Fall 2017
Committee:
Legislative Affairs Committee
WHEREAS, American students are pushed to go to college, and borrowing tens of thousands of dollars to pay for their education, the financial literacy gap leads many students to make painful early mistakes with their Financial Aid money, and other repayable government loans;
WHEREAS, low-income students and students of color carry disproportionately large financial burdens, it creates inequities within the loan system that are difficult to address through policy change. College students who are making poor financial choices, are not aware that these problems can follow them throughout their lives, and have a huge impact on their creditworthiness (Hillman, 2015);
WHEREAS, the current national student loan debt is currently estimated at $1.28 trillion in total U.S. student loan debt, that’s with 44.2 million Americans with student loan debt. And the student loan delinquency rate of 11.0%, the average monthly student loan payment (for borrower aged 20 to 30 years): $351. The median monthly student loan payment (for borrower aged 20 to 30 years): $203 (U.S. Student Loan Debt Statistics, 2017); and
WHEREAS, the highest dilemma that college graduates (and before that, high school graduates) face has to do with student loans. What many students don't realize is that a student loan is a loan on their future income. Too many students borrow way more than they will ever be able to repay later in life;
RESOLVED, that the Student Senate for California Community Colleges advocates with the California Community College Districts, other organizations and system partners to develop financial literacy programs, classes and other supplementary resources for each of the 113 campuses that will provide students with all of the current information provided by the FDIC and other groups - through Money Smart or through other similar financial literacy programs; and
RESOLVED, that the Student Senate for California Community Colleges advocates with the California Community College Districts along with other organizations, system partners, and on-campus advocates for the availability of Financial Aid and/or Direct Loans with the mandatory requirement that every student must take an FDIC Money Smart course other similar financial literacy program prior.
Hillman, Nicholas W. (2015) "Borrowing and Repaying Student Loans," Journal of Student Financial Aid: Vol. 45: Iss. 3, Article 5.
U.S. Student Loan Debt Statistics for 2017. (2017, February 8). Retrieved March 02, 2017, from
WHEREAS, low-income students and students of color carry disproportionately large financial burdens, it creates inequities within the loan system that are difficult to address through policy change. College students who are making poor financial choices, are not aware that these problems can follow them throughout their lives, and have a huge impact on their creditworthiness (Hillman, 2015);
WHEREAS, the current national student loan debt is currently estimated at $1.28 trillion in total U.S. student loan debt, that’s with 44.2 million Americans with student loan debt. And the student loan delinquency rate of 11.0%, the average monthly student loan payment (for borrower aged 20 to 30 years): $351. The median monthly student loan payment (for borrower aged 20 to 30 years): $203 (U.S. Student Loan Debt Statistics, 2017); and
WHEREAS, the highest dilemma that college graduates (and before that, high school graduates) face has to do with student loans. What many students don't realize is that a student loan is a loan on their future income. Too many students borrow way more than they will ever be able to repay later in life;
RESOLVED, that the Student Senate for California Community Colleges advocates with the California Community College Districts, other organizations and system partners to develop financial literacy programs, classes and other supplementary resources for each of the 113 campuses that will provide students with all of the current information provided by the FDIC and other groups - through Money Smart or through other similar financial literacy programs; and
RESOLVED, that the Student Senate for California Community Colleges advocates with the California Community College Districts along with other organizations, system partners, and on-campus advocates for the availability of Financial Aid and/or Direct Loans with the mandatory requirement that every student must take an FDIC Money Smart course other similar financial literacy program prior.
Hillman, Nicholas W. (2015) "Borrowing and Repaying Student Loans," Journal of Student Financial Aid: Vol. 45: Iss. 3, Article 5.
U.S. Student Loan Debt Statistics for 2017. (2017, February 8). Retrieved March 02, 2017, from