This substitute amendment creates an authority, which is a public body
corporate and politic, to be known as the Wisconsin Student Loan Refinancing
Authority (WSLRA). The WSLRA is governed by a board that consists of four
members of the legislature, three members who are students of an institution of
higher learning, and two members with experience in making student loans. The
five members of the board who are not members of the legislature are nominated by
the governor, and with the advice and consent of the senate appointed, to serve two-
or three-year terms. The board appoints the chief executive officer of WSLRA and
annually elects the chairperson of the board. The board is given all the powers
necessary or convenient to carry out its duties, as well as specific powers to conduct
its corporate business, including the power to issue bonds for any corporate purpose.
Under the substitute amendment, the board must develop and implement a
loan program under which state residents may refinance student loans. Under the
program, WSLRA provides a loan to an individual to pay off some or all of his or her
outstanding student loan debt. To qualify for the program, an individual must satisfy
similar eligibility requirements to the criteria a private lender uses to make an
unsecured personal loan at market rates. Under the substitute amendment, WSLRA
must provide loans under the program at the lowest possible interest rate that is still
sufficient to cover the expenses of the program. A loan issued under the program is
not dischargeable in a bankruptcy proceeding.
Financial aid information
This substitute amendment requires the Department of Financial Institutions
to compile data related to private student loans for the purpose of comparing private
lending institutions' student loan interest rates and repayment plans. A "private
student loan" is a loan issued by a private lending institution for the purpose of
paying for or financing higher education expenses, including tuition and fees, books
and supplies, and room and board. DFI must create and maintain a list of private
lending institutions that provide the lowest rates and best repayment options on
student loans. DFI must also compile a list of the top ten best private lending
institutions based on rates and policies that are most favorable to the student
borrower. DFI must place these lists on DFI's Internet site and update the Internet
site monthly to ensure that the student loan information in these lists is current and
accurate. DFI's Internet site must also contain information pertaining to lending
institutions that do not make the top ten list, including identifying those lending
institutions that provide the worst rates and strictest repayment options. DFI may
satisfy its duties under the substitute amendment through a designee or third-party
contractor.
The substitute amendment also requires an institution or college campus
within the University of Wisconsin System, a technical college within the technical
college system, a tribally controlled college, or a private, nonprofit institution of
higher education located in this state (institution of higher education) to provide to
a prospective or newly accepted student and to the student's parents clearly outlined
and easy-to-understand information pertaining to all of the following:
1. The total cost of attendance at the institution of higher education.
2. The approximate or, if known, the actual total amount of financial aid that
the student would receive from the institution of higher education, and the
approximate or, if known, the actual total amount of student loan debt that the
student would accumulate, over the course of four years, if the student were to attend
the institution of higher education for four years (student loan debt).
3. Student loan rates, repayment plans, default rates, and the actual monthly
payment that would be required to pay that student loan debt when the loan becomes
due.
Finally, the substitute amendment requires an institution of higher education
and the Higher Educational Aids Board to create on their Internet sites a link to that
portion of DFI's Internet site containing the lists and other information required
under the substitute amendment.
Student loan counseling
This substitute amendment requires any institution of higher education in this
state that offers an associate degree or higher to provide loan counseling for its
students. Under the substitute amendment, 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 substitute amendment 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 substitute amendment 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 substitute amendment.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB744-SSA1,1
1Section
1. 13.172 (1) of the statutes is amended to read:
AB744-SSA1,3,72
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 in ch. 231, 233, 234, 238,
7239, or 279.
AB744-SSA1,2
1Section
2. 13.48 (13) (a) of the statutes is amended to read:
AB744-SSA1,4,142
13.48
(13) (a) Except as provided in par. (b) or (c), every building, structure or
3facility that is constructed for the benefit of or use of the state, any state agency,
4board, commission or department, the University of Wisconsin Hospitals and Clinics
5Authority, the Fox River Navigational System Authority,
the Wisconsin Student
6Loan Refinancing Authority, the Wisconsin Economic Development Corporation, or
7any local professional baseball park district created under subch. III of ch. 229 if the
8construction is undertaken by the department of administration on behalf of the
9district, shall be in compliance with all applicable state laws, rules, codes and
10regulations but the construction is not subject to the ordinances or regulations of the
11municipality in which the construction takes place except zoning, including without
12limitation because of enumeration ordinances or regulations relating to materials
13used, permits, supervision of construction or installation, payment of permit fees, or
14other restrictions.
