AJR 26: Student loan debt repayment.

This measure would urge the United States Secretary of Education to establish and submit to the United States Congress for approval a monthly student loan payment plan for federal student loans, based on the personal savings rate as published by the federal Bureau of Economic Analysis.

This measure would urge the United States Secretary of Education to establish and submit to the United States Congress for approval a monthly student loan payment plan for federal student loans, based on the personal savings rate as published by the federal Bureau of Economic Analysis.

This measure would urge the United States Secretary of Education to establish and submit to the United States Congress for approval a monthly student loan payment plan for all federal student loans, based on the monthly personal savings rate as published by the federal Bureau of Economic Analysis.

This measure would urge the United States Secretary of Education to establish and submit to the United States Congress for approval a monthly student loan payment plan for all student loans, based on the monthly personal savings rate as published by the federal Bureau of Economic Analysis.

WHEREAS, The United States is facing historic public health and economic crises caused by the COVID-19 pandemic; and

WHEREAS, Student loan debt in the United States has increased by more than 100 percent over the last 10 years; and

WHEREAS, The Federal Reserve estimates that in 2021, 4 in 10 people who went to college incurred some form of debt for their education, and as of September 2021 the total amount of student loan debt in the nation rose to above $1.75 trillion; and

WHEREAS, The United States Department of Education reports that as of September 2021, roughly 1 in 10 borrowers with federal student loans were in default; and

WHEREAS, More than 3.5 million California borrowers owe $140.1 billion in federal student loan debt, with the average California borrower owing $21,125 in student loans; and

WHEREAS, The average monthly student loan payment in the United States is an estimated $460 and according to the United States Census Bureau in 2020, the median monthly earning of all workers over the age of 15 was $3,461.25; and

WHEREAS, The increasing cost of higher education has created an unprecedented financial burden, representing a strain on the borrower who must postpone traditional life milestones such as buying a home, getting married, starting a family, and saving for retirement. In addition, graduates with student loan debt are often forced to settle for lower paying jobs to begin paying down debt, causing them to miss out on some of the benefits of having a degree; and

WHEREAS, In 2019, the Assembly announced a new Select Committee on Student Debt, making California the first state in the nation to create a legislative committee focused on the problems facing millions of borrowers struggling under historic student debt; and

WHEREAS, In March 2020, the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act put into place a pause on federal student loan payments and interest, which has since been extended through August 31, 2022; and

WHEREAS, The United States office of Federal Student Aid provides borrowers an array of options to pay off their student loans including a monthly payment equal to 10 percent of the borrowers discretionary income; now, therefore, be it

Resolved by the Assembly and the Senate of the State of California, jointly, That the Legislature urges the United States Secretary of Education to establish and submit to the United States Congress for approval a monthly student loan payment plan for federal student loans, based on the personal savings rate as published by the federal Bureau of Economic Analysis; and be it further

Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the United States Secretary of Education, to the Speaker of the House of Representatives, to the Majority Leader of the Senate, to each Senator and Representative from California in the Congress of the United States, and to the author for appropriate distribution.

WHEREAS, The United States is facing historic public health and economic crises caused by the COVID-19 pandemic; and

WHEREAS, Student loan debt in the United States has increased by more than 100 percent over the last 10 years; and

WHEREAS, The Federal Reserve estimates that in 2021, 4 in 10 people who went to college incurred some form of debt for their education, and as of September 2021 the total amount of student loan debt in the nation rose to above $1.75 trillion; and

WHEREAS, The United States Department of Education reports that as of September 2021, roughly 1 in 10 borrowers with federal student loans were in default; and

WHEREAS, More than 3.5 million California borrowers owe $140.1 billion in federal student loan debt, with the average California borrower owing $21,125 in student loans; and

WHEREAS, The average monthly student loan payment in the United States is an estimated $460 and according to the United States Census Bureau in 2020, the median monthly earning of all workers over the age of 15 was $3,461.25; and

WHEREAS, The increasing cost of higher education has created an unprecedented financial burden, representing a strain on the borrower who must postpone traditional life milestones such as buying a home, getting married, starting a family, and saving for retirement. In addition, graduates with student loan debt are often forced to settle for lower paying jobs to begin paying down debt, causing them to miss out on some of the benefits of having a degree; and

WHEREAS, In 2019, the Assembly announced a new Select Committee on Student Debt, making California the first state in the nation to create a legislative committee focused on the problems facing millions of borrowers struggling under historic student debt; and

WHEREAS, In March 2020, the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act put into place a pause on federal student loan payments and interest, which has since been extended through August 31, 2022; and

WHEREAS, The United States office of Federal Student Aid provides borrowers an array of options to pay off their student loans including a monthly payment equal to 10 percent of the borrowers discretionary income; now, therefore, be it

Resolved by the Assembly and the Senate of the State of California, jointly, That the Legislature urges the United States Secretary of Education to establish and submit to the United States Congress for approval a monthly student loan payment plan for federal student loans, based on the personal savings rate as published by the federal Bureau of Economic Analysis; and be it further

Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the United States Secretary of Education, to the Speaker of the House of Representatives, to the Majority Leader of the Senate, to each Senator and Representative from California in the Congress of the United States, and to the author for appropriate distribution.

