Two Democratic Wisconsin lawmakers are offering a new bill they say will bring relief to those burdened with student loans.
Sponsors Rep. Cary Mason, D-Racine, and Sen. Dave Hansen, D-Green Bay, said their bill will keep the student loan debt crisis from becoming a full-blown economic catastrophe.
It will create a state authority to help borrowers refinance their student loans, much like a home mortgage, and requires borrowers to be given detailed information before agreeing to the loan, be offered counseling and maintain a ranking system.
“Higher education used to be the ticket to the middle class. But for so many, it has become a multiple-decade debt sentence. What the higher ed, lower debt bill does is it’s going to take charge of that and allow consumers to have more power with their economic decisions,” said Scot Ross with One Wisconsin Now.
Right now, around 40 million Americans are burdened with an estimated $1.2 trillion in student loan debt.