This bill requires any institution of higher education in this state that offers an
associate's or higher degree to provide loan counseling for its students. Under the
bill, before a student enters into a student loan agreement, the institution must
provide the student with comprehensive information on the terms and conditions of
a loan and the responsibilities the student has with respect to the loan. A lender may
not accept an application for a private student loan, or assess any fees for the loan,
unless the lender has received certification from the applicant's institution of higher
education that the applicant has received such counseling.
The bill also requires an institution of higher education to provide a student
with information when the student leaves the institution, whether through
graduation, transfer, or otherwise. The information must include available loan
repayment plans, debt management strategies, options for prepayment of loans, and
the consequences of defaulting on a loan.
Finally, the bill authorizes an institution of higher education to assess a lender
a reasonable fee of up to $50 to defray the cost of the student counseling required
under the bill.
Income tax subtraction
Under current law, there is an individual income tax subtraction for amounts
paid by a claimant for tuition expenses and mandatory student fees for a student who
is the claimant or the claimant's dependent under the Internal Revenue Code, to
attend an institution of higher education that is approved by the Educational
Approval Board and that is located in Wisconsin, or to attend certain postsecondary
schools in Minnesota to which the Minnesota-Wisconsin reciprocity agreement
applies. The tuition expenses and fees for which a subtraction may be claimed are
calculated based on the amount of tuition charged by the UW System at four-year
institutions.
Also under current law, the subtraction that a claimant may claim for such
tuition expenses and mandatory student fees is reduced as the claimant's annual
federal adjusted gross income (FAGI) increases until, at a certain point, no
subtraction may be claimed. Currently, the allowable subtraction phases out, for a
single person or a married person filing as a head of household, as the claimant's
FAGI increases from $50,000 to $60,000. Once such a claimant's FAGI exceeds
$60,000, he or she may not claim the subtraction. For a married person filing a joint
return, the phaseout occurs as the married couple's joint FAGI increases from
$80,000 to $100,000, and no subtraction is allowed once the married couple's joint
FAGI exceeds $100,000. The phaseout for a married person filing a separate return
occurs as the claimant's FAGI increases from $40,000 to $50,000, and no subtraction
is allowed once the claimant's FAGI exceeds $50,000.
Under this bill, the phase-out provisions do not apply to a taxable year that
begins after December 31, 2013.
This bill also expands the definition of tuition expenses to include any amount
paid by a claimant in the year to which the claim relates on a student loan, the
proceeds of which were used by the claimant to pay the claimant's expenses for
tuition, fees, books, room and board, and educational supplies that were directly
related to the claimant's attendance at an eligible institution. The bill defines
eligible institution as a regionally accredited, nonprofit, postsecondary educational
institution.
Student loan debt report
Under current law, HEAB administers certain grant and loan programs for
resident students enrolled in institutions of higher education in this state.
This bill requires HEAB to submit an annual report to the Joint Committee on
Finance regarding student loan debt incurred in the previous year by resident
undergraduate students enrolled in the institutions within the UW System, the
technical colleges within the technical college system, the tribally controlled colleges
in this state, and the private, nonprofit accredited institutions of higher education
in this state (collectively, "institutions of higher education located in this state"). The
report must include that information, together with all of the following:
1. The statewide average amount of student loan debt incurred in the previous
year by resident undergraduate students enrolled in institutions of higher education
located in this state.
2. A comparison of that statewide average to the national average amount of
student loan debt incurred in the previous year by undergraduate students enrolled
in institutions of higher education in the United States.
3. A comparison of that statewide average to the statewide average amount of
student loan debt incurred in the previous year by undergraduate students in the
state with the lowest ratio of statewide average student loan debt to the lowest
quintile of state per capita income.
Because this bill relates to an exemption from state or local taxes, it may be
referred to the Joint Survey Committee on Tax Exemptions for a report to be printed
as an appendix to the bill.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB376,1
1Section
1. 13.172 (1) of the statutes is amended to read:
SB376,5,72
13.172
(1) In this section, "agency" means an office, department, agency,
3institution of higher education, association, society, or other body in state
4government created or authorized to be created by the constitution or any law, that
5is entitled to expend moneys appropriated by law, including the legislature and the
6courts, and any authority created in subch. II of ch. 114 or subch. III of ch. 149 or in
7ch. 231, 233, 234, 238,
239, or 279.
