SB194,17,22 22(2) By March 1 of each year, the board shall do all of the following:
SB194,18,223 (a) Compile the information provided to the board under sub. (1) and, from that
24information, compute the statewide average amount of student loan debt incurred

1in the previous year by resident undergraduate students enrolled in the institutions
2specified in sub. (1).
SB194,18,53 (b) Compare the amount computed under par. (a) to the national average
4amount of student loan debt incurred in the previous year by undergraduate
5students enrolled in institutions of higher education in the United States.
SB194,18,96 (c) Compare the amount computed under par. (a) to the statewide average
7amount of student loan debt incurred in the previous year by undergraduate
8students in the state with the lowest ratio of statewide average student loan debt to
9the lowest quintile of state per capita income.
SB194,18,1410 (d) Submit to the joint committee on finance a report regarding student loan
11debt incurred in the previous year by resident undergraduate students at the
12institutions specified in sub. (1). The report shall include the information provided
13to the board under sub. (1), the statewide average amount of student loan debt
14computed under par. (a), and the comparisons described in pars. (b) and (c).
SB194,35 15Section 35. 39.54 of the statutes is created to read:
SB194,18,22 1639.54 Student lending transparency. (1) In this section, "institution of
17higher education" means an institution or college campus within the University of
18Wisconsin System, a technical college within the technical college system, a tribally
19controlled college, or a private, nonprofit institution of higher education located in
20this state that provides an educational program for which the institution awards an
21associate degree or higher or provides a program that is acceptable toward such a
22degree.
SB194,18,25 23(2) Each institution of higher education shall provide to a prospective or newly
24accepted student and to the student's parents clearly outlined and
25easy-to-understand information pertaining to all of the following:
SB194,19,1
1(a) The total cost of attendance at the institution of higher education.
SB194,19,62 (b) The approximate or, if known, the actual total amount of financial aid that
3the student would receive from the institution of higher education, and the
4approximate or, if known, the actual total amount of student loan debt that the
5student would accumulate, over the course of 4 years if the student were to attend
6the institution of higher education for 4 years.
SB194,19,97 (c) Student loan rates, repayment plans, default rates, and the actual monthly
8payment that would be required to pay the student loan debt described in par. (b)
9when the loan becomes due.
SB194,19,12 10(3) Each institution of higher education shall create on its Internet site a link
11to that portion of the department of financial institutions' Internet site created under
12s. 224.30 (5) (c) and (d).
SB194,36 13Section 36. 39.56 of the statutes is created to read:
SB194,19,18 1439.56 Loan counseling. (1) Definition. In this section, "institution of higher
15education" means an institution or college campus within the University of
16Wisconsin System, a technical college under ch. 38, or any private, nonprofit,
17educational institution located in this state that provides an educational program for
18which it awards an associate degree or higher.
SB194,19,22 19(2) Applicability. This section applies to any student loan offered by an
20institution of higher education or a private lender or recommended to a student by
21an institution of higher education, other than a federally funded, federally insured,
22or federally guaranteed loan for which counseling is required by 20 USC 1092.
SB194,20,5 23(3) Entrance counseling. (a) Before a student enters into a student loan
24agreement, an institution of higher education shall provide the student with
25comprehensive information on the terms and conditions of a loan and the

1responsibilities the student has with respect to the loan. The institution shall
2provide the information during a counseling session conducted in person, on a
3written form provided to the student that the student signs and returns, or online,
4with the student acknowledging receipt of the information. The information
5provided shall include all of the following:
SB194,20,76 1. To the extent practicable, the effect of accepting the loan to be disbursed on
7the eligibility of the borrower for other forms of student financial assistance.
SB194,20,98 2. How interest accrues and is capitalized during periods when the interest is
9not paid by the borrower.
SB194,20,1210 3. The definitions of full-time and half-time enrollment at the institution of
11higher education, during regular terms and intersession terms, if applicable, and the
12consequences of not maintaining full-time or half-time enrollment.
SB194,20,1513 4. The importance of contacting the appropriate office at the institution of
14higher education if the borrower withdraws before completing his or her program of
15study so that the institution can provide counseling under sub. (4).
SB194,20,1716 5. Sample monthly repayment amounts, based on a range of levels of
17indebtedness.
SB194,20,2018 6. The obligation of the borrower to repay the full amount of the loan,
19irrespective of whether the borrower completes his or her program of study at the
20institution.
