Following Hurricane Helene’s catastrophic damage throughout Florida’s gulf coast, U.S. Senator Marco Rubio (R-FL) met with the Florida Farm Bureau as well as local agricultural producers, farmers, and growers to discuss the storm’s impact. Photos are courtesy of...
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Photos: Rubio Visits Barrier Islands Post-Hurricane Helene
Following Hurricane Helene’s catastrophic damage throughout Florida’s Gulf Coast, U.S. Senator Marco Rubio (R-FL) met with local officials and volunteers from the barrier islands to discuss the storm’s impact and current recovery efforts. Photos are courtesy of...
Rubio, Scott, Florida Colleagues to POTUS: Expedite Resources to Floridians
Hurricane Helene made landfall as a Category 4 storm, causing catastrophic damage along Florida’s Gulf Coast. It’s crucial for the federal government to expedite state-requested resources and authorize key policy flexibilities in order for Floridians to make a swift...
Rubio Staff Hosts Hurricane Helene Recovery Assistance
U.S. Senator Marco Rubio’s (R-FL) office will host two in-person events to assist constituents affected by Hurricane Helene and help navigate applications for FEMA assistance. Food, water, and additional resources will be available at the events. Event...
Next Week: Rubio Staff Hosts Mobile Office Hours
U.S. Senator Marco Rubio’s (R-FL) office will host in-person and virtual Mobile Office Hours next week to assist constituents with federal casework issues in their respective local communities. These office hours offer constituents who do not live close to one of...
Rubio, Scott Urge FEMA to Expedite Hurricane Reimbursements
Following the impacts of Hurricanes Helene and Debby, some local governments in Florida face looming budget shortfalls that could disrupt disaster recovery efforts. If these local governments receive reimbursements for past hurricanes from the Federal Emergency...
Rubio, Warner Introduce Dynamic Student Loan Repayment Act
Bipartisan Proposal Simplifies Income-based Repayment Programs
Washington, D.C. – U.S. Senators Marco Rubio (R-FL) and Mark R. Warner (D-VA) today introduced The Dynamic Student Loan Repayment Act to consolidate, simplify and improve income-based repayment options for federal student loans. With the bipartisan Rubio-Warner proposal, federal student loan payments would be automatically adjusted based upon income. Borrowers will be able to repay loans at a more affordable pace and with more manageable payments, providing relief to those who worry about how they will repay their debt just as they are getting started in the workforce.
“On average, today’s 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 didn’t train for, simply to keep from defaulting on these loans,” Rubio and Warner said in a joint statement. “Current income-driven repayment plans are underutilized because the system is so complicated. Our proposal doesn’t 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 borrower’s income with none of the hassle or paperwork required in the current system.”
Total U.S. student loan debt now tops $1.2 trillion, eclipsing credit card debt as the largest financial obligation of U.S. households. Last month, the U.S. Senate failed to advance a proposal that would have lowered interest rates charged on many pre-existing student loans, and this issue remains a critical priority of many borrowers, their families and policymakers.
“The growth in student debt has been really dramatic… When you look at the numbers on student debt, it has to be a significant concern,” Federal Reserve Chair Janet Yellen said during Tuesday’s meeting of the Senate Banking Committee.
Last year, Rubio and Warner partnered on another bipartisan proposal to address growing concern about the rising cost of higher education. With Sen. Ron Wyden (D-OR), the senators introduced The Student Right to Know Before You Go Act of 2013, which would change college reporting guidelines so future students could compare schools’ graduation rates, average college loan debt, and future potential earnings for particular areas of study.
“This issue is personal for both of us,” Rubio and Warner said. “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 weren’t 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.”
A summary of the Dynamic Student Loan Repayment Act is available here and the legislation is available here.