SB376,2
8Section
2. 13.48 (13) (a) of the statutes is amended to read:
SB376,5,219
13.48
(13) (a) Except as provided in par. (b) or (c), every building, structure or
10facility that is constructed for the benefit of or use of the state, any state agency,
11board, commission or department, the University of Wisconsin Hospitals and Clinics
12Authority, the Fox River Navigational System Authority,
the Wisconsin Student
13Loan Refinancing Authority, the Wisconsin Economic Development Corporation, or
14any local professional baseball park district created under subch. III of ch. 229 if the
15construction is undertaken by the department of administration on behalf of the
16district, shall be in compliance with all applicable state laws, rules, codes and
17regulations but the construction is not subject to the ordinances or regulations of the
18municipality in which the construction takes place except zoning, including without
19limitation because of enumeration ordinances or regulations relating to materials
20used, permits, supervision of construction or installation, payment of permit fees, or
21other restrictions.
SB376,3
1Section
3. 13.62 (2) of the statutes is amended to read:
SB376,6,62
13.62
(2) "Agency" means any board, commission, department, office, society,
3institution of higher education, council, or committee in the state government, or any
4authority created in subch. II of ch. 114 or subch. III of ch. 149 or in ch. 231, 232, 233,
5234, 237, 238,
239, or 279, except that the term does not include a council or
6committee of the legislature.
SB376,4
7Section
4. 13.94 (1) (dt) of the statutes is created to read:
SB376,6,128
13.94
(1) (dt) Biennially, beginning in 2015, conduct a financial audit of the
9Wisconsin Student Loan Refinancing Authority and a program evaluation audit of
10the programs administered by the Wisconsin Student Loan Refinancing Authority
11under ch. 239. The legislative audit bureau shall file a copy of each audit report
12under this paragraph with the distributees specified in par. (b).
SB376,5
13Section
5. 13.94 (1s) (c) 9. of the statutes is created to read:
SB376,6,1514
13.94
(1s) (c) 9. The Wisconsin Student Loan Refinancing Authority for the cost
15of the audit required to be performed under sub. (1) (dt).
SB376,6
16Section
6. 13.94 (4) (a) 1. of the statutes is amended to read:
SB376,7,817
13.94
(4) (a) 1. Every state department, board, examining board, affiliated
18credentialing board, commission, independent agency, council or office in the
19executive branch of state government; all bodies created by the legislature in the
20legislative or judicial branch of state government; any public body corporate and
21politic created by the legislature including specifically the Fox River Navigational
22System Authority, the Lower Fox River Remediation Authority, the Wisconsin
23Aerospace Authority,
the Wisconsin Student Loan Refinancing Authority, and the
24Wisconsin Economic Development Corporation, a professional baseball park district,
25a local professional football stadium district, a local cultural arts district
, and a
1long-term care district under s. 46.2895; every Wisconsin works agency under subch.
2III of ch. 49; every provider of medical assistance under subch. IV of ch. 49; technical
3college district boards; every county department under s. 51.42 or 51.437; every
4nonprofit corporation or cooperative or unincorporated cooperative association to
5which moneys are specifically appropriated by state law; and every corporation,
6institution, association or other organization which receives more than 50% of its
7annual budget from appropriations made by state law, including subgrantee or
8subcontractor recipients of such funds.
SB376,7
9Section
7. 13.95 (intro.) of the statutes is amended to read:
SB376,7,23
1013.95 Legislative fiscal bureau. (intro.) There is created a bureau to be
11known as the "Legislative Fiscal Bureau" headed by a director. The fiscal bureau
12shall be strictly nonpartisan and shall at all times observe the confidential nature
13of the research requests received by it; however, with the prior approval of the
14requester in each instance, the bureau may duplicate the results of its research for
15distribution. Subject to s. 230.35 (4) (a) and (f), the director or the director's
16designated employees shall at all times, with or without notice, have access to all
17state agencies, the University of Wisconsin Hospitals and Clinics Authority, the
18Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority,
19the Lower Fox River Remediation Authority,
the Wisconsin Student Loan
20Refinancing Authority, the Wisconsin Economic Development Corporation, and the
21Fox River Navigational System Authority, and to any books, records, or other
22documents maintained by such agencies or authorities and relating to their
23expenditures, revenues, operations, and structure.
