WI to Consider Student Loan Refinancing Agency

On Aug. 18, Gov. Evers’ Task Force on Student Debt released its final report and recommendations to the Administration. The report includes 37 proposed solutions to the growing challenge of student debt and eight recommendations for how Wisconsin can provide relief, education, and protection to student debtholders. The eight recommendations Evers will now consider implementing are:  

1.  Create a Borrower Bill of Rights and Student Loan Ombudsman 

2.  Enhance Proprietary School Regulations and Reinstate the Educational Approval Board 

3.  Expand Financial Literacy Education 

4.  Increase Need-Based, Targeted Aid and Create a Statewide Promise Program 

5.  Loan Counseling 

6.  Loan Forgiveness 

7.  Refinancing (either through creating “an expansive state-run authority” or by partnering with existing authorities in other states) 

8.  State Student Debt Relief Tax Credit 

 Thanks to Michael Moderski, chief administrative officer at One Community Bank, Oregon, for his participation on the Task Force.