WHEREAS, The United States is facing historic public health and economic crises caused by the COVID-19 pandemic; and

WHEREAS, Student loan debt in the United States has increased by more than 100 percent over the last 10 years; and

WHEREAS, The Federal Reserve estimates that in 2021, 4 in 10 people who went to college incurred some form of debt for their education, and as of September 2021 the total amount of student loan debt in the nation rose to above $1.75 trillion; and

WHEREAS, The United States Department of Education reports that as of September 2021, roughly one in ten 1 in 10 borrowers with federal student loans were in default; and

WHEREAS, More than 3.5 million California borrowers owe $140.1 billion in federal student loan debt, with the average California borrower owing $21,125 in student loans; and

WHEREAS, The average monthly student loan payment in the United States is an estimated $460 and according to the United States Census Bureau in 2020, the median monthly earning of all workers over the age of 15 was $3,461.25; and

WHEREAS, The increasing cost of higher education has created an unprecedented financial burden, representing a strain on the borrower who must postpone traditional life milestones such as buying a home, getting married, starting a family, and saving for retirement. In addition, graduates with student loan debt are often forced to settle for lower paying jobs to begin paying down debt, causing them to miss out on some of the benefits of having a degree; and

WHEREAS, In 2019, the Assembly announced a new Select Committee on Student Debt, making California the first state in the nation to create a legislative committee focused on the problems facing millions of borrowers struggling under historic student debt; and

WHEREAS, In March 2020, the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act put into place a pause on federal student loan payments and interest, which has since been extended through May 1, August 31, 2022; and

WHEREAS, The United States office of Federal Student Aid provides borrowers an array of options to pay off their student loans including a monthly payment equal to 10 percent of the borrowers discretionary income; now, therefore, be it

Resolved by the Assembly and the Senate of the State of California, jointly, That the Legislature urges the United States Secretary of Education to establish and submit to the United States Congress for approval a monthly student loan payment plan for all federal student loans, based on the monthly personal savings rate as published by the federal Bureau of Economic Analysis; and be it further

Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the United States Secretary of Education, to the Speaker of the House of Representatives, to the Majority Leader of the Senate, to each Senator and Representative from California in the Congress of the United States, and to the author for appropriate distribution.

WHEREAS, The United States is facing historic public health and economic crises caused by the COVID-19 pandemic; and

WHEREAS, Student loan debt in the United States has increased by more than 100 percent over the last 10 years; and

WHEREAS, The Federal Reserve estimates that in 2021, 4 in 10 people who went to college incurred some form of debt for their education, and as of September 2021 the total amount of student loan debt in the nation rose to above $1.75 trillion; and

WHEREAS, The United States Department of Education reports that as of September 2021, roughly one in ten borrowers with federal student loans were in default; and

WHEREAS, More than 3.5 million California borrowers owe $140.1 billion in federal student loan debt, with the average California borrower owing $21,125 in student loans; and

WHEREAS, The average monthly student loan payment in the United States is an estimated $460 and according to the United States Census Bureau in 2020, the median monthly earning of all workers over the age of 15 was $3,461.25; and

WHEREAS, The increasing cost of higher education has created an unprecedented financial burden, representing a strain on the borrower who must postpone traditional life milestones such as buying a home, getting married, starting a family, and saving for retirement. In addition, graduates with student loan debt are often forced to settle for lower paying jobs to begin paying down debt, causing them to miss out on some of the benefits of having a degree; and

WHEREAS, In 2019, the Assembly announced a new Select Committee on Student Debt, making California the first state in the nation to create a legislative committee focused on the problems facing millions of borrowers struggling under historic student debt; and

WHEREAS, In March 2020, the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act put into place a pause on federal student loan payments and interest, which has since been extended through May 1, 2022; and

WHEREAS, The United States office of Federal Student Aid provides borrowers an array of options to pay off their student loans including a monthly payment equal to 10 percent of the borrowers discretionary income; now,

Resolved by the Assembly and the Senate of the State of California, jointly, That the Legislature urges the United States Secretary of Education to establish and submit to the United States Congress for approval a monthly student loan payment plan for all student loans, based on the monthly personal savings rate as published by the federal Bureau of Economic Analysis; and be it further

Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the United States Secretary of Education, to the Speaker of the House of Representatives, to the Majority Leader of the Senate, to each Senator and Representative from California in the Congress of the United States, and to the author for appropriate distribution.