SB376,8
24Section
8. 16.002 (2) of the statutes is amended to read:
SB376,8,5
116.002
(2) "Departments" means constitutional offices, departments, and
2independent agencies and includes all societies, associations, and other agencies of
3state government for which appropriations are made by law, but not including
4authorities created in subch. II of ch. 114 or subch. III of ch. 149 or in ch. 231, 232,
5233, 234, 237, 238,
239, or 279.
SB376,9
6Section
9. 16.004 (4) of the statutes is amended to read:
SB376,8,127
16.004
(4) Freedom of access. The secretary and such employees of the
8department as the secretary designates may enter into the offices of state agencies
9and authorities created under subch. II of ch. 114 and subch. III of ch. 149 and under
10chs. 231, 233, 234, 237, 238,
239, and 279, and may examine their books and accounts
11and any other matter that in the secretary's judgment should be examined and may
12interrogate the agency's employees publicly or privately relative thereto.
SB376,10
13Section
10. 16.004 (5) of the statutes is amended to read:
SB376,8,1814
16.004
(5) Agencies and employees to cooperate. All state agencies and
15authorities created under subch. II of ch. 114 and subch. III of ch. 149 and under chs.
16231, 233, 234, 237, 238,
239, and 279, and their officers and employees, shall
17cooperate with the secretary and shall comply with every request of the secretary
18relating to his or her functions.
SB376,11
19Section
11. 16.004 (12) (a) of the statutes is amended to read:
SB376,9,320
16.004
(12) (a) In this subsection, "state agency" means an association,
21authority, board, department, commission, independent agency, institution, office,
22society, or other body in state government created or authorized to be created by the
23constitution or any law, including the legislature, the office of the governor, and the
24courts, but excluding the University of Wisconsin Hospitals and Clinics Authority,
25the Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan
1Authority, the Lower Fox River Remediation Authority, the Wisconsin Economic
2Development Corporation,
the Wisconsin Student Loan Refinancing Authority, and
3the Fox River Navigational System Authority.
SB376,12
4Section
12. 16.045 (1) (a) of the statutes is amended to read:
SB376,9,105
16.045
(1) (a) "Agency" means an office, department, independent agency,
6institution of higher education, association, society, or other body in state
7government created or authorized to be created by the constitution or any law, that
8is entitled to expend moneys appropriated by law, including the legislature and the
9courts, but not including an authority created in subch. II of ch. 114 or subch. III of
10ch. 149 or in ch. 231, 232, 233, 234, 237, 238,
239, or 279.
SB376,13
11Section
13. 16.15 (1) (ab) of the statutes is amended to read:
SB376,9,1612
16.15
(1) (ab) "Authority" has the meaning given under s. 16.70 (2), but
13excludes the University of Wisconsin Hospitals and Clinics Authority, the Lower Fox
14River Remediation Authority, the Wisconsin Economic Development Corporation,
15the Wisconsin Student Loan Refinancing Authority, and the Health Insurance
16Risk-Sharing Plan Authority.
SB376,14
17Section
14. 16.41 (4) of the statutes is amended to read:
SB376,9,1918
16.41
(4) In this section, "authority" means a body created under subch. II of
19ch. 114 or subch. III of ch. 149 or under ch. 231, 233, 234, 237, 238,
239, or 279.
SB376,15
20Section
15
. 16.417 (1) (b) of the statutes is amended to read:
SB376,9,2221
16.417
(1) (b) "Authority" means a body created under subch. II of ch. 114 or
22ch. 231, 232, 233, 234, 237, 238,
239, or 279.
SB376,16
23Section
16. 16.52 (7) of the statutes is amended to read:
SB376,9,2524
16.52
(7) Petty cash account. With the approval of the secretary, each agency
25that is authorized to maintain a contingent fund under s. 20.920 may establish a
1petty cash account from its contingent fund. The procedure for operation and
2maintenance of petty cash accounts and the character of expenditures therefrom
3shall be prescribed by the secretary. In this subsection, "agency" means an office,
4department, independent agency, institution of higher education, association,
5society, or other body in state government created or authorized to be created by the
6constitution or any law, that is entitled to expend moneys appropriated by law,
7including the legislature and the courts, but not including an authority created in
8subch. II of ch. 114 or subch. III of ch. 149 or in ch. 231, 233, 234, 237, 238,
239, or
9279.
SB376,17
10Section
17. 16.528 (1) (a) of the statutes is amended to read:
SB376,10,1611
16.528
(1) (a) "Agency" means an office, department, independent 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, that
14is entitled to expend moneys appropriated by law, including the legislature and the
15courts, but not including an authority created in subch. II of ch. 114 or subch. III of
16ch. 149 or in ch. 231, 233, 234, 237, 238,
239, or 279.
