AB811-SSA2,2,2 1An Act to amend 13.172 (1), 13.48 (13) (a), 13.62 (2), 13.94 (4) (a) 1., 13.95
2(intro.), 16.002 (2), 16.004 (4), 16.004 (5), 16.004 (12) (a), 16.045 (1) (a), 16.15
3(1) (ab), 16.41 (4), 16.417 (1) (b), 16.52 (7), 16.528 (1) (a), 16.53 (2), 16.54 (9) (a)
41., 16.765 (1), 16.765 (2), 16.765 (5), 16.765 (6), 16.765 (7) (intro.), 16.765 (7) (d),
516.765 (8), 16.85 (2), 16.865 (8), 71.05 (6) (b) 28. (intro.) and h., 71.05 (6) (b) 28.
6am., 77.54 (9a) (a), 100.45 (1) (dm) and 230.03 (3); and to create 13.94 (1) (dt),
713.94 (1s) (c) 9., 19.42 (10) (t), 19.42 (13) (q), 20.192 (1) (b), 20.195, 39.28 (7),
839.52, 39.54, 39.56, 40.02 (54) (n), 70.11 (38v), 71.05 (6) (b) 28. j., 224.30 (6),
9238.155 and chapter 239 of the statutes; relating to: student loans, the
10individual income tax subtract modification for tuition and student fees,
11creating an authority to be known as the Wisconsin Student Loan Refinancing

1Authority, talent attraction and retention initiatives, granting rule-making
2authority, and making appropriations.

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 education, 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
eligibility requirements established by WSLRA. 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.