The state Assembly voted along party lines Thursday to defeat the “Higher Ed Lower Debt” bill that had been debated the last month, which would have lowered interest rates on student loans in the state.
The bill would have created the Wisconsin Student Loan Refinancing Authority to enact policy allowing students to refinance their student loans. It would have also required higher learning institutions to provide counseling to students concerning the responsibilities of both parties involved in the loan.
David Gardner, Associated Students of Madison Chair, said he was disappointed to see the bill voted down but added ASM was working closely with legislators to address student concerns about the rising cost of education.
Gardner said ASM has “huge concerns” with regards to statements University of Wisconsin-Madison Chancellor Rebecca Blank has made in relation to increasing tuition.
Morgan Rae, ASM’s Legislative Affairs Committee Chair, noted college affordability will still be a priority for student government. Rae also said other tuition policies will be priorities for the committee, including tuition caps and freezes, which must be renewed biannually in the state’s budget.
State Rep. Michael Schraa, R-Oshkosh, accused the bill’s authors of misleading their constituents with the bill.
“Interest rates that low are simply impossible under this legislation,” Schraa said in a statement Feb. 11. “The bill’s authors are misleading the public, and they should be called out on it.”
The Senate has referred a concurring bill to its Committee on Universities and Technical Colleges and held a public hearing on the bill earlier this month.