SB194,20,2221 7. The likely consequences of default on the loan, including adverse credit
22reports, delinquent debt collection procedures, and litigation.
SB194,20,2423 8. Whether the student has reached the limit on his or her federal student loan
24opportunities.
SB194,21,3
19. The name of, and contact information for, an individual the borrower may
2contact if he or she has any questions about the borrower's rights and responsibilities
3or the terms and conditions of the loan.
SB194,21,84 10. How a student or any member of the public may file a complaint about a
5lender with the federal Consumer Financial Protection Bureau by calling a toll-free
6telephone number, or by completing a complaint form, which may be obtained on the
7bureau's Internet site. The institution of higher education shall also include the
8toll-free telephone number and Internet site address of the bureau.
SB194,21,109 (b) In conjunction with providing information under par. (a), the institution of
10higher education shall also do all of the following:
SB194,21,1311 1. Clearly distinguish private loans from federal loans in individual financial
12aid awards by stating, for any private loans included by the institution as part of the
13institution's award package, all of the following:
SB194,21,1414 a. Whether the rate is fixed or variable.
SB194,21,1615 b. An explanation that private student loan lenders can offer variable interest
16rates that can increase or decrease over time, depending on market conditions.
SB194,21,2017 c. An explanation that private student loans have a range of interest rates and
18fees and students should determine the interest rate of, and any fees associated with,
19the private student loan included in their financial aid award package before
20accepting the loan.
SB194,21,2321 d. An explanation that students should contact the lender of the private
22student loan or their institution's financial aid office if they have any questions about
23a private student loan.
SB194,21,2524 e. An explanation that the interest rate on a private loan may depend on the
25borrower's credit rating.
SB194,22,4
12. If the institution of higher education provides a private loan lender list,
2provide general information about the loans available through the lender and
3disclose the basis for each lender's inclusion on the list. The institution shall also
4disclose with the list that the student may choose any lender.
SB194,22,105 (c) 1. A lender may not accept a final and complete application for a private
6student loan from an applicant, or assess any fees upon an applicant, without first
7receiving certification from the applicant's institution of higher education that the
8applicant has received counseling from the institution under pars. (a) and (b) and
9that the counseling was conducted in person, unless the certification specified that
10the applicant elected to receive the counseling in a manner other than in person.
SB194,22,1611 2. The certification required by subd. 1. shall be signed by the applicant and
12the institutional counselor, and shall include the date of the counseling and the
13name, address, and telephone number of both the counselor and the applicant. An
14electronic facsimile copy of the counseling certification satisfies the requirement
15under this subdivision. The lender shall maintain the certification in an accurate,
16reproducible, and accessible format for the term of the student loan.
SB194,22,20 17(4) Exit counseling. (a) As close as practicable to the date that a student
18graduates from, transfers from, withdraws from, or otherwise completes his or her
19program of study at the institution of higher education, the institution shall provide
20the student with information relating to all of the following:
SB194,22,2421 1. Repayment plans that are available, including a description of the different
22features of each plan and sample information showing the average anticipated
23monthly payments, and the difference in interest paid and total payments, under
24each plan.
SB194,23,2
12. Debt management strategies designed to facilitate the repayment of
2indebtedness.
SB194,23,43 3. The options to prepay each loan, pay each loan on a shorter schedule, or
4change repayment plans.
SB194,23,65 4. The likely consequences of default on the loan, including adverse credit
6reports, delinquent debt collection procedures, and litigation.
SB194,23,77 5. The effects of consolidation on a borrower's underlying loan benefits.
SB194,23,88 6. Grace periods, loan forgiveness, cancellation, and deferment opportunities.
SB194,23,99 7. The borrower benefit programs of different lenders.
SB194,23,1010 8. The tax benefits that may be available to borrowers.
SB194,23,1111 9. How to enroll in income-based repayment.
SB194,23,1412 (b) With respect to a student who leaves an institution of higher education
13without the knowledge of the institution, the institution shall attempt to provide the
14information described in par. (a) to the student in writing.
SB194,23,18 15(5) Fee. An institution of higher education may assess a reasonable fee to the
16lender to defray the cost of counseling under this section in an amount not exceeding
17$50. The higher educational aids board and the department of financial institutions
18shall jointly promulgate rules to implement and administer this subsection.
SB194,37 19Section 37. 40.02 (54) (n) of the statutes is created to read:
SB194,23,2020 40.02 (54) (n) The Wisconsin Student Loan Refinancing Authority.