AB744-SSA1,3
15Section
3. 13.62 (2) of the statutes is amended to read:
AB744-SSA1,4,1916
13.62
(2) "Agency" means any board, commission, department, office, society,
17institution of higher education, council, or committee in the state government, or any
18authority created in subch. II of ch. 114 or in ch. 231, 232, 233, 234, 237, 238,
239, 19or 279, except that the term does not include a council or committee of the legislature.
AB744-SSA1,4
20Section
4. 13.94 (1) (dt) of the statutes is created to read:
AB744-SSA1,4,2521
13.94
(1) (dt) Biennially, beginning in 2017, conduct a financial audit of the
22Wisconsin Student Loan Refinancing Authority and a program evaluation audit of
23the programs administered by the Wisconsin Student Loan Refinancing Authority
24under ch. 239. The legislative audit bureau shall file a copy of each audit report
25under this paragraph with the distributees specified in par. (b).
AB744-SSA1,5
1Section
5. 13.94 (1s) (c) 9. of the statutes is created to read:
AB744-SSA1,5,32
13.94
(1s) (c) 9. The Wisconsin Student Loan Refinancing Authority for the cost
3of the audit required to be performed under sub. (1) (dt).
AB744-SSA1,6
4Section
6. 13.94 (4) (a) 1. of the statutes is amended to read:
AB744-SSA1,5,215
13.94
(4) (a) 1. Every state department, board, examining board, affiliated
6credentialing board, commission, independent agency, council or office in the
7executive branch of state government; all bodies created by the legislature in the
8legislative or judicial branch of state government; any public body corporate and
9politic created by the legislature including specifically the Fox River Navigational
10System Authority, the Lower Fox River Remediation Authority, the Wisconsin
11Aerospace Authority,
the Wisconsin Student Loan Refinancing Authority, the
12Wisconsin Economic Development Corporation, a professional baseball park district,
13a local professional football stadium district, a local cultural arts district
, and a
14long-term care district under s. 46.2895; every Wisconsin works agency under subch.
15III of ch. 49; every provider of medical assistance under subch. IV of ch. 49; technical
16college district boards; every county department under s. 51.42 or 51.437; every
17nonprofit corporation or cooperative or unincorporated cooperative association to
18which moneys are specifically appropriated by state law; and every corporation,
19institution, association or other organization which receives more than 50% of its
20annual budget from appropriations made by state law, including subgrantee or
21subcontractor recipients of such funds.
AB744-SSA1,7
22Section
7. 13.95 (intro.) of the statutes is amended to read:
AB744-SSA1,6,10
2313.95 Legislative fiscal bureau. (intro.) There is created a bureau to be
24known as the "Legislative Fiscal Bureau" headed by a director. The fiscal bureau
25shall be strictly nonpartisan and shall at all times observe the confidential nature
1of the research requests received by it; however, with the prior approval of the
2requester in each instance, the bureau may duplicate the results of its research for
3distribution. Subject to s. 230.35 (4) (a) and (f), the director or the director's
4designated employees shall at all times, with or without notice, have access to all
5state agencies, the University of Wisconsin Hospitals and Clinics Authority, the
6Wisconsin Aerospace Authority, the Lower Fox River Remediation Authority,
the
7Wisconsin Student Loan Refinancing Authority, the Wisconsin Economic
8Development Corporation, and the Fox River Navigational System Authority, and to
9any books, records, or other documents maintained by such agencies or authorities
10and relating to their expenditures, revenues, operations, and structure.
AB744-SSA1,8
11Section
8. 16.002 (2) of the statutes is amended to read:
AB744-SSA1,6,1612
16.002
(2) "Departments" means constitutional offices, departments, and
13independent agencies and includes all societies, associations, and other agencies of
14state government for which appropriations are made by law, but not including
15authorities created in subch. II of ch. 114 or in ch. 231, 232, 233, 234, 237, 238,
239, 16or 279.
AB744-SSA1,9
17Section
9. 16.004 (4) of the statutes is amended to read:
AB744-SSA1,6,2318
16.004
(4) Freedom of access. The secretary and such employees of the
19department as the secretary designates may enter into the offices of state agencies
20and authorities created under subch. II of ch. 114 and under chs. 231, 233, 234, 237,
21238,
239, and 279, and may examine their books and accounts and any other matter
22that in the secretary's judgment should be examined and may interrogate the
23agency's employees publicly or privately relative thereto.
AB744-SSA1,10
24Section
10. 16.004 (5) of the statutes is amended to read:
AB744-SSA1,7,4
116.004
(5) Agencies and employees to cooperate. All state agencies and
2authorities created under subch. II of ch. 114 and under chs. 231, 233, 234, 237, 238,
3239, and 279, and their officers and employees, shall cooperate with the secretary
4and shall comply with every request of the secretary relating to his or her functions.
