Marco Rubio introduces bipartisan student loan bill

Florida Sen. Marco Rubio has a plan to solve one of student debt's most pressing issues.

In conjunction with Sen. Mark Warner (D-Va.), Rubio has introduced a bipartisan bill into the Senate to help solve America's current student loan crisis. The Dynamic Repayment Act would ensure students face reasonable monthly payments and eliminate most defaults.

The bill would enroll all federal loan borrowers into a program where they paid 10 percent of earnings each month toward student loan repayment, with a $10,000 annual exemption. The U.S. government would take the money directly from workers' paychecks. Borrowers would also have the option to opt out and prepay their loans without penalty, if they preferred.

Additionally, the bill would forgive up to $57,500 of loans after 20 years, and loans greater than that amount would be forgiven after 30 years.


Marco Rubio introduces bipartisan student loan bill - The Week


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This, of course, will go nowhere in the House, because GOP. But kudos to Rubio and Warner for trying to do something to address this,

But as we know, everthing Rubio touches seems to turn to ****.

Well if you actually want to solve it you have to tackle the root of the problem, the tuition and costs itself.

Carjosse said:

Well if you actually want to solve it you have to tackle the root of the problem, the tuition and costs itself.

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Assuming you think its a problem. The cost of a college education is far less than the benefits of getting one. Its just the mechanism of payment and access to payment that is challenging.

Threegoofs said:

Florida Sen. Marco Rubio has a plan to solve one of student debt's most pressing issues.

In conjunction with Sen. Mark Warner (D-Va.), Rubio has introduced a bipartisan bill into the Senate to help solve America's current student loan crisis. The Dynamic Repayment Act would ensure students face reasonable monthly payments and eliminate most defaults.

The bill would enroll all federal loan borrowers into a program where they paid 10 percent of earnings each month toward student loan repayment, with a $10,000 annual exemption. The U.S. government would take the money directly from workers' paychecks. Borrowers would also have the option to opt out and prepay their loans without penalty, if they preferred.

Additionally, the bill would forgive up to $57,500 of loans after 20 years, and loans greater than that amount would be forgiven after 30 years.


Marco Rubio introduces bipartisan student loan bill - The Week


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This, of course, will go nowhere in the House, because GOP. But kudos to Rubio and Warner for trying to do something to address this,

But as we know, everthing Rubio touches seems to turn to ****.

Click to expand...

Sounds like a decent plan, except the 20 and 30 year forgiveness. I borrowed money for my home and have been paying for 21 years. Can I be forgiven $57,500 of the balance considering that I paid cash for my four year degree? Had I paid extra on my house instead of paying for my education, I wouldn't owe that money to the bank.

Seriously; if one is unable or unwilling to pay back the student loan after 20 or 30 years that education was a waste. To forgive the debt would not be considered an educational investment as the education was obviously deficient, therefore on what basis would it be forgiven? Pity? I don't think pity is good policy>

johndylan1 said:

Sounds like a decent plan, except the 20 and 30 year forgiveness. I borrowed money for my home and have been paying for 21 years. Can I be forgiven $57,500 of the balance considering that I paid cash for my four year degree? Had I paid extra on my house instead of paying for my education, I wouldn't owe that money to the bank.

Seriously; if one is unable or unwilling to pay back the student loan after 20 or 30 years that education was a waste. To forgive the debt would not be considered an educational investment as the education was obviously deficient, therefore on what basis would it be forgiven? Pity? I don't think pity is good policy>

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Neither do I... Borrow money, pay it back with interests, period! It's the most basic of all financial lessons in life. Rubio is sounding more and more like a democrat.. Pity!


Tim-

Threegoofs said:

Assuming you think its a problem. The cost of a college education is far less than the benefits of getting one. Its just the mechanism of payment and access to payment that is challenging.

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Seems an odd statement- if the benefit out weighs the cost then why does the debt need to be forgiven in 'X' number of years? Isn't 20 years enough to pay back that benefit if it is indeed a good one?

Seems odd Rubio would look to the Taxpayer to pay for someone's college education who couldn't pay it off in 20 years by picking up the balance... if he wants that why not just increase the grant money and be upfront about it?

He is using the worst of both the CON and LIB POV- doesn't want to restrict the 'free market' on the cost of an education but quite willing to have the taxpayer foot the bill on those who shirk the loans while putting that increased buying power to personal pursuits. :doh

rubio just put his 2016 hat in the ring

notquiteright said:

Seems an odd statement- if the benefit out weighs the cost then why does the debt need to be forgiven in 'X' number of years? Isn't 20 years enough to pay back that benefit if it is indeed a good one?

Seems odd Rubio would look to the Taxpayer to pay for someone's college education who couldn't pay it off in 20 years by picking up the balance... if he wants that why not just increase the grant money and be upfront about it?

He is using the worst of both the CON and LIB POV- doesn't want to restrict the 'free market' on the cost of an education but quite willing to have the taxpayer foot the bill on those who shirk the loans while putting that increased buying power to personal pursuits. :doh

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Well, its not alway a great investment for everyone. If you cant pay back your loans in 20 years, I think we can brand you a 'failure to launch'.

The reason, I think , for the loan forgiveness is that student loans are not ever able to be discharged upon a bankruptcy - so even if you lose everything - you still have to pay your loans back.

Increasing grant monies wouldnt necessarily be that great - now you're giving money to everyone regardless of ability to pay it back, right?

Threegoofs said:

Well, its not alway a great investment for everyone. If you cant pay back your loans in 20 years, I think we can brand you a 'failure to launch'. The reason, I think , for the loan forgiveness is that student loans are not ever able to be discharged upon a bankruptcy - so even if you lose everything - you still have to pay your loans back. Increasing grant monies wouldnt necessarily be that great - now you're giving money to everyone regardless of ability to pay it back, right?

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Oh not to misunderestimate my thought on increasing grant money- I DON'T think it's great- I said at least be upfront about who pays for the benefit and who profits from it.

Student loans are not the only non dischargeable debt, why not include alimony and child support? Fact is the student should be aware a student loan isn't free money.

I don't see how a 'failure to launch' should get a debt forgiven when hard working poor folks are targeted by the CONs are 'free loaders' for getting food stamps or housing subsidies. Could we then set a hard ceiling on any credit score for these 'failure to launch' folks so they can't funnel their income toward personal gain?

Otherwise a 'failure to launch' can push money to his personal gain, and not suffer for bad behavior... it just seems the opposite of everything Rubio stood for (and against) prior to the start of an election cycle he is rumored to be interested in joining in on. (pandering to a certain voting block who are not keen on government handouts for others but wouldn't mind having a few more bucks to lease that sweet Beemer????)

Course a most excellent way to get a higher education is to raise your right hand and repeat after me... eace

Im not sure I get what you're saying.

The way not to pay back these loans would be to have either a terrible paying job for two decades after being out of college or no job.

I would think most people having full employment would have their loans paid off - remember -the payment comes directly from your paycheck - like SS. I'm not sure how anyone can funnel their income away from payments.