UW-L professor thinks it’s silly not to let students refinance debt

A plan Gov. Scott Walker rejects

Typical college graduates in Wisconsin may spend 10 to 20 years paying off thousands of dollars in student loans.

Debt that delays them from buying a house or maybe getting married.

Lawmakers, at the University of Wisconsin-La Crosse on Monday, were leading a meeting about making college affordable. The discussion also included a UW-L economics professor John Nunley, on the panel.

“Can we mention things about refinancing?” Nunley asked. “That seems to me, the first step. There’s really no reason to not let students not refinance their loans. To me that’s silly. Probably politics.”

Along with talking debt, the lawmakers were hoping to gain support for debt-reducing bills. Wisconsin Gov. Scott Walker has his plan. Democrats have another.

“Democrats brought forth several amendments,” democratic state rep. Jill Billings said. “One including the ability to refinance loans, and it was not considered.

“So, we have over a million people in Wisconsin with student loan debt, and the first bill the package dealt with (is) 32,000 people.”

The group One Wisconsin Now is also promoting changes to reduce student debt.

Scot Ross with the group suggests that some Wisconsin auto plants may have shut down because college loan debt is keeping many people from buying new cars.