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.

SB444,22,11 9. How to enroll in income-based repayment.

SB444,22,14 (b) With respect to a student who leaves an institution of higher education without the knowledge of the institution, the institution shall attempt to provide the information described in par. (a) to the student in writing.

SB444,22,18 (5) Fee. An institution of higher education may assess a reasonable fee to the lender to defray the cost of counseling under this section in an amount not exceeding $50. The board and the department of financial institutions shall jointly promulgate rules to implement and administer this subsection.

SB444,37 Section 37 . 40.02 (54) (n) of the statutes is created to read:

SB444,22,20 40.02 (54) (n) The Wisconsin Student Loan Refinancing Authority.

SB444,38 Section 38 . 70.11 (38v) of the statutes is created to read:

SB444,22,25 70.11 (38v) Wisconsin Student Loan Refinancing Authority. All property owned by the Wisconsin Student Loan Refinancing Authority, provided that use of the property is primarily related to the purposes of the Wisconsin Student Loan Refinancing Authority.

SB444,39 Section 39. 77.54 (9a) (a) of the statutes is amended to read:

SB444,23,5 77.54 (9a) (a) This state or any agency thereof, the University of Wisconsin Hospitals and Clinics Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic Development Corporation, the Wisconsin Student Loan Refinancing Authority, and the Fox River Navigational System Authority.

SB444,40 Section 40 . 100.45 (1) (dm) of the statutes is amended to read:

SB444,23,16 100.45 (1) (dm) “State agency" means any office, department, agency, institution of higher education, association, society, or other body in state government created or authorized to be created by the constitution or any law which is entitled to expend moneys appropriated by law, including the legislature and the courts, the Wisconsin Housing and Economic Development Authority, the Bradley Center Sports and Entertainment Corporation, the University of Wisconsin Hospitals and Clinics Authority, the Wisconsin Health and Educational Facilities Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic Development Corporation, the Wisconsin Student Loan Refinancing Authority, and the Fox River Navigational System Authority.

SB444,41 Section 41 . 224.30 (6) of the statutes is created to read:

SB444,23,18 224.30 (6) Student lending transparency. (a) In this subsection:

SB444,23,19 1. “Higher education expenses" includes all of the following:

SB444,23,20 a. Tuition and fees.

SB444,23,21 b. Books and supplies.

SB444,23,22 c. Room and board.

SB444,23,25 2. “Private lending institution" means any private entity that by itself or through an affiliate makes available student loans to pay for or finance higher education expenses.

SB444,24,2 3. “Private student loan" means a loan issued by a private lending institution for the purpose of paying for or financing higher education expenses.

SB444,24,4 4. “Student borrower" means any individual who borrows money from a private lending institution to finance higher education expenses.