In a radio address Thursday, Gov. Scott Walker explained how his administration has worked to alleviate student debt, including his college affordability package, which was recently signed into law.
The affordability package includes four bills that will increase internship opportunities, promote student financial literacy, provide grants for tech schools and create a grant program for emergency situations. All four bills were signed into law Monday.
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One significant bill did not make it through the Legislature, most likely because of cost concerns. The bill would have allowed students to seek tax deductions on interest for student loans above $2,500.
Walker said the package will help combat student debt by providing students and families with more support.
“This week, we’re happy to sign the college affordability legislation into law,” Walker said in the address. “We’re investing an additional $1 million of funding for Wisconsin grants to provide hundreds of students with financial aid annually.”
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In the address, Walker also pointed to the tuition freeze that was enacted in 2013 as something that has saved students an average of $6,311. Before the freeze, tuition had increased by 118 percent over last 10 years, Walker said.
A student loan debt specialist position was also created by the Department of Financial Institution to inform student loan borrowers about student debt management and work toward the goal of created financial literacy, Walker said.
Walker said these measures will help Wisconsin students afford college.
“We’ve worked diligently to make college more affordable here in Wisconsin,” Walker said.