Student Debt Relief Clears First Hurdle
MADISON, WI – A proposal introduced by Senator Shilling that would help address the burden of student loan debt in Wisconsin has passed the Joint Finance Committee with bipartisan support. The changes made under the bill would allow the use of the EdVest college savings plan to be used to repay student loans without state tax penalties.
“For too many in our state, the threat of never-ending student loan debt payments is an obstacle that prevents individuals from reaching their full potential,” said Senator Jennifer Shilling (D-La Crosse). “Given the bipartisan support for this proposal, I am hopeful we can get this passed in both the Senate and Assembly and continue our work to lower student loan debt. By making it easier to save for college and pay off debt, we can give families greater financial flexibility to work toward their goals whether it’s owning a home, buying a new car, starting a business, or raising a family.”
This proposal authored by Senator Shilling as LRB 5252 and was incorporated into an amendment to Assembly Bill 754 that passed the Joint Finance Committee 14-0. The proposal is expected to pass the Assembly on Thursday before heading to the Senate and Governor for approval.