Backers of a plan that would help people refinance student loans in Wisconsin told a legislative panel Wednesday that it would help them dig out from tens of thousands of dollars in debt.
The Democratic bill would create a new state agency tasked with helping students refinance their loans to lower interest rates. It would also create a tax deduction for student loan payments.
Speaking ahead of a legislative hearing on the plan, Colleen Gruscynski of Green Bay said her family did what it could to prepare for college.
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“My parents started saving for my college education, because they’re first-time graduates themselves, when I was about a month old,” she said. “And then I also earned a scholarship that paid for over half of my undergrad tuition. So my parents, myself, we did our due diligence, but yet our student loan debt is more than our mortgage and our car payment combined.”
A similar bill died in the Legislature last session. Some Republicans have said it’s unrealistic to expect the state would have the financial means to refinance loans.
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