SB376,18
17Section
18. 16.53 (2) of the statutes is amended to read:
SB376,11,218
16.53
(2) Improper invoices. If an agency receives an improperly completed
19invoice, the agency shall notify the sender of the invoice within 10 working days after
20it receives the invoice of the reason it is improperly completed. In this subsection,
21"agency" means an office, department, independent agency, institution of higher
22education, association, society, or other body in state government created or
23authorized to be created by the constitution or any law, that is entitled to expend
24moneys appropriated by law, including the legislature and the courts, but not
1including an authority created in subch. II of ch. 114 or subch. III of ch. 149 or in ch.
2231, 233, 234, 237, 238,
239, or 279.
SB376,19
3Section
19. 16.54 (9) (a) 1. of the statutes is amended to read:
SB376,11,94
16.54
(9) (a) 1. "Agency" means an office, department, independent agency,
5institution of higher education, association, society or other body in state
6government created or authorized to be created by the constitution or any law, which
7is entitled to expend moneys appropriated by law, including the legislature and the
8courts, but not including an authority created in subch. II of ch. 114 or subch. III of
9ch. 149 or in ch. 231, 233, 234, 237, 238,
239, or 279.
SB376,20
10Section
20. 16.765 (1) of the statutes is amended to read:
SB376,11,2211
16.765
(1) Contracting agencies, the University of Wisconsin Hospitals and
12Clinics Authority, the Fox River Navigational System Authority, the Wisconsin
13Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Lower
14Fox River Remediation Authority,
the Wisconsin Student Loan Refinancing
15Authority, the Wisconsin Economic Development Corporation, and the Bradley
16Center Sports and Entertainment Corporation shall include in all contracts executed
17by them a provision obligating the contractor not to discriminate against any
18employee or applicant for employment because of age, race, religion, color, handicap,
19sex, physical condition, developmental disability as defined in s. 51.01 (5), sexual
20orientation as defined in s. 111.32 (13m), or national origin and, except with respect
21to sexual orientation, obligating the contractor to take affirmative action to ensure
22equal employment opportunities.
SB376,21
23Section
21. 16.765 (2) of the statutes is amended to read:
SB376,12,1624
16.765
(2) Contracting agencies, the University of Wisconsin Hospitals and
25Clinics Authority, the Fox River Navigational System Authority, the Wisconsin
1Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Lower
2Fox River Remediation Authority,
the Wisconsin Student Loan Refinancing
3Authority, the Wisconsin Economic Development Corporation, and the Bradley
4Center Sports and Entertainment Corporation shall include the following provision
5in every contract executed by them: "In connection with the performance of work
6under this contract, the contractor agrees not to discriminate against any employee
7or applicant for employment because of age, race, religion, color, handicap, sex,
8physical condition, developmental disability as defined in s. 51.01 (5), sexual
9orientation or national origin. This provision shall include, but not be limited to, the
10following: employment, upgrading, demotion or transfer; recruitment or recruitment
11advertising; layoff or termination; rates of pay or other forms of compensation; and
12selection for training, including apprenticeship. Except with respect to sexual
13orientation, the contractor further agrees to take affirmative action to ensure equal
14employment opportunities. The contractor agrees to post in conspicuous places,
15available for employees and applicants for employment, notices to be provided by the
16contracting officer setting forth the provisions of the nondiscrimination clause".
SB376,22
17Section
22. 16.765 (5) of the statutes is amended to read:
SB376,13,1118
16.765
(5) The head of each contracting agency and the boards of directors of
19the University of Wisconsin Hospitals and Clinics Authority, the Fox River
20Navigational System Authority, the Wisconsin Aerospace Authority, the Health
21Insurance Risk-Sharing Plan Authority, the Lower Fox River Remediation
22Authority,
the Wisconsin Student Loan Refinancing Authority, the Wisconsin
23Economic Development Corporation, and the Bradley Center Sports and
24Entertainment Corporation shall be primarily responsible for obtaining compliance
25by any contractor with the nondiscrimination and affirmative action provisions
1prescribed by this section, according to procedures recommended by the department.
