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.
SB194,29,12 12(2) "Board" means the governing board of the authority.
SB194,29,13 13(3) "Qualified education loan" has the meaning given in 26 USC 221 (d).
SB194,29,17 14239.02 Creation and organization of authority. (1) (a) There is created an
15authority, which is a public body corporate and politic, to be known as the "Wisconsin
16Student Loan Refinancing Authority." The members of the board shall consist of all
17of the following:
SB194,29,1818 1. One member of the majority party in each house of the legislature.
SB194,29,1919 2. One member of the minority party in each house of the legislature.
SB194,29,2220 3. One undergraduate student enrolled at least half-time and in good academic
21standing at an institution within the University of Wisconsin System who is at least
2218 years old and a resident of this state.
SB194,29,2423 4. One student enrolled at least half-time and in good academic standing at a
24technical college who is at least 18 years old and a resident of this state.
SB194,30,3
15. One undergraduate student enrolled at least half-time and in good academic
2standing at a private, nonprofit institution of higher education located in this state
3who is at least 18 years old and a resident of this state.
SB194,30,94 6. Two members who have at least 10 years experience in making qualified
5education loans or loan refinancing, but any person having a financial interest in or
6whose employer is primarily engaged in the business of making qualified education
7loans is not eligible for appointment under this subdivision, and any member
8appointed under this subdivision who acquires such an interest while serving as a
9member shall resign from the board.
SB194,30,1110 (b) 1. The members specified in par. (a) 1. and 2. shall be appointed as are the
11members of standing committees in their respective houses.
SB194,30,1312 2. The members specified in par. (a) 3. to 5. shall be nominated by the governor,
13and with the advice and consent of the senate appointed, for 2-year terms.
SB194,30,1514 3. The members specified in par. (a) 6. shall be nominated by the governor, and
15with the advice and consent of the senate appointed, for 3-year terms.
SB194,30,21 16(2) If a student member of the board appointed under sub. (1) (a) 3. to 5. loses
17his or her student status upon which the appointment was based, he or she ceases
18to be a member of the board upon the appointment of a qualified successor to the
19board. A student member who loses his or her student status solely because he or
20she graduates from an institution of higher education may complete his or her
21current term on the board.
SB194,31,2 22(3) The members of the board shall annually elect a chairperson and may elect
23other officers as they consider appropriate. A majority of the members of the board
24constitutes a quorum for the purpose of conducting its business and exercising its
25powers and for all other purposes, notwithstanding the existence of any vacancies.

1Action may be taken by the board upon a vote of a majority of the voting members
2present.
SB194,31,5 3(4) A member of the board may not be compensated for his or her services but
4shall be reimbursed for actual and necessary expenses, including travel expenses,
5incurred in the performance of his or her duties.
SB194,31,9 6(5) No cause of action of any nature may arise against and no civil liability may
7be imposed upon a member of the board for any act or omission in the performance
8of his or her powers and duties under this chapter, unless the person asserting
9liability proves that the act or omission constitutes willful misconduct.
SB194,31,20 10(6) The board shall appoint a chief executive officer who shall not be a member
11of the board and who shall serve at the pleasure of the board. The chief executive
12officer shall receive such compensation as the board fixes. The chief executive officer
13or other person designated by resolution of the board shall keep a record of the
14proceedings of the authority and shall be custodian of all books, documents, and
15papers filed with the authority, the minute book or journal of the authority, and its
16official seal. The chief executive officer or other person may cause copies to be made
17of all minutes and other records and documents of the authority and may give
18certificates under the official seal of the authority to the effect that such copies are
19true copies, and all persons dealing with the authority may rely upon such
20certificates.
SB194,31,23 21239.03 Powers of board. The board shall have all the powers necessary or
22convenient to carry out the purposes and provisions of this chapter. In addition to
23all other powers granted the board under this chapter, the board may specifically:
SB194,31,25 24(1) Adopt, amend, and repeal any bylaws, policies, and procedures for the
25regulation of its affairs and the conduct of its business.
SB194,32,1
1(2) Have a seal and alter the seal at pleasure.
SB194,32,2 2(3) Maintain an office.
SB194,32,3 3(4) Sue and be sued.
SB194,32,5 4(5) Accept gifts, grants, loans, or other contributions from private or public
5sources.
SB194,32,7 6(6) Establish the authority's annual budget and monitor the fiscal
7management of the authority.
SB194,32,9 8(7) Execute contracts and other instruments required for the operation of the
9authority.
SB194,32,11 10(8) Employ any officers, agents, and employees that it may require and
11determine their qualifications, duties, and compensation.
SB194,32,12 12(9) Issue notes, bonds, and any other obligations.
SB194,32,13 13(10) Make loans and provide grants.
SB194,32,14 14(11) Incur debt.
SB194,32,15 15(12) Procure liability insurance.
SB194,32,18 16239.04 Duties of board. The board shall develop and implement a program
17under which state residents may refinance qualified education loans. The board
18shall develop the program to include all of the following:
SB194,32,20 19(1) The authority shall provide a loan to an eligible individual to pay all or part
20of the individual's qualified education loans.
SB194,32,22 21(2) The authority may only issue loans under the program that satisfy the
22exception to discharge under 11 USC 523 (8).
SB194,33,2 23(3) The authority shall establish eligibility criteria to participate in the
24program that is substantially similar to the criteria used by private lenders in the

1state to evaluate whether an individual qualifies for an unsecured personal loan at
2market rates.
SB194,33,5 3(4) The board shall set the interest rate on loans made under the program to
4be as low as possible but still sufficient to fully pay all expenses of the program and
5to provide necessary reserves, as determined by the board.
SB194,33,8 6239.05 Issuance of bonds. (1) The authority may issue bonds for any
7corporate purpose. All bonds are negotiable for all purposes, notwithstanding their
8payment from a limited source.
SB194,33,12 9(2) Except as otherwise expressly provided by the authority, every issue of its
10notes or bonds shall be general obligations of the authority payable out of any
11revenues or moneys of the authority, subject only to any agreements with the holders
12of particular notes or bonds pledging any particular receipts or revenues.
SB194,33,14 13(3) All bonds issued by the authority are negotiable investment securities
14under ch. 408.
SB194,33,25 15(4) The authority may not issue bonds unless the issuance is first authorized
16by a bond resolution. Bonds shall bear the dates, mature at the times not exceeding
1750 years from their dates of issue, bear interest at the rates, be payable at the times,
18be in the denominations, be in the form, carry the registration and conversion
19privileges, be executed in the manner, be payable in lawful money of the United
20States at the places, and be subject to the terms of redemption, that the bond
21resolution provides. The bonds shall be executed by the manual or facsimile
22signatures of the officers of the authority designated by the board. The bonds may
23be sold at public or private sale at the price, in the manner, and at the time
24determined by the board. Pending preparation of definitive bonds, the authority may
25issue interim receipts or certificates that shall be exchanged for the definitive bonds.
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