California Lawmakers Announce Plan To Reduce Student Debt

SACRAMENTO (CBS/AP) — California lawmakers have announced what they call the most ambitious proposal in the country to reduce student loan debt.

Assembly Democrats on Monday proposed a plan that would create a new scholarship for students in the University of California and California State University systems. According to the Democrats’ plan the scholarship program would cost $1.6 billion and would be phased in over five years.

The Legislative Analyst’s Office reported this year that more than half of California college students graduate with student loan debt. The Democrats say their plan aims to significantly reduce the amount of debt students have to take on to afford college.

Their proposal would also expand aid for community college students and maintain the Middle Class Scholarship program that Gov. Jerry Brown has called for eliminating.

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