{"id":5969,"date":"2013-10-25T07:43:11","date_gmt":"2013-10-25T13:43:11","guid":{"rendered":"http:\/\/profs.wisc.edu\/?p=5969"},"modified":"2013-10-25T07:43:11","modified_gmt":"2013-10-25T13:43:11","slug":"legislators-announce-student-loan-plan","status":"publish","type":"post","link":"https:\/\/profs.wisc.edu\/?p=5969","title":{"rendered":"Legislators Announce Student Loan Plan"},"content":{"rendered":"<p>Three legislators <a href=\"http:\/\/legis.wisconsin.gov\/assembly\/mason\/pressreleases\/Documents\/Mason%20HELD%20LFB%20Tax%20Savings%20Release%2010%2023.pdf\">announced<\/a> they will introduce legislation that would refinance student loan debt. Wisconsin currently <a href=\"http:\/\/projectonstudentdebt.org\/state_by_state-view2012.php?area=WI\">ranks<\/a> sixteenth nationally for average student loan debt ($26,238) and tenth nationally for percent of graduates with student loan debt (67%). UW-Madison average student loan debt in 2011 was $24,000, with 48% of graduates having student loan debt.<\/p>\n<p>The <a href=\"http:\/\/media.jrn.com\/documents\/studentdebtbill.pdf\">proposed legislation<\/a>, announced Wednesday by Representative Cory Mason  (D-Racine), Senator Dave Hansen (D-Green Bay), and Senator Chris Larson  (D-Milwaukee), would create a state-run authority to refinance student loans  through bond sales and a tax deduction for those paying off student  loans.<\/p>\n<p>Similar to existing home loan programs run by the Wisconsin Housing and Economic Development Agency, the state-financed loan rate could be as low as 4 percent, resulting in savings of about $500 per year for the average UW System graduate who has $27,000 in student loan debt.<\/p>\n<p>The plan would also allow borrowers to deduct student loan payments from their income tax. The Fiscal Bureau estimates more than $500 annual savings for individuals and $1,000 for a married couple.<\/p>\n<p>The legislators are hoping for bipartisan support for the bill, which will be introduced next week.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three legislators announced they will introduce legislation that would refinance student loan debt. Wisconsin currently ranks sixteenth nationally for average student loan debt ($26,238) and tenth nationally for percent of graduates with student loan debt (67%). UW-Madison average student loan&hellip;<\/p>\n<p class=\"more-link-p\"><a class=\"more-link\" href=\"https:\/\/profs.wisc.edu\/?p=5969\">Read more &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[19],"tags":[8,91],"class_list":["post-5969","post","type-post","status-publish","format-standard","hentry","category-the-state","tag-legislation","tag-student-loans"],"_links":{"self":[{"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=\/wp\/v2\/posts\/5969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5969"}],"version-history":[{"count":17,"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=\/wp\/v2\/posts\/5969\/revisions"}],"predecessor-version":[{"id":5986,"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=\/wp\/v2\/posts\/5969\/revisions\/5986"}],"wp:attachment":[{"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}