Allow Wisconsin Residents to Refinance Their College Loans

While every single Democratic member of the Legislature has signed on as a sponsor of this bill, not a single Republican has been willing to break from party orthodoxy and let common sense trump caustic partisanship.

Imagine the benefits to our state economy and Wisconsin families if millions of dollars in interest on student loans paid by borrowers every year to the federal government and Wall Street banks would instead stay right here.

Original research from One Wisconsin Institute found student loan debt has a significant, negative impact on major consumer purchases in Wisconsin. Borrowers were making average monthly payments of $388 on their student loans and were significantly more likely to rent vs. own their home and buy a used vs. new automobile.

The national think tank Demos study, "At What Cost? How Student Debt Reduces Lifetime Wealth," found the $1 trillion-plus in current student loan debt will cost borrowers $4 trillion in lifetime wealth largely because they are unable to save for their retirement and acquire assets such as a home while paying off their education debt.