Marco Rubio, Mark Warner Team Up on Student Loan Payment Plan

U.S. Sen. Marco Rubio, R-Fla., teamed up with U.S. Sen. Mark Warner, D-Va., to unveil the Dynamic Student Loan Repayment Act" on Wednesday. The proposal would adjust federal student loan payments based on income.

The senators released a joint statement on their proposal:

On average, todays graduates carry nearly $30,000 in student loan debt. But our current loan repayment system often turns what should be reasonable debts into crippling payments. Some graduates are forced to work multiple jobs, often in fields they didnt train for, simply to keep from defaulting on these loans.

Current income-driven repayment plans are underutilized because the system is so complicated. Our proposal doesnt just layer another option on top of existing plans. Instead, it will streamline the current repayment options into a simpler, user-friendly repayment plan, one that automatically adjusts to the changes in a borrowers income with none of the hassle or paperwork required in the current system.

This issue is personal for both of us. Neither of us could have attended college were it not for federal student loans. We both remember months when our paychecks were low and we werent sure if we could make our payments. Each of us has heard from constituents affected by crippling student debt. Our Dynamic Student Loan Repayment Act will provide an additional tool to help borrowers meet their obligations, and this must be part of a broader conversation about how to make higher education more affordable.