SB194,38 21Section 38. 70.11 (38v) of the statutes is created to read:
SB194,23,2522 70.11 (38v) Wisconsin Student Loan Refinancing Authority. All property
23owned by the Wisconsin Student Loan Refinancing Authority, provided that use of
24the property is primarily related to the purposes of the Wisconsin Student loan
25Refinancing Authority.
SB194,39
1Section 39. 71.05 (6) (b) 28. (intro.), am. and h. of the statutes are amended
2to read:
SB194,24,143 71.05 (6) (b) 28. (intro.) An amount paid by a claimant for tuition expenses,
4including any amount paid by a claimant in the year to which the claim relates on
5a loan, the proceeds of which were used by the claimant to pay the claimant's
6expenses for tuition, fees, books, room and board, and educational supplies that were
7directly related to the claimant's attendance at an eligible educational institution,
8as defined in s. 18.81 (2),
and mandatory student fees for a student who is the
9claimant or who is the claimant's child and the claimant's dependent who is claimed
10under section 151 (c) of the Internal Revenue Code, to attend any university, college,
11technical college or a school approved under s. 38.50, that is located in Wisconsin or
12to attend a public vocational school or public institution of higher education in
13Minnesota under the Minnesota-Wisconsin reciprocity agreement under s. 39.47,
14calculated as follows:
SB194,25,615 am. Notwithstanding subd. 28. a., for taxable years beginning after December
1631, 2008, the department of revenue and the Board of Regents of the University of
17Wisconsin System shall continue making the calculation described under subd. 28.
18a. Notwithstanding subd. 28. a., once this calculation exceeds $6,000, the deduction
19for tuition expenses, including any amount paid by a claimant in the year to which
20the claim relates on a loan, the proceeds of which were used by the claimant to pay
21the claimant's expenses for tuition, fees, books, room and board, and educational
22supplies that were directly related to the claimant's attendance at an eligible
23educational institution, as defined in s. 18.81 (2),
and mandatory student fees, as
24described in subd. 28. (intro.), shall be based on an amount equal to not more than
25twice the average amount charged by the Board of Regents of the University of

1Wisconsin System at 4-year institutions for resident undergraduate academic fees
2for the most recent fall semester, as determined by the Board of Regents by
3September 1 of that semester, per student for each year to which the claim relates,
4and the deduction that may be claimed under this subd. 28. am. first applies to
5taxable years beginning on the January 1 after the calculation of the Board of
6Regents, that must occur by September 1, exceeds $6,000.
SB194,25,187 h. No modification may be claimed under this subdivision for an amount paid
8for tuition expenses, including any amount paid by a claimant in the year to which
9the claim relates on a loan, the proceeds of which were used by the claimant to pay
10the claimant's expenses for tuition, fees, books, room and board, and educational
11supplies that were directly related to the claimant's attendance at an eligible
12educational institution, as defined in s. 18.81 (2),
and mandatory student fees, as
13described under this subdivision, if the source of the payment is an amount
14withdrawn from a college savings account, as described in s. 16.641 or from a college
15tuition and expenses program, as described in s. 16.64, and if the owner of the
16account or a parent, grandparent, great-grandparent, aunt, or uncle of the
17beneficiary, who contributed to the account, has claimed a deduction under subd. 32.
18or 33. that relates to such an amount.
SB194,40 19Section 40. 71.05 (6) (b) 28. j. of the statutes is created to read:
SB194,25,2120 71.05 (6) (b) 28. j. The provisions of subd. 28. b., c., d., and g. do not apply to
21a taxable year that begins after December 31, 2015.
SB194,41 22Section 41. 77.54 (9a) (a) of the statutes is amended to read:
SB194,26,223 77.54 (9a) (a) This state or any agency thereof, the University of Wisconsin
24Hospitals and Clinics Authority, the Wisconsin Aerospace Authority, the Wisconsin

1Economic Development Corporation, the Wisconsin Student Loan Refinancing
2Authority,
and the Fox River Navigational System Authority.
SB194,42 3Section 42. 100.45 (1) (dm) of the statutes is amended to read:
SB194,26,134 100.45 (1) (dm) "State agency" means any office, department, 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, the Wisconsin Housing and Economic Development Authority, the Bradley
9Center Sports and Entertainment Corporation, the University of Wisconsin
10Hospitals and Clinics Authority, the Wisconsin Health and Educational Facilities
11Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic
12Development Corporation, the Wisconsin Student Loan Refinancing Authority, and
13the Fox River Navigational System Authority.