2The department shall make recommendations to the contracting agencies and the
3boards of directors of the University of Wisconsin Hospitals and Clinics Authority,
4the Fox River Navigational System Authority, the Wisconsin Aerospace Authority,
5the Health Insurance Risk-Sharing Plan Authority, the Lower Fox River
6Remediation Authority,
the Wisconsin Student Loan Refinancing Authority, the
7Wisconsin Economic Development Corporation, and the Bradley Center Sports and
8Entertainment Corporation for improving and making more effective the
9nondiscrimination and affirmative action provisions of contracts. The department
10shall promulgate such rules as may be necessary for the performance of its functions
11under this section.
SB376,23
12Section
23. 16.765 (6) of the statutes is amended to read:
SB376,13,2213
16.765
(6) The department may receive complaints of alleged violations of the
14nondiscrimination provisions of such contracts. The department shall investigate
15and determine whether a violation of this section has occurred. The department may
16delegate this authority to the contracting agency, the University of Wisconsin
17Hospitals and Clinics Authority, the Fox River Navigational System Authority, the
18Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority,
19the Lower Fox River Remediation Authority,
the Wisconsin Student Loan
20Refinancing Authority, the Wisconsin Economic Development Corporation, or the
21Bradley Center Sports and Entertainment Corporation for processing in accordance
22with the department's procedures.
SB376,24
23Section
24. 16.765 (7) (intro.) of the statutes is amended to read:
SB376,14,1024
16.765
(7) (intro.) When a violation of this section has been determined by the
25department, the contracting agency, the University of Wisconsin Hospitals and
1Clinics Authority, the Fox River Navigational System Authority, the Wisconsin
2Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Lower
3Fox River Remediation Authority,
the Wisconsin Student Loan Refinancing
4Authority, the Wisconsin Economic Development Corporation, or the Bradley Center
5Sports and Entertainment Corporation, the contracting agency, the University of
6Wisconsin Hospitals and Clinics Authority, the Fox River Navigational System
7Authority, the Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing
8Plan Authority, the Lower Fox River Remediation Authority,
the Wisconsin Student
9Loan Refinancing Authority, the Wisconsin Economic Development Corporation, or
10the Bradley Center Sports and Entertainment Corporation shall:
SB376,25
11Section
25. 16.765 (7) (d) of the statutes is amended to read:
SB376,14,1912
16.765
(7) (d) Direct the violating party to take immediate steps to prevent
13further violations of this section and to report its corrective action to the contracting
14agency, the University of Wisconsin Hospitals and Clinics Authority, the Fox River
15Navigational System Authority, the Wisconsin Aerospace Authority, the Health
16Insurance Risk-Sharing Plan Authority, the Lower Fox River Remediation
17Authority,
the Wisconsin Student Loan Refinancing Authority, the Wisconsin
18Economic Development Corporation, or the Bradley Center Sports and
19Entertainment Corporation.
SB376,26
20Section
26. 16.765 (8) of the statutes is amended to read:
SB376,15,1521
16.765
(8) If further violations of this section are committed during the term
22of the contract, the contracting agency, the Fox River Navigational System Authority,
23the Wisconsin Aerospace Authority, the Health Insurance Risk-Sharing Plan
24Authority, the Lower Fox River Remediation Authority,
the Wisconsin Student Loan
25Refinancing Authority, the Wisconsin Economic Development Corporation, or the
1Bradley Center Sports and Entertainment Corporation may permit the violating
2party to complete the contract, after complying with this section, but thereafter the
3contracting agency, the Fox River Navigational System Authority, the Wisconsin
4Aerospace Authority, the Health Insurance Risk-Sharing Plan Authority, the Lower
5Fox River Remediation Authority,
the Wisconsin Student Loan Refinancing
6Authority, the Wisconsin Economic Development Corporation, or the Bradley Center
7Sports and Entertainment Corporation shall request the department to place the
8name of the party on the ineligible list for state contracts, or the contracting agency,
9the Fox River Navigational System Authority, the Wisconsin Aerospace Authority,
10the Health Insurance Risk-Sharing Plan Authority, the Lower Fox River
11Remediation Authority,
the Wisconsin Student Loan Refinancing Authority, the
12Wisconsin Economic Development Corporation, or the Bradley Center Sports and
13Entertainment Corporation may terminate the contract without liability for the
14uncompleted portion or any materials or services purchased or paid for by the
15contracting party for use in completing the contract.
