The Republican Senator from Florida is already on record with a formal student loan reform proposal in Congress: The Dynamic Student Loan Repayment Act, which he co-sponsored last year with Virginia Democrat Mark Warner. This plan would have automatically adjusted student loan debt payments based on income. The bill would have also prevent interest from compounding during the repayment period. The idea behind the bill is to replace the current array of loans, subsidies, deferments, forbearances and repayment options with a single loan, repaid through a simplified and improved income-based repayment.
“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.”
In 2013, Rubio also introduced legislation that requires colleges to disclose earnings of recent graduates from a given school and major to potential applicants – a measure called “Know Before You Go” that he continues to support in his campaign. You can find out more from the campaign here.