SB91,20,2322 8. Whether the student has reached the limit on his or her federal student loan
23opportunities.
SB91,21,3
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.
SB91,21,84 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.
SB91,21,109 (b) In conjunction with providing information under par. (a), the institution of
10higher education shall also do all of the following:
SB91,21,1311 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:
SB91,21,1414 a. Whether the rate is fixed or variable.
SB91,21,1615 b. An explanation that private student loan lenders can offer variable interest
16rates that can increase or decrease over time, depending on market conditions.
SB91,21,2017 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.
SB91,21,2321 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.
SB91,21,2524 e. An explanation that the interest rate on a private student loan may depend
25on the borrower's credit rating.
SB91,22,4
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.
SB91,22,105 (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.
SB91,22,1611 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.
SB91,22,20 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:
SB91,22,2421 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.
SB91,23,2
12. Debt management strategies designed to facilitate the repayment of
2indebtedness.
SB91,23,43 3. The options to prepay each loan, pay each loan on a shorter schedule, or
4change repayment plans.
SB91,23,65 4. The likely consequences of default on the loan, including adverse credit
6reports, delinquent debt collection procedures, and litigation.
SB91,23,77 5. The effects of consolidation on a borrower's underlying loan benefits.
SB91,23,88 6. Grace periods, loan forgiveness, cancellation, and deferment opportunities.
SB91,23,99 7. The borrower benefit programs of different lenders.
SB91,23,1010 8. The tax benefits that may be available to borrowers.
SB91,23,1111 9. How to enroll in income-based repayment.
SB91,23,1412 (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.
SB91,23,18 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.
SB91,37 19Section 37. 40.02 (54) (n) of the statutes is created to read:
SB91,23,2020 40.02 (54) (n) The Wisconsin Student Loan Refinancing Authority.
SB91,38 21Section 38. 70.11 (38v) of the statutes is created to read:
SB91,23,2522 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.
SB91,39
1Section 39. 71.05 (6) (b) 28. (intro.), am. and h. of the statutes are amended
2to read:
SB91,24,143 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:
SB91,25,615 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.
SB91,25,187 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.
SB91,40 19Section 40. 71.05 (6) (b) 28. j. of the statutes is created to read:
SB91,25,2120 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, 2017.
SB91,41 22Section 41. 77.54 (9a) (a) of the statutes is amended to read:
SB91,26,223 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.
SB91,42 3Section 42. 100.45 (1) (dm) of the statutes is amended to read:
SB91,26,134 100.45 (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.
SB91,43 14Section 43. 224.30 (6) of the statutes is created to read:
SB91,26,1515 224.30 (6) Student lending transparency. (a) In this subsection:
SB91,26,1616 1. “Higher education expenses" includes all of the following:
SB91,26,1717 a. Tuition and fees.
SB91,26,1818 b. Books and supplies
SB91,26,1919 c. Room and board.
SB91,26,2120 2. “Private student loan" means a loan issued by a private lending institution
21for the purpose of paying for or financing higher education expenses.
SB91,26,2422 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.
SB91,27,2
14. “Student borrower" means any individual who borrows money from a private
2lending institution to finance higher education expenses.
SB91,27,53 (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:
SB91,27,66 1. Policies relating to deferment and forbearance.
SB91,27,77 2. Loan default policies and penalties.
SB91,27,108 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.
SB91,27,1311 (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.
SB91,27,1914 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.
SB91,28,220 (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.
SB91,28,53 (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).
SB91,28,76 (f) The department may satisfy its duties under this subsection through a
7designee or 3rd-party contractor.
SB91,44 8Section 44. 230.03 (3) of the statutes is amended to read:
SB91,28,189 230.03 (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 the Board of Regents of the University of Wisconsin System, a
14legislative or judicial board, commission, committee, council, department, or unit
15thereof or an authority created under subch. II of ch. 114 or under ch. 231, 232, 233,
16234, 237, 238, 239, or 279. “Agency" does not mean any local unit of government or
17body within one or more local units of government that is created by law or by action
18of one or more local units of government.
SB91,45 19Section 45. Chapter 239 of the statutes is created to read:
SB91,28,2020 Chapter 239
SB91,28,22 21Wisconsin Student Loan
22 REFINANCING Authority
SB91,28,23 23239.01 Definitions. In this chapter:
SB91,28,24 24(1) “Authority" means the Wisconsin Student Loan Refinancing Authority.
