Marco Rubio Unveils Plan to Address Student Loan Debt
Other Republican candidates would be wise to address higher education issues as well.
Meghan Keenan reports at Red Alert Politics.
It’s Personal: Marco Rubio’s plan to address student loan debt
Sen. Marco Rubio stands out in the Republican field of presidential contenders for his plan to reform the higher education system and address the mountain of student loan debt facing so many millennials.
Rubio recently re-introduced the Investing in Student Success Act — a bill he originally brought before the Senate last year, which would reform the repayment system and management of federal student loans.
Jordan Wilson, national political director of Students for Rubio, said the bill has a better chance of passing this year because Rubio has brought the issue of student debt to the national stage as a presidential candidate.
During the presidential campaign, Rubio has shared his personal story of struggling to repay over $100,000 in student loans after graduating law school.
His bill would create a legal system to allow individuals or private organizations to finance students’ higher education costs. In exchange, students agree to make income-based payments for a set period of time after graduation.
“Allowing private entities to invest directly in an individual student is an alternative to student loans that will help make higher education more accessible,” Rubio said in a press release.
“The repayment method will allow higher earners to pay off debt faster while lower earners pay at a slower but reasonable rate, to not be overburdened and actually pay off the debt they owe,” Wilson added.
Rubio also favors reforming the college accreditation process to recognize technical schools and online colleges that are low-cost compared to traditional brick-and-mortar institutions.
He is also a sponsor of the Student Right to Know Before You Go Act, which would require universities to provide students and parents with more information about costs for specific degrees, types of jobs that are available with said degree, and the average wage students can expect to earn at jobs in their chosen field.
It’s Personal: Marco Rubio’s plan to address student loan debt (Red Alert Politics)
Comments
2 things need to happen. First, get the gov out of all this. Second, have some commons sense about debt. Don’t get suckered into borrowing more money than can be paid back in a reasonable amount of time. Go to a cheaper college. No one wins when there is a massive amount of debt accumulated. No need to look to the gov for financial advice when there is 17 plus tril in debt and the politicians voted to erase the debt ceiling. Be fiscally responsible.
No one talks about where this debt comes from : the colleges.
If they want that juicy federal money – give them two choices:
1) They co-sign the loan
Or
2) Admissions is financial needs blind – once the student is accepted, the college get [x] amount of money per student per year **TOTAL COST** and they can charge no more.
The problem isn’t the loan – that’s a symptom. The problem is the cost.
That has to be the dumbest response I’ve ever seen. Maybe just maybe people shouldn’t just sign up to go to college and hope it will all work out? Personal responsibility…there’s a novel concept.