LA Councilwoman seeks system to help Angelenos navigate student education loans
LOS ANGELES (CNS) – With mandatory education loan repayments set to resume in May for countless Americans, Los Angeles City Councilwoman Monica Rodriguez today introduced two motions targeted at helping young Angelenos gain better financial knowledge and manage their education loan debt.
In his motions, Rodriguez noted that more than 1 / 2 of bachelor's degree holders got student loans and graduated by having 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 it has a disproportionate effect on students of color who're probably to make use of federal loans – burdening all of them with debt that impacts future financial gains,” Rodriguez said within the cover story. motions.
Rodriguez's first motion is for the Los Angeles Department of Youth Development to provide courses and training in college aid and financial management, for example financial literacy and certification, savings and investment and other support for wealth creation.
“These trainings and courses could give a better foundation for personal finance through training in budgeting skills and lessons in student borrowing practices,” the motion reads. “Creating a youth-centric base of knowledge assists like a useful repository of information that can better prepare young adults for that benefits of personal finance.”
If went by city council, the motion would direct the city's administrative office to utilize other city departments on a report proposing administrative operations, oversight and price estimates to determine training and courses.
The second motion is to provide course graduates by having 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 essential to helping them steer clear of the pitfalls of student education loans,' Councilwoman Monica Rodriguez said. “The Biden administration has made efforts to expand education loan relief, but there are still gaps that should be filled so that more young Angelenos can receive help.”