CA AJR26

Urges the United States Secretary of Education to establish a monthly student loan payment plan for federal student loans based on the personal savings rate published by the federal Bureau of Economic Analysis

Notes that student loan debt in the United States has increased over 100 percent in the last 10 years, with total national debt exceeding $1.75 trillion as of September 2021

Highlights that more than 3.5 million California borrowers owe $140.1 billion in federal student loan debt, with an average of $21,125 per borrower

Identifies that the average monthly student loan payment of $460 represents a significant burden on borrowers earning a median monthly wage of $3,461.25, forcing them to postpone major life milestones

Requires the Chief Clerk of the Assembly to transmit copies of the resolution to the U.S. Secretary of Education, Congress leadership, and California's federal delegation