Governor’s Task Force on Student Debt releases final report
MADISON, Wis. (WKBT) – The final report on student debt has been released today, August 18, by the Governor’s Task Force on Student Debt.
The report outlines eight recommendations for how Wisconsin can provide relief, education, and protection to its student debtholders now and in the future. Read the final report here.
“I want to thank the folks who served on this critically important task force to help us find solutions to address the growing crisis of student debt in Wisconsin,” Gov. Evers said. “I’m grateful for all their good work, and now that we have their final report and recommendations, we have to get to work considering how these recommendations could be implemented to help people across our state.”
After months of research, listening sessions, consultation with external experts and colleagues in other states, the Governor’s Task Force on Student Debt finalized its 120-page report during a WebEx meeting on August 12, 2020. The electronic report includes 37 proposed solutions and eight recommendations approved by the task force during previous meetings. Due to the COVID-19 pandemic, the task force convened and completed its work virtually.
The task force submitted the following eight recommendations to Gov. Evers for consideration:
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 an expansive dialogue between experts from government, industry, academia, and student loan borrowers.
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.