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.
AB744-SSA1,24,1817 4. One student enrolled at least half-time and in good academic standing at a
18technical college who is at least 18 years old and a resident of this state.
AB744-SSA1,24,2119 5. One undergraduate student enrolled at least half-time and in good academic
20standing at a private, nonprofit institution of higher education located in this state
21who is at least 18 years old and a resident of this state.
AB744-SSA1,25,222 6. Two members who have at least 10 years experience in making qualified
23education loans or loan refinancing, but any person having a financial interest in or
24whose employer is primarily engaged in the business of making qualified education
25loans is not eligible for appointment under this subdivision, and any member

1appointed under this subdivision who acquires such an interest while serving as a
2member shall resign from the board.
AB744-SSA1,25,43 (b) 1. The members specified in par. (a) 1. and 2. shall be appointed as are the
4members of standing committees in their respective houses.
AB744-SSA1,25,65 2. The members specified in par. (a) 3. to 5. shall be nominated by the governor,
6and with the advice and consent of the senate appointed, for 2-year terms.
AB744-SSA1,25,87 3. The members specified in par. (a) 6. shall be nominated by the governor, and
8with the advice and consent of the senate appointed, for 3-year terms.
AB744-SSA1,25,14 9(2) If a student member of the board appointed under sub. (1) (a) 3. to 5. loses
10his or her student status upon which the appointment was based, he or she ceases
11to be a member of the board upon the appointment of a qualified successor to the
12board. A student member who loses his or her student status solely because he or
13she graduates from an institution of higher education may complete his or her
14current term on the board.
AB744-SSA1,25,20 15(3) The members of the board shall annually elect a chairperson and may elect
16other officers as they consider appropriate. A majority of the members of the board
17constitutes a quorum for the purpose of conducting its business and exercising its
18powers and for all other purposes, notwithstanding the existence of any vacancies.
19Action may be taken by the board upon a vote of a majority of the voting members
20present.
AB744-SSA1,25,23 21(4) A member of the board may not be compensated for his or her services but
22shall be reimbursed for actual and necessary expenses, including travel expenses,
23incurred in the performance of his or her duties.
AB744-SSA1,26,2 24(5) No cause of action of any nature may arise against and no civil liability may
25be imposed upon a member of the board for any act or omission in the performance

1of his or her powers and duties under this chapter, unless the person asserting
2liability proves that the act or omission constitutes willful misconduct.
AB744-SSA1,26,13 3(6) The board shall appoint a chief executive officer who shall not be a member
4of the board and who shall serve at the pleasure of the board. The chief executive
5officer shall receive such compensation as the board fixes. The chief executive officer
6or other person designated by resolution of the board shall keep a record of the
7proceedings of the authority and shall be custodian of all books, documents, and
8papers filed with the authority, the minute book or journal of the authority, and its
9official seal. The chief executive officer or other person may cause copies to be made
10of all minutes and other records and documents of the authority and may give
11certificates under the official seal of the authority to the effect that such copies are
12true copies, and all persons dealing with the authority may rely upon such
13certificates.
AB744-SSA1,26,16 14239.03 Powers of board. The board shall have all the powers necessary or
15convenient to carry out the purposes and provisions of this chapter. In addition to
16all other powers granted the board under this chapter, the board may specifically:
AB744-SSA1,26,18 17(1) Adopt, amend, and repeal any bylaws, policies, and procedures for the
18regulation of its affairs and the conduct of its business.
AB744-SSA1,26,19 19(2) Have a seal and alter the seal at pleasure.
AB744-SSA1,26,20 20(3) Maintain an office.
AB744-SSA1,26,21 21(4) Sue and be sued.
AB744-SSA1,26,23 22(5) Accept gifts, grants, loans, or other contributions from private or public
23sources.
AB744-SSA1,26,25 24(6) Establish the authority's annual budget and monitor the fiscal
25management of the authority.
AB744-SSA1,27,2
1(7) Execute contracts and other instruments required for the operation of the
2authority.
AB744-SSA1,27,4 3(8) Employ any officers, agents, and employees that it may require and
4determine their qualifications, duties, and compensation.
AB744-SSA1,27,5 5(9) Issue notes, bonds, and any other obligations.
AB744-SSA1,27,6 6(10) Make loans and provide grants.
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