SB91,28,25 25(2) “Board" means the governing board of the authority.
SB91,29,1
1(3) “Qualified education loan" has the meaning given in 26 USC 221 (d).
SB91,29,5 2239.02 Creation and organization of authority. (1) (a) There is created an
3authority, which is a public body corporate and politic, to be known as the “Wisconsin
4Student Loan Refinancing Authority." The members of the board shall consist of all
5of the following:
SB91,29,66 1. One member of the majority party in each house of the legislature.
SB91,29,77 2. One member of the minority party in each house of the legislature.
SB91,29,108 3. One undergraduate student enrolled at least half-time and in good academic
9standing at an institution within the University of Wisconsin System who is at least
1018 years old and a resident of this state.
SB91,29,1211 4. One student enrolled at least half-time and in good academic standing at a
12technical college who is at least 18 years old and a resident of this state.
SB91,29,1513 5. One undergraduate student enrolled at least half-time and in good academic
14standing at a private, nonprofit institution of higher education located in this state
15who is at least 18 years old and a resident of this state.
SB91,29,2116 6. Two members who have at least 10 years experience in making qualified
17education loans or loan refinancing, but any person having a financial interest in or
18whose employer is primarily engaged in the business of making qualified education
19loans is not eligible for appointment under this subdivision, and any member
20appointed under this subdivision who acquires such an interest while serving as a
21member shall resign from the board.
SB91,29,2322 (b) 1. The members specified in par. (a) 1. and 2. shall be appointed as are the
23members of standing committees in their respective houses.
SB91,29,2524 2. The members specified in par. (a) 3. to 5. shall be nominated by the governor,
25and with the advice and consent of the senate appointed, for 2-year terms.
SB91,30,2
13. The members specified in par. (a) 6. shall be nominated by the governor, and
2with the advice and consent of the senate appointed, for 3-year terms.
SB91,30,8 3(2) If a student member of the board appointed under sub. (1) (a) 3. to 5. loses
4his or her student status upon which the appointment was based, he or she ceases
5to be a member of the board upon the appointment of a qualified successor to the
6board. A student member who loses his or her student status solely because he or
7she graduates from an institution of higher education may complete his or her
8current term on the board.
SB91,30,14 9(3) The members of the board shall annually elect a chairperson and may elect
10other officers as they consider appropriate. A majority of the members of the board
11constitutes a quorum for the purpose of conducting its business and exercising its
12powers and for all other purposes, notwithstanding the existence of any vacancies.
13Action may be taken by the board upon a vote of a majority of the voting members
14present.
SB91,30,17 15(4) A member of the board may not be compensated for his or her services but
16shall be reimbursed for actual and necessary expenses, including travel expenses,
17incurred in the performance of his or her duties.
SB91,30,21 18(5) No cause of action of any nature may arise against and no civil liability may
19be imposed upon a member of the board for any act or omission in the performance
20of his or her powers and duties under this chapter, unless the person asserting
21liability proves that the act or omission constitutes willful misconduct.
SB91,31,7 22(6) The board shall appoint a chief executive officer who shall not be a member
23of the board and who shall serve at the pleasure of the board. The chief executive
24officer shall receive such compensation as the board fixes. The chief executive officer
25or other person designated by resolution of the board shall keep a record of the

1proceedings of the authority and shall be custodian of all books, documents, and
2papers filed with the authority, the minute book or journal of the authority, and its
3official seal. The chief executive officer or other person may cause copies to be made
4of all minutes and other records and documents of the authority and may give
5certificates under the official seal of the authority to the effect that such copies are
6true copies, and all persons dealing with the authority may rely upon such
7certificates.
SB91,31,10 8239.03 Powers of board. The board shall have all the powers necessary or
9convenient to carry out the purposes and provisions of this chapter. In addition to
10all other powers granted the board under this chapter, the board may specifically:
SB91,31,12 11(1) Adopt, amend, and repeal any bylaws, policies, and procedures for the
12regulation of its affairs and the conduct of its business.
SB91,31,13 13(2) Have a seal and alter the seal at pleasure.
SB91,31,14 14(3) Maintain an office.
SB91,31,15 15(4) Sue and be sued.
SB91,31,17 16(5) Accept gifts, grants, loans, or other contributions from private or public
17sources.
SB91,31,19 18(6) Establish the authority's annual budget and monitor the fiscal
19management of the authority.
SB91,31,21 20(7) Execute contracts and other instruments required for the operation of the
21authority.
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