Marco Rubio Looks to Reform Student Loan Repayments

U.S. Sen. Marco Rubio, R-Fla., continued his fight for student loan reform on Wednesday. Rubio announced he was backing a bill from U.S. Sen. Angus King, I-Maine, and U.S. Sen. Richard Burr which would streamline federal student loan repayment. The bill also has the support of U.S. Sen. Lamar Alexander, R-Tenn., U.S. Sen. Susan Collins, R-Maine, and U.S. Sen. Mark Warner, R-Va. Rubio and Warner teamed up last year in pushing a bill reforming student loan repayments based on income, but the King-Burr proposal would also include set repayment rates as well.

Helping more people achieve the American dream requires equipping them with the education and training necessary to do the jobs of the 21st century, Rubio said. The Repay Act would help modernize the income-based repayment system for student loans, which Sen. Warner and I have also been working on for the past year.

We need reforms like this to ensure that the burden of student loans is more manageable to discourage overborrowing, Rubio added. I believe this bills requirement for the GAO to study the best way to enroll, verify income and facilitate income-based repayment programs will ultimately help build momentum for other initiatives I will continue working on as the Senate considers higher education reform later this year.