AB744-SSA1,11
5Section
11. 16.004 (12) (a) of the statutes is amended to read:
AB744-SSA1,7,136
16.004
(12) (a) In this subsection, "state agency" means an association,
7authority, board, department, commission, independent agency, institution, office,
8society, or other body in state government created or authorized to be created by the
9constitution or any law, including the legislature, the office of the governor, and the
10courts, but excluding the University of Wisconsin Hospitals and Clinics Authority,
11the Wisconsin Aerospace Authority, the Lower Fox River Remediation Authority, the
12Wisconsin Economic Development Corporation,
the Wisconsin Student Loan
13Refinancing Authority, and the Fox River Navigational System Authority.
AB744-SSA1,12
14Section
12. 16.045 (1) (a) of the statutes is amended to read:
AB744-SSA1,7,2015
16.045
(1) (a) "Agency" means an office, department, independent agency,
16institution of higher education, association, society, or other body in state
17government created or authorized to be created by the constitution or any law, that
18is entitled to expend moneys appropriated by law, including the legislature and the
19courts, but not including an authority created in subch. II of ch. 114 or in ch. 231, 232,
20233, 234, 237, 238,
239, or 279.
AB744-SSA1,13
21Section
13. 16.15 (1) (ab) of the statutes is amended to read:
AB744-SSA1,7,2522
16.15
(1) (ab) "Authority" has the meaning given under s. 16.70 (2), but
23excludes the University of Wisconsin Hospitals and Clinics Authority, the Lower Fox
24River Remediation Authority,
the Wisconsin Student Loan Refinancing Authority, 25and the Wisconsin Economic Development Corporation.
AB744-SSA1,14
1Section
14. 16.41 (4) of the statutes is amended to read:
AB744-SSA1,8,32
16.41
(4) In this section, "authority" means a body created under subch. II of
3ch. 114 or under ch. 231, 233, 234, 237, 238,
239, or 279.
AB744-SSA1,15
4Section
15
. 16.417 (1) (b) of the statutes is amended to read:
AB744-SSA1,8,65
16.417
(1) (b) "Authority" means a body created under subch. II of ch. 114 or
6ch. 231, 232, 233, 234, 237, 238,
239, or 279.
AB744-SSA1,16
7Section
16. 16.52 (7) of the statutes is amended to read:
AB744-SSA1,8,178
16.52
(7) Petty cash account. With the approval of the secretary, each agency
9that is authorized to maintain a contingent fund under s. 20.920 may establish a
10petty cash account from its contingent fund. The procedure for operation and
11maintenance of petty cash accounts and the character of expenditures therefrom
12shall be prescribed by the secretary. In this subsection, "agency" means an office,
13department, independent agency, institution of higher education, association,
14society, or other body in state government created or authorized to be created by the
15constitution or any law, that is entitled to expend moneys appropriated by law,
16including the legislature and the courts, but not including an authority created in
17subch. II of ch. 114 or in ch. 231, 233, 234, 237, 238,
239, or 279.
AB744-SSA1,17
18Section
17. 16.528 (1) (a) of the statutes is amended to read:
AB744-SSA1,8,2419
16.528
(1) (a) "Agency" means an office, department, independent agency,
20institution of higher education, association, society, or other body in state
21government created or authorized to be created by the constitution or any law, that
22is entitled to expend moneys appropriated by law, including the legislature and the
23courts, but not including an authority created in subch. II of ch. 114 or in ch. 231, 233,
24234, 237, 238,
239, or 279.
AB744-SSA1,18
25Section
18. 16.53 (2) of the statutes is amended to read:
AB744-SSA1,9,9
116.53
(2) Improper invoices. If an agency receives an improperly completed
2invoice, the agency shall notify the sender of the invoice within 10 working days after
3it receives the invoice of the reason it is improperly completed. In this subsection,
4"agency" means an office, department, independent agency, institution of higher
5education, association, society, or other body in state government created or
6authorized to be created by the constitution or any law, that is entitled to expend
7moneys appropriated by law, including the legislature and the courts, but not
8including an authority created in subch. II of ch. 114 or in ch. 231, 233, 234, 237, 238,
9239, or 279.
AB744-SSA1,19
10Section
19. 16.54 (9) (a) 1. of the statutes is amended to read:
AB744-SSA1,9,1611
16.54
(9) (a) 1. "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, which
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 in ch. 231, 233,
16234, 237, 238,
239, or 279.
