MADISON, WI (WTAQ) - Green Bay state Senator Dave Hansen is proposing a bill that would make it easier for Wisconsinites to refinance their student loan debt.
An estimated 753,000 Wisconsinites have student loan debt, averaging $22,400 per person.
Hansen says refinancing could potentially put hundreds of dollars back into the pockets of Wisconsinites and into the economy.
Hansen gave an example of a woman with high student loan debt who has been forced to rent instead of buying a home and drives a used car instead of a new one.
The “Higher Ed, Lower Debt” act would create a state tax credit for student loan payments, improve tracking of student loan debt data and provide more information and counseling to borrowers.
Hansen says the average tax credit would amount to $172, but could be as high as $392.