council, or
16department in state government or a unit thereof created by the constitution or
17statutes if such board, commission, committee, council, department, unit, or the
18head thereof, is authorized to appoint subordinate staff by the constitution or
19statute, except the Board of Regents of the University of Wisconsin System, a
20legislative or judicial board, commission, committee, council, department, or unit
21thereof or an authority created under subch. II of ch. 114 or under ch. 231, 232, 233,
22234, 237, 238, 239, or 279. "Agency" does not mean any local unit of government or
23body within one or more local units of government that is created by law or by action
24of one or more local units of government.
AB744-SSA1,42 25Section 42. Chapter 239 of the statutes is created to read:
AB744-SSA1,24,1
1Chapter 239
AB744-SSA1,24,3 2Wisconsin Student Loan
3 REFINANCING Authority
AB744-SSA1,24,4 4239.01 Definitions. In this chapter:
AB744-SSA1,24,5 5(1) "Authority" means the Wisconsin Student Loan Refinancing Authority.
AB744-SSA1,24,6 6(2) "Board" means the governing board of the authority.
AB744-SSA1,24,7 7(3) "Qualified education loan" has the meaning given in 26 USC 221 (d).
AB744-SSA1,24,11 8239.02 Creation and organization of authority. (1) (a) There is created an
9authority, which is a public body corporate and politic, to be known as the "Wisconsin
10Student Loan Refinancing Authority." The members of the board shall consist of all
11of the following:
AB744-SSA1,24,1212 1. One member of the majority party in each house of the legislature.
AB744-SSA1,24,1313 2. One member of the minority party in each house of the legislature.
AB744-SSA1,24,1614 3. One undergraduate student enrolled at least half-time and in good academic
15standing at an institution within the University of Wisconsin System who is at least
1618 years old and a resident of this state.
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