Washington, D.C. – U.S. Senator Marco Rubio (R-FL) issued the following statement today regarding President Obama’s student loan announcement:
“President Obama has correctly identified burdensome student debt as one of the greatest threats facing our economy. The ever-growing cost of college and skyrocketing student debt means that millions of young Americans will have a harder time achieving the American Dream. The solution is to dramatically expand how Americans can access higher education and allow for new ways to pay for it.
“The President’s proposal to expand the existing income-based repayment program may be welcome news for young Americans struggling with the cost of student loan debt. However, it builds on a system that is already too complicated and hard to access. Moving forward, a better approach is the bipartisan proposal I am drafting with Senator Mark Warner. It would end the confusion and hassle by automatically enrolling students into one unified income-based repayment plan. Our plan will be more fiscally responsible for both taxpayers and students than what the President has done unilaterally. Rather than simply taking executive action, I urge the White House to look at our bipartisan plan.
“The President is also calling for the Senate to pass Senator Elizabeth Warren’s student loan legislation, which does nothing to address the growing costs of higher education and puts taxpayers on the hook for billions of dollars of existing loan debt. During this week’s Senate debate, l look forward to offering alternative higher education reform ideas that will make higher education more affordable and accessible for young Americans.”
Rubio first laid out proposals for higher education reform during a February 10 speech at Miami-Dade College, as part of his agenda to restore the American Dream.