AB744-SSA1,20
17Section
20. 16.765 (1) of the statutes is amended to read:
AB744-SSA1,9,2518
16.765
(1) Contracting agencies, the University of Wisconsin Hospitals and
19Clinics Authority, the Fox River Navigational System Authority, the Wisconsin
20Aerospace Authority, the Lower Fox River Remediation Authority,
the Wisconsin
21Student Loan Refinancing Authority, the Wisconsin Economic Development
22Corporation, and the Bradley Center Sports and Entertainment Corporation shall
23include in all contracts executed by them a provision obligating the contractor not
24to discriminate against any employee or applicant for employment because of age,
25race, religion, color, handicap, sex, physical condition, developmental disability as
1defined in s. 51.01 (5), sexual orientation as defined in s. 111.32 (13m), or national
2origin and, except with respect to sexual orientation, obligating the contractor to take
3affirmative action to ensure equal employment opportunities.
AB744-SSA1,21
4Section
21. 16.765 (2) of the statutes is amended to read:
AB744-SSA1,10,225
16.765
(2) Contracting agencies, the University of Wisconsin Hospitals and
6Clinics Authority, the Fox River Navigational System Authority, the Wisconsin
7Aerospace Authority, the Lower Fox River Remediation Authority,
the Wisconsin
8Student Loan Refinancing Authority, the Wisconsin Economic Development
9Corporation, and the Bradley Center Sports and Entertainment Corporation shall
10include the following provision in every contract executed by them: "In connection
11with the performance of work under this contract, the contractor agrees not to
12discriminate against any employee or applicant for employment because of age, race,
13religion, color, handicap, sex, physical condition, developmental disability as defined
14in s. 51.01 (5), sexual orientation or national origin. This provision shall include, but
15not be limited to, the following: employment, upgrading, demotion or transfer;
16recruitment or recruitment advertising; layoff or termination; rates of pay or other
17forms of compensation; and selection for training, including apprenticeship. Except
18with respect to sexual orientation, the contractor further agrees to take affirmative
19action to ensure equal employment opportunities. The contractor agrees to post in
20conspicuous places, available for employees and applicants for employment, notices
21to be provided by the contracting officer setting forth the provisions of the
22nondiscrimination clause".
AB744-SSA1,22
23Section
22. 16.765 (5) of the statutes is amended to read:
AB744-SSA1,11,1524
16.765
(5) The head of each contracting agency and the boards of directors of
25the University of Wisconsin Hospitals and Clinics Authority, the Fox River
1Navigational System Authority, the Wisconsin Aerospace Authority, the Lower Fox
2River Remediation Authority,
the Wisconsin Student Loan Refinancing Authority, 3the Wisconsin Economic Development Corporation, and the Bradley Center Sports
4and Entertainment Corporation shall be primarily responsible for obtaining
5compliance by any contractor with the nondiscrimination and affirmative action
6provisions prescribed by this section, according to procedures recommended by the
7department. The department shall make recommendations to the contracting
8agencies and the boards of directors of the University of Wisconsin Hospitals and
9Clinics Authority, the Fox River Navigational System Authority, the Wisconsin
10Aerospace Authority, the Lower Fox River Remediation Authority,
the Wisconsin
11Student Loan Refinancing Authority, the Wisconsin Economic Development
12Corporation, and the Bradley Center Sports and Entertainment Corporation for
13improving and making more effective the nondiscrimination and affirmative action
14provisions of contracts. The department shall promulgate such rules as may be
15necessary for the performance of its functions under this section.
AB744-SSA1,23
16Section
23. 16.765 (6) of the statutes is amended to read:
AB744-SSA1,11,2517
16.765
(6) The department may receive complaints of alleged violations of the
18nondiscrimination provisions of such contracts. The department shall investigate
19and determine whether a violation of this section has occurred. The department may
20delegate this authority to the contracting agency, the University of Wisconsin
21Hospitals and Clinics Authority, the Fox River Navigational System Authority, the
22Wisconsin Aerospace Authority, the Lower Fox River Remediation Authority,
the
23Wisconsin Student Loan Refinancing Authority, the Wisconsin Economic
24Development Corporation, or the Bradley Center Sports and Entertainment
25Corporation for processing in accordance with the department's procedures.
