LOS ANGELES (CNS) – With mandatory student loan repayments set to resume in May for countless Americans, Los Angeles City Councilwoman Monica Rodriguez today introduced two motions aimed at helping young Angelenos gain better financial knowledge and manage their education loan debt.
In his motions, Rodriguez noted which more than half of bachelor's degree holders got student education loans and graduated with an average federal and debt of $28,400. In the United States, a collective student debt of $1.75 trillion is owed, distributed among 46 million people.
“This product is often predatory and has a disproportionate impact on students of color who're probably to use federal loans – burdening them with debt that impacts future financial gains,” Rodriguez said within the cover story. motions.
Rodriguez's first motion is perfect for the la Department of Youth Development to provide courses and learning college aid and financial management, such as financial literacy and certification, savings and investment along with other support for wealth creation.
“These trainings and courses could give a better foundation for personal finance through learning budgeting skills and lessons in student borrowing practices,” the motion reads. “Creating a youth-centric knowledge base assists as a useful repository of information that may better prepare young people for that advantages of personal finance.”
If went by city council, the motion would direct the city's administrative office to utilize other city departments on the report proposing administrative operations, oversight and cost estimates to determine training and courses.
The second motion is to provide course graduates with an educational support allowance to help students with student-related debt.
Rodriguez also introduced an answer on Friday that, if approved by city council, would indicate the city's official support for expanding the civil service loan forgiveness program to incorporate borrowers who previously did not qualify. .
“Student loan debt cuts the ladder of economic mobility, making opportunities like owning a home or becoming financially independent increasingly difficult to obtain. Providing young Angelenos with financial literacy training, including college help, is key to helping them avoid the pitfalls of student education loans,' Councilwoman Monica Rodriguez said. “The Biden administration has made efforts to grow student loan relief, but there are still gaps that need to be filled to ensure that more young Angelenos will get help.”