State Senate Scorecard
State Assembly Scorecard
Higher Ed, Lower Debt
The "Higher Ed, Lower Debt" bill would help Wisconsin borrowers to refinance their student loans, just like you can with a mortgage. The plan would also extend an existing state tax deduction to include student loan payments and provide additional information and loan counseling to borrowers.
2015 AB 739
This bill creates an individual income tax subtract modification, or deduction, for interest paid by a claimant on certain qualified education loans, to the extent that the claimant has not already deducted such interest from his federal taxes. Under federal law, a deduction for qualified education loan interest exists but the deduction is capped at $2,500 per year, and the maximum deduction amount is phased down to zero as the claimant's income rises to the annual income limit that is set under federal law.
2015 AB 740
This bill provides for additional funding for Wisconsin grants to technical college students. Under current law, the Higher Educational Aids Board (HEAB) administers the Wisconsin grants program, which provides grants to resident postsecondary students enrolled in institutions of higher education, including technical colleges. The bill provides additional funding for Wisconsin grants to technical college students by allowing the Technical College System Board (TCSB) to solicit contributions from technical college district boards to HEAB to provide funding for the grants. In addition, the bill allows the TCSB to transfer money from certain of its appropriations for the grants. The bill limits the total amount the TCSB may transfer in a fiscal year based on the amount of contributions by district boards in the fiscal year. Under that limit, the amount of contributions is subtracted from $1,000,000, and the transfers may not exceed the difference.The bill also provides additional general purpose revenue (GPR) for the grants to technical college students, but only if the TCSB makes transfers or district boards make contributions in a fiscal year. The bill provides GPR in a fiscal year in an amount equal to the sum of the transfers and contributions in the fiscal year, except that the GPR may not exceed $1,000,000.
2015 AB 741
This bill creates a program to award grants to address emergency financial needs of certain college students. Under the Act, a student is eligible for a grant if the following criteria are met: The student is enrolled in the Wisconsin Technical College System (WTCS) or a twoyear University of Wisconsin (UW) college campus. The student’s expected family contribution, as determined by the federal Free Application for Federal Student Aid, is less than $5,000.
2015 AB 742
This bill requires the Department of Workforce Development, as part of its workforce training program, commonly referred to as the Fast Forward Program, to provide coordination between institutions of higher education and employers to increase the number of students who are placed with employers for internships and increases the authorized full-time equivalent positions for that department by 2.0 positions for that purpose.
2015 AB 743
This bill requires the Board of Regents of the University of Wisconsin System to make efforts to assist students in the system's two-year and and four-year schools in securing internships with businesses. The bill also requires the Board of Regents to create full-time equivalent positions to coordinate those efforts.
2015 AB 744
This bill requires any institution of higher education in this state that offers an associate degree or higher (institution) to annually provide a letter to each student that contains certain information, including all of the following: 1) information about each of the student's student loans, including the total amount of debt accrued under the loan, the loan's interest rate, the estimated future monthly payment under the loan, and the total projected cost of the loan; 2) the estimated total cost of attendance at the institution for the academic year, including actual or estimated costs of tuition, fees, and room and board; and 3) the cumulative amount of state, federal, and institutional grants that the student receives. This letter must be provided to the student at the beginning of the academic year. The bill also requires the institution to provide to students information on financial literacy within the student's first semester of enrollment.