California Democratic Party Endorses Endorses Sen. Wieckowski Student Debt Relief Legislation

Sacramento - Seeking to provide real relief to Californians burdened with high student loan debt, the California Democratic Party voted to endorse Senate Bill 16, authored by Sen. Bob Wieckowski (D-Fremont). Addressing the crisis of College affordability and student debt relief are among the highest priorities of the California Democratic Party. SB16 lowers the amount that private lenders can garnish out of the paychecks of borrowers who have defaulted on their loans. Under the bill, the cap would be reduced from 25 percent to 15 percent, the same level as federal loans.

"The California Democratic Party has a long history of supporting consumer legislation and SB 16 will help students, workers and parents rebuild their financial foundations," CDP Chair Eric C. Bauman said.

Student debt totals more than $1.3 trillion nationally and outpaces credit card debt and auto loan debt. The California Democratic Party also voted to endorse Wieckowski's SB 298. It protects low income Californians from having the last $4,800 in their accounts levied.

"If we are truly serious about attacking poverty in California, we need to approve bills like SB 298. This bill makes a real difference in the lives of everyday Californians," Bauman said.

SB 298 does not eliminate a person's debt, but it does ensure they have enough funds on hand to pay day-to-day expenses. More information on the bill can be found at www.casb298.com.

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