SB194,43 14Section 43. 224.30 (5) of the statutes is created to read:
SB194,26,1515 224.30 (5) Student lending transparency. (a) In this subsection:
SB194,26,1616 1. "Higher education expenses" includes all of the following:
SB194,26,1717 a. Tuition and fees.
SB194,26,1818 b. Books and supplies
SB194,26,1919 c. Room and board.
SB194,26,2120 2. "Private student loan" means a loan issued by a private lending institution
21for the purpose of paying for or financing higher education expenses.
SB194,26,2422 3. "Private lending institution" means any private entity that itself or through
23an affiliate makes available student loans to pay for or finance higher education
24expenses.
SB194,27,2
14. "Student borrower" means any individual who borrows money from a private
2lending institution to finance higher education expenses.
SB194,27,53 (b) The department shall compile data related to private student loans for the
4purpose of comparing private lending institutions' student loan interest rates and
5repayment plans, including all of the following:
SB194,27,66 1. Policies relating to deferment and forbearance.
SB194,27,77 2. Loan default policies and penalties.
SB194,27,108 3. Any other information that the department deems relevant for the purpose
9of creating a list of private lending institutions that provide the lowest rates and best
10repayment options on student loans.
SB194,27,1311 (c) 1. Using the data compiled under par. (b), the department shall create and
12maintain a list of private lending institutions that provide the lowest rates and best
13repayment options on student loans.
SB194,27,1914 2. In addition to the list under subd. 1., the department shall compile a list of
15the 10 best private lending institutions based on rates and policies that are most
16favorable to the student borrower. The department may also consider the private
17lending institutions' policies for allowing a student borrower to borrow more than 10
18percent over the student borrower's total cost of higher education expenses when
19determining if a private lending institution should be placed on this list.
SB194,28,220 (d) The department shall place the lists created and compiled under par. (c) at
21an easily accessible location on the department's Internet site. The department shall
22update its Internet site on a monthly basis to ensure that the student loan
23information in these lists is current and accurate. Information pertaining to lending
24institutions that do not make the list compiled under par. (c) 2. shall also be posted

1on the department's Internet site and those lending institutions that provide the
2worst rates and strictest repayment options shall be clearly indicated.
SB194,28,53 (e) The department shall make any list or other data under this subsection that
4appears on the department's Internet site available to be linked as provided in ss.
539.28 (7) and 39.54 (3).
SB194,28,76 (f) The department may satisfy its duties under this subsection through a
7designee or 3rd-party contractor.
SB194,44 8Section 44. 230.03 (3) of the statutes is amended to read:
SB194,28,189 230.03 (3) "Agency" means any board, commission, committee, council, or
10department in state government or a unit thereof created by the constitution or
11statutes if such board, commission, committee, council, department, unit, or the
12head thereof, is authorized to appoint subordinate staff by the constitution or
13statute, except a legislative or judicial board, commission, committee, council,
14department, or unit thereof or an authority created under subch. II of ch. 114 or
15subch. III of ch. 149 or under ch. 231, 232, 233, 234, 237, 238, 239, or 279. "Agency"
16does not mean any local unit of government or body within one or more local units
17of government that is created by law or by action of one or more local units of
18government.
SB194,45 19Section 45. 230.03 (3) of the statutes, as affected by 2013 Wisconsin Act 20 and
202015 Wisconsin Act .... (this act), is repealed and recreated to read:
SB194,29,521 230.03 (3) "Agency" means any board, commission, committee, council, or
22department in state government or a unit thereof created by the constitution or
23statutes if such board, commission, committee, council, department, unit, or the
24head thereof, is authorized to appoint subordinate staff by the constitution or
25statute, except the Board of Regents of the University of Wisconsin System, a

1legislative or judicial board, commission, committee, council, department, or unit
2thereof or an authority created under subch. II of ch. 114 or under ch. 231, 232, 233,
3234, 237, 238, 239, or 279. "Agency" does not mean any local unit of government or
4body within one or more local units of government that is created by law or by action
5of one or more local units of government.
SB194,46 6Section 46. Chapter 239 of the statutes is created to read:
SB194,29,77 Chapter 239
SB194,29,9 8Wisconsin Student Loan
9 REFINANCING Authority
SB194,29,10 10239.01 Definitions. In this chapter:
SB194,29,11 11(1) "Authority" means the Wisconsin Student Loan Refinancing Authority.
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