Yesterday, the Governor’s Task Force on Student Debt announced the release of its final report on student debt prepared at the request of Governor Tony Evers.
The report outlines eight recommendations for how Wisconsin can provide relief, education, and protection to its student debtholders now and in the future. They are:
1) create a Borrower Bill of Rights and Student Loan Ombudsman;
2) enhance proprietary school regulations and reinstate the Educational Approval Board;
3) improve financial literacy education;
4) increase need-based, targeted aid for postsecondary education and create a statewide promise program;
5) strengthen student loan counseling;
6) consider targeted loan forgiveness programs;
7) promote refinancing opportunities with other states; and
8) create a state student debt relief tax credit.
These recommendations are the result of expansive dialogue between experts from government, industry, academia, and student loan borrowers.
The Governor’s Task Force on Student Debt was created by Executive Order #67 to address the growing student debt crisis in Wisconsin. The 32-member task force included borrowers, industry leaders, legislators, financial aid experts, and lenders to share a broad spectrum of ideas and experiences to inform the work of the task force.