SB444,20,2321 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.
SB444,20,2524 e. An explanation that the interest rate on a private student loan may depend
25on the borrower's credit rating.
SB444,21,4
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.
SB444,21,105 (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.
SB444,21,1611 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.
SB444,21,20 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:
SB444,21,2421 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.
SB444,22,2
12. Debt management strategies designed to facilitate the repayment of
2indebtedness.
SB444,22,43 3. The options to prepay each loan, pay each loan on a shorter schedule, or
4change repayment plans.
SB444,22,65 4. The likely consequences of default on the loan, including adverse credit
6reports, delinquent debt collection procedures, and litigation.
SB444,22,77 5. The effects of consolidation on a borrower's underlying loan benefits.
SB444,22,88 6. Grace periods, loan forgiveness, cancellation, and deferment opportunities.
SB444,22,99 7. The borrower benefit programs of different lenders.
SB444,22,1010 8. The tax benefits that may be available to borrowers.
SB444,22,1111 9. How to enroll in income-based repayment.
SB444,22,1412 (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.
SB444,22,18 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 board and the department of financial institutions shall jointly promulgate
18rules to implement and administer this subsection.
SB444,37 19Section 37 . 40.02 (54) (n) of the statutes is created to read:
SB444,22,2020 40.02 (54) (n) The Wisconsin Student Loan Refinancing Authority.
SB444,38 21Section 38 . 70.11 (38v) of the statutes is created to read:
SB444,22,2522 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.
SB444,39
1Section 39. 77.54 (9a) (a) of the statutes is amended to read:
SB444,23,52 77.54 (9a) (a) This state or any agency thereof, the University of Wisconsin
3Hospitals and Clinics Authority, the Wisconsin Aerospace Authority, the Wisconsin
4Economic Development Corporation, the Wisconsin Student Loan Refinancing
5Authority,
and the Fox River Navigational System Authority.
SB444,40 6Section 40 . 100.45 (1) (dm) of the statutes is amended to read:
SB444,23,167 100.45 (1) (dm) “State agency" means any office, department, agency,
8institution of higher education, association, society, or other body in state
9government created or authorized to be created by the constitution or any law which
10is entitled to expend moneys appropriated by law, including the legislature and the
11courts, the Wisconsin Housing and Economic Development Authority, the Bradley
12Center Sports and Entertainment Corporation, the University of Wisconsin
13Hospitals and Clinics Authority, the Wisconsin Health and Educational Facilities
14Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic
15Development Corporation, the Wisconsin Student Loan Refinancing Authority, and
16the Fox River Navigational System Authority.
SB444,41 17Section 41 . 224.30 (6) of the statutes is created to read:
SB444,23,1818 224.30 (6) Student lending transparency. (a) In this subsection:
SB444,23,1919 1. “Higher education expenses" includes all of the following:
SB444,23,2020 a. Tuition and fees.