LRB-4053/1
ARG:emw
2015 - 2016 LEGISLATURE
January 19, 2016 - Introduced by Representatives Murphy, Krug, VanderMeer,
Macco, Kulp, Gannon, Knudson, Neylon, Czaja, Mursau, Hintz, Kremer,
Petryk, Duchow, Rohrkaste, Knodl, T. Larson, Quinn, Bernier, Ballweg,
Kleefisch, Rodriguez, R. Brooks, A. Ott, Novak, Born, Tranel, Edming,
Loudenbeck, Sanfelippo, Nerison and Kitchens, cosponsored by Senators
Marklein, Gudex, Lasee, Moulton and Kapenga. Referred to Committee on
Colleges and Universities.
AB744,1,3 1An Act to create 39.53 of the statutes; relating to: requiring institutions of
2higher education to provide information to students relating to educational
3costs and financial literacy.
Analysis by the Legislative Reference Bureau
This bill requires any institution of higher education in this state that offers an
associate degree or higher (institution) to annually provide a letter to each student
that contains certain information, including all of the following: 1) information
about each of the student's student loans, including the total amount of debt accrued
under the loan, the loan's interest rate, the estimated future monthly payment under
the loan, and the total projected cost of the loan; 2) the estimated total cost of
attendance at the institution for the academic year, including actual or estimated
costs of tuition, fees, and room and board; and 3) the cumulative amount of state,
federal, and institutional grants that the student receives. This letter must be
provided to the student at the beginning of the academic year. The bill also requires
the institution to provide to students information on financial literacy within the
student's first semester of enrollment.
For further information see the state and local 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:
AB744,1
1Section 1. 39.53 of the statutes is created to read:
AB744,2,6 239.53 Information for students relating to higher education costs. (1)
3Definition. In this section, "institution of higher education" means an institution or
4college campus within the University of Wisconsin System, a technical college under
5ch. 38, or any private postsecondary institution located in this state that provides an
6educational program for which it awards an associate degree or higher.
AB744,2,9 7(2) Student letter. (a) An institution of higher education shall annually
8provide a letter to all students to inform them of the cost of their education. The letter
9shall include all of the following:
AB744,2,1210 1. For each student loan obtained by the student for which the student loan
11funds are distributed by the institution as part of the student's financial aid package,
12all of the following information with respect to that loan:
AB744,2,1313 a. The total amount of debt accrued under the loan to date.
AB744,2,1414 b. The interest rate applicable to the loan.
AB744,2,1515 c. Standard repayment terms for the type of loan.
AB744,2,1716 d. The estimated monthly payment due under the loan when the repayment
17period commences.
AB744,2,1818 e. The total projected amount of interest to be paid over the term of the loan.
AB744,2,2019 f. The total projected amount, including both principal and interest, to be paid
20over the term of the loan.
AB744,2,2321 2. The estimated total cost of attendance at the institution of higher education
22for the academic year, including actual or estimated costs of tuition, fees, and room
23and board.
AB744,3,3
13. The cumulative amount of each of the following, stated separately, that the
2student receives through the institution as part of the student's financial aid
3package:
AB744,3,44 a. State grants.
AB744,3,55 b. Federal grants.
AB744,3,66 c. Institutional grants.
AB744,3,87 4. Identification of resources for students to learn more about student loans and
8identification of other financial literacy sources.
AB744,3,149 (b) The letter under par. (a) shall be provided to each student at the beginning
10of the academic year. Whenever possible, the letter shall be transmitted to the
11student electronically, but the institution of higher education shall provide a printed
12copy of the letter delivered by hand, mail, facsimile transmission, commercial
13delivery, or other suitable means if the student does not have the ability to receive
14the letter electronically.
AB744,3,17 15(3) Financial literacy. Each institution of higher education shall provide to
16newly entering students information on financial literacy within the student's first
17semester of enrollment.
AB744,2 18Section 2. Initial applicability.
AB744,3,2019 (1) This act first applies to the academic year beginning after the effective date
20of this subsection.
AB744,3 21Section 3. Effective date.
AB744,3,2322 (1) This act takes effect on the first day of the 7th month beginning after
23publication.
AB744,3,2424 (End)
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