AB744-SSA1,24
1Section
24. 16.765 (7) (intro.) of the statutes is amended to read:
AB744-SSA1,12,122
16.765
(7) (intro.) When a violation of this section has been determined by the
3department, the contracting agency, the University of Wisconsin Hospitals and
4Clinics Authority, the Fox River Navigational System Authority, the Wisconsin
5Aerospace Authority, the Lower Fox River Remediation Authority,
the Wisconsin
6Student Loan Refinancing Authority, the Wisconsin Economic Development
7Corporation, or the Bradley Center Sports and Entertainment Corporation, the
8contracting agency, the University of Wisconsin Hospitals and Clinics Authority, the
9Fox River Navigational System Authority, the Wisconsin Aerospace Authority, the
10Lower Fox River Remediation Authority,
the Wisconsin Student Loan Refinancing
11Authority, the Wisconsin Economic Development Corporation, or the Bradley Center
12Sports and Entertainment Corporation shall:
AB744-SSA1,25
13Section
25. 16.765 (7) (d) of the statutes is amended to read:
AB744-SSA1,12,2014
16.765
(7) (d) Direct the violating party to take immediate steps to prevent
15further violations of this section and to report its corrective action to the contracting
16agency, the University of Wisconsin Hospitals and Clinics Authority, the Fox River
17Navigational System Authority, the Wisconsin Aerospace Authority, the Lower Fox
18River Remediation Authority,
the Wisconsin Student Loan Refinancing Authority, 19the Wisconsin Economic Development Corporation, or the Bradley Center Sports
20and Entertainment Corporation.
AB744-SSA1,26
21Section
26. 16.765 (8) of the statutes is amended to read:
AB744-SSA1,13,1422
16.765
(8) If further violations of this section are committed during the term
23of the contract, the contracting agency, the Fox River Navigational System Authority,
24the Wisconsin Aerospace Authority, the Lower Fox River Remediation Authority,
the
25Wisconsin Student Loan Refinancing Authority, the Wisconsin Economic
1Development Corporation, or the Bradley Center Sports and Entertainment
2Corporation may permit the violating party to complete the contract, after complying
3with this section, but thereafter the contracting agency, the Fox River Navigational
4System Authority, the Wisconsin Aerospace Authority, the Lower Fox River
5Remediation Authority,
the Wisconsin Student Loan Refinancing Authority, the
6Wisconsin Economic Development Corporation, or the Bradley Center Sports and
7Entertainment Corporation shall request the department to place the name of the
8party on the ineligible list for state contracts, or the contracting agency, the Fox River
9Navigational System Authority, the Wisconsin Aerospace Authority, the Lower Fox
10River Remediation Authority,
the Wisconsin Student Loan Refinancing Authority, 11the Wisconsin Economic Development Corporation, or the Bradley Center Sports
12and Entertainment Corporation may terminate the contract without liability for the
13uncompleted portion or any materials or services purchased or paid for by the
14contracting party for use in completing the contract.
AB744-SSA1,27
15Section
27. 16.85 (2) of the statutes is amended to read:
AB744-SSA1,13,2516
16.85
(2) To furnish engineering, architectural, project management, and other
17building construction services whenever requisitions therefor are presented to the
18department by any agency. The department may deposit moneys received from the
19provision of these services in the account under s. 20.505 (1) (kc) or in the general
20fund as general purpose revenue — earned. In this subsection, "agency" means an
21office, department, independent agency, institution of higher education, association,
22society, or other body in state government created or authorized to be created by the
23constitution or any law, which is entitled to expend moneys appropriated by law,
24including the legislature and the courts, but not including an authority created in
25subch. II of ch. 114 or in ch. 231, 233, 234, 237, 238,
239, or 279.
AB744-SSA1,28
1Section
28. 16.865 (8) of the statutes is amended to read:
AB744-SSA1,14,162
16.865
(8) Annually in each fiscal year, allocate as a charge to each agency a
3proportionate share of the estimated costs attributable to programs administered by
4the agency to be paid from the appropriation under s. 20.505 (2) (k). The department
5may charge premiums to agencies to finance costs under this subsection and pay the
6costs from the appropriation on an actual basis. The department shall deposit all
7collections under this subsection in the appropriation account under s. 20.505 (2) (k).
8Costs assessed under this subsection may include judgments, investigative and
9adjustment fees, data processing and staff support costs, program administration
10costs, litigation costs, and the cost of insurance contracts under sub. (5). In this
11subsection, "agency" means an office, department, independent agency, institution
12of higher education, association, society, or other body in state government created
13or authorized to be created by the constitution or any law, that is entitled to expend
14moneys appropriated by law, including the legislature and the courts, but not
15including an authority created in subch. II of ch. 114 or in ch. 231, 232, 233, 234, 237,
16238,
239, or 279.
AB744-SSA1,29
17Section
29. 19.42 (10) (t) of the statutes is created to read:
AB744-SSA1,14,1918
19.42
(10) (t) The chief executive officer and members of the board of directors
19of the Wisconsin Student Loan Refinancing Authority.
AB744-SSA1,30
20Section
30. 19.42 (13) (p) of the statutes is created to read:
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](http://docs.legis.wisconsin.gov/assets/image/file_acrobat.gif)
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: