Posted Thursday, February 6, 2014 --- 9:57 a.m.
MADISON, Wis. (AP) -- A Republican leader in the Wisconsin Legislature says he has doubts about a Democratic bill that would allow more than 750,000 residents to refinance student loans, even though the bill got strong support at a Wednesday hearing.
The Wisconsin State Journal reports (http://bit.ly/1b595Rb ) the bill would allow borrowers to refinance loans at lower interest rates and deduct up to $6,500 annually on state income tax returns.
The bill's sponsors, Democratic Sen. Dave Hansen, of Green Bay, and Democratic Rep. Cory Mason, of Racine, say student debt hurts the state economy by hampering car and home buying.
But a Wisconsin Higher Educational Aids Board member says he's concerned the bill would promote higher borrowing for college.
And Republican Senate Majority Leader Scott Fitzgerald says he has doubts about the bill too.
Copyright 2014: Associated Press