SB376,27
16Section
27. 16.85 (2) of the statutes is amended to read:
SB376,16,217
16.85
(2) To furnish engineering, architectural, project management, and other
18building construction services whenever requisitions therefor are presented to the
19department by any agency. The department may deposit moneys received from the
20provision of these services in the account under s. 20.505 (1) (kc) or in the general
21fund as general purpose revenue — earned. In this subsection, "agency" means an
22office, department, independent agency, institution of higher education, association,
23society, or other body in state government created or authorized to be created by the
24constitution or any law, which is entitled to expend moneys appropriated by law,
25including the legislature and the courts, but not including an authority created in
1subch. II of ch. 114 or subch. III of ch. 149 or in ch. 231, 233, 234, 237, 238,
239, or
2279.
SB376,28
3Section
28. 16.865 (8) of the statutes is amended to read:
SB376,16,184
16.865
(8) Annually in each fiscal year, allocate as a charge to each agency a
5proportionate share of the estimated costs attributable to programs administered by
6the agency to be paid from the appropriation under s. 20.505 (2) (k). The department
7may charge premiums to agencies to finance costs under this subsection and pay the
8costs from the appropriation on an actual basis. The department shall deposit all
9collections under this subsection in the appropriation account under s. 20.505 (2) (k).
10Costs assessed under this subsection may include judgments, investigative and
11adjustment fees, data processing and staff support costs, program administration
12costs, litigation costs, and the cost of insurance contracts under sub. (5). In this
13subsection, "agency" means an office, department, independent agency, institution
14of higher education, association, society, or other body in state government created
15or authorized to be created by the constitution or any law, that is entitled to expend
16moneys appropriated by law, including the legislature and the courts, but not
17including an authority created in subch. II of ch. 114 or subch. III of ch. 149 or in ch.
18231, 232, 233, 234, 237, 238,
239, or 279.
SB376,29
19Section
29. 19.42 (10) (t) of the statutes is created to read:
SB376,16,2120
19.42
(10) (t) The chief executive officer and members of the board of directors
21of the Wisconsin Student Loan Refinancing Authority.
SB376,30
22Section
30. 19.42 (13) (p) of the statutes is created to read:
SB376,16,2423
19.42
(13) (p) The chief executive officer and members of the board of directors
24of the Wisconsin Student Loan Refinancing Authority.
SB376,31
1Section
31. 20.005 (3) (schedule) of the statutes: at the appropriate place,
2insert the following amounts for the purposes indicated:
-
See PDF for table ![PDF](http://docs.legis.wisconsin.gov/assets/image/file_acrobat.gif)
SB376,32
3Section
32. 20.195 of the statutes is created to read:
SB376,17,6
420.195 Wisconsin Student Loan Refinancing Authority. There is
5appropriated to the Wisconsin Student Loan Refinancing Authority for the following
6programs:
SB376,17,10
7(1) Student loan refinancing program. (a)
Initial funding. Biennially, the
8amounts in the schedule to fund the initial costs of operating the Wisconsin Student
9Loan Refinancing Authority and to start the student loan refinancing program under
10ch. 239.
SB376,33
11Section
33. 39.28 (7) of the statutes is created to read:
SB376,17,1412
39.28
(7) The board shall create on its Internet site a link to that portion of the
13department of financial institutions' Internet site created under s. 224.30 (5) (c) and
14(d).
SB376,34
15Section
34. 39.52 of the statutes is created to read:
SB376,18,10
1639.52 Student loan debt reports. (1) By January 1 of each year, the Board
17of Regents of the University of Wisconsin System shall provide to the board the
18average amount of student loan incurred in the previous year by resident
19undergraduate students enrolled in each institution within that system, the
1technical college system board shall provide to the board the average amount of
2student loan debt incurred in the previous year by resident undergraduate students
3enrolled in each technical college within that system, each tribally controlled college
4in this state shall provide to the board the average amount of student loan debt
5incurred in the previous year by resident undergraduate students enrolled in that
6tribally controlled college and the Wisconsin Association of Independent Colleges
7and Universities or a successor organization shall provide to the board the average
8amount of student loan debt incurred in the previous year by resident undergraduate
9students enrolled in each of the private, nonprofit accredited institutions of higher
10education in this state.
SB376,18,11
11(2) By March 1 of each year, the board shall do all of the following:
SB376,18,1512
(a) Compile the information provided to the board under sub. (1) and, from that
13information, compute the statewide average amount of student loan debt incurred
14in the previous year by resident undergraduate students enrolled in the institutions
15specified in sub. (1).