Marco Rubio Introduces Bipartisan Student Loan Bill
Rather than using the student loan issue to score points for his party, Rubio is working with other members of congress to try to solve problems.
He deserves a lot of credit for that.
Blake Neff of the Daily Caller reported.
Rubio Introduces Bipartisan Student Loan Bill
Florida Republican Sen. Marco Rubio has introduced a new student loan bill, inserting himself into an issue that has recently been the domain of Democrats.
The Dynamic Student Loan Repayment Act, introduced in collaboration with Democratic Sen. Mark Warner of Virginia, would significantly simplify the current system of public education loans implemented by the U.S. government.
“Our current loan repayment system often turns what should be reasonable debts into crippling payments,” the senators said in a joint statement. “No one should be forced to go broke because they choose to go to college.”
The bill would consolidate the three existing tiers of federal student loans into a single loan type. It would also automatically enroll all borrowers into an income-based repayment program that would put 10 percent of their post-graduation earnings towards debt repayment, with payments being automatically deducted from a borrower’s paycheck much as payroll taxes are today.
For those earning less than $10,000, no payment at all will be expected, and after 20 years debt amounts of less than $57,500 will be entirely forgiven. For amounts greater than that, 30 years will be required, in order to discourage people from cavalierly taking on large loan amounts.
All new student loans would be issued under the new system, while current graduates would have the option to switch to the new system.