SB444,19,7 1. To the extent practicable, the effect of accepting the loan to be disbursed on the eligibility of the borrower for other forms of student financial assistance.

SB444,19,9 2. How interest accrues and is capitalized during periods when the interest is not paid by the borrower.

SB444,19,12 3. The definitions of full-time and half-time enrollment at the institution of higher education, during regular terms and intersession terms, if applicable, and the consequences of not maintaining full-time or half-time enrollment.

SB444,19,15 4. The importance of contacting the appropriate office at the institution of higher education if the borrower withdraws before completing his or her program of study so that the institution can provide counseling under sub. (4).

SB444,19,17 5. Sample monthly repayment amounts, based on a range of levels of indebtedness.

SB444,19,20 6. The obligation of the borrower to repay the full amount of the loan, irrespective of whether the borrower completes his or her program of study at the institution.

SB444,19,22 7. The likely consequences of default on the loan, including adverse credit reports, delinquent debt collection procedures, and litigation.

SB444,19,24 8. Whether the student has reached the limit on his or her federal student loan opportunities.

SB444,20,3 9. The name of, and contact information for, an individual the borrower may contact if he or she has any questions about the borrower's rights and responsibilities or the terms and conditions of the loan.

SB444,20,8 10. How a student or any member of the public may file a complaint about a lender with the federal Consumer Financial Protection Bureau by calling a toll-free telephone number, or by completing a complaint form, which may be obtained on the bureau's Internet site. The institution of higher education shall also include the toll-free telephone number and Internet site address of the bureau.

SB444,20,10 (b) In conjunction with providing information under par. (a), the institution of higher education shall also do all of the following:

SB444,20,13 1. Clearly distinguish private loans from federal loans in individual financial aid awards by stating, for any private loans included by the institution as part of the institution's award package, all of the following:

SB444,20,14 a. Whether the rate is fixed or variable.

SB444,20,16 b. An explanation that private student loan lenders can offer variable interest rates that can increase or decrease over time, depending on market conditions.

SB444,20,20 c. An explanation that private student loans have a range of interest rates and fees and students should determine the interest rate of, and any fees associated with, the private student loan included in their financial aid award package before accepting the loan.

SB444,20,23 d. An explanation that students should contact the lender of the private student loan or their institution's financial aid office if they have any questions about a private student loan.

SB444,20,25 e. An explanation that the interest rate on a private student loan may depend on the borrower's credit rating.

SB444,21,4 2. If the institution of higher education provides a private loan lender list, provide general information about the loans available through the lender and disclose the basis for each lender's inclusion on the list. The institution shall also disclose with the list that the student may choose any lender.

SB444,21,10 (c) 1. A lender may not accept a final and complete application for a private student loan from an applicant, or assess any fees upon an applicant, without first receiving certification from the applicant's institution of higher education that the applicant has received counseling from the institution under pars. (a) and (b) and that the counseling was conducted in person, unless the certification specified that the applicant elected to receive the counseling in a manner other than in person.

SB444,21,16 2. The certification required by subd. 1. shall be signed by the applicant and the institutional counselor, and shall include the date of the counseling and the name, address, and telephone number of both the counselor and the applicant. An electronic facsimile copy of the counseling certification satisfies the requirement under this subdivision. The lender shall maintain the certification in an accurate, reproducible, and accessible format for the term of the student loan.

SB444,21,20 (4) Exit counseling. (a) As close as practicable to the date that a student graduates from, transfers from, withdraws from, or otherwise completes his or her program of study at the institution of higher education, the institution shall provide the student with information relating to all of the following:

SB444,21,24 1. Repayment plans that are available, including a description of the different features of each plan and sample information showing the average anticipated monthly payments, and the difference in interest paid and total payments, under each plan.

SB444,22,2 2. Debt management strategies designed to facilitate the repayment of indebtedness.

SB444,22,4 3. The options to prepay each loan, pay each loan on a shorter schedule, or change repayment plans.

SB444,22,6 4. The likely consequences of default on the loan, including adverse credit reports, delinquent debt collection procedures, and litigation.

SB444,22,7 5. The effects of consolidation on a borrower's underlying loan benefits.

SB444,22,8 6. Grace periods, loan forgiveness, cancellation, and deferment opportunities.

SB444,22,9 7. The borrower benefit programs of different lenders.

SB444,22,10 8. The tax benefits that may be available to borrowers.