Following Hurricane Milton’s catastrophic landfall, Governor Ron DeSantis has requested an Expedited Major Disaster Declaration to support Florida's response and recovery efforts. U.S. Senator Marco Rubio (R-FL), U.S. Representative Vern Buchanan (R-FL), and members...
Following Hurricane Milton’s catastrophic landfall in Florida, U.S. Senator Marco Rubio (R-FL) joined the U.S. Coast Guard to survey impacted areas across the State. Photos are courtesy of Senator Rubio’s office. Senator Rubio joins the U.S. Coast Guard for a flyover...
U.S. Senator Marco Rubio’s (R-FL) office will host in-person 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 Senator Rubio’s...
Major Hurricane Milton is expected to make landfall in Florida, bringing with it devastating storm surge, winds, and inland flooding. The Seminole Tribe of Florida should have access to the federal resources required for emergency response and recovery preparations on...
Major Hurricane Milton is forecasted to potentially hinder or obstruct the Port of Tampa Bay, which receives more than 40 percent of Florida’s petroleum products. It’s crucial for the federal government to expedite all requested measures to protect Florida’s economy...
Major Hurricane Milton is forecasted to impact Florida with devastating storm surge, winds, and inland flooding. After just being hit by Hurricane Helene, it’s crucial for the State of Florida to have the support of the federal government. U.S. Senators Marco Rubio...
Washington, D.C. – U.S. Senators Marco Rubio (R-FL) and Mark Warner (D-VA) introduced the Dynamic Student Loan Repayment Act, legislation that would simplify student loan repayment by making income-based repayment the default option for borrowers. By encouraging greater participation in income-based repayment plans, the bill will help borrowers avoid default during periods of low earnings.
“Our current federal student loan program is outdated and often leaves students and college graduates burdened with a significant amount of debt. This bill will ensure that people with federal student loans have affordable payments and stronger borrowing protections,” said Rubio. “As someone who once owed more than $100,000 in student loans, this issue is personal to me, and I will continue working to simplify this complex and bureaucratic student loan system.”
“As the first person in my family to graduate from college, I would not have had the chance to be a successful entrepreneur if I had left college with overwhelming student loan debt,” said Warner. “But federal student loan programs are complicated and burdensome and can do more to help borrowers succeed. This commonsense bill would make repayment that is contingent on a person’s income the default option for every student coming out of college with student loan debt.”
While current federal student loan programs include numerous protections for borrowers to avoid default, many students don’t use them because they aren’t aware of their options or because the enrollment process and paperwork can be confusing and burdensome. As a result, the three-year national default rate stands at more than 11 percent, an outcome that is not only expensive for taxpayers but also ruinous for borrowers.
The bill would make student loan repayment more manageable by replacing the complicated array of loans, subsidies, deferments, forbearances, and repayment options with a single, streamlined, user-friendly repayment plan. Student loan payments would be capped at 10 percent of a borrower’s income, not counting the first $10,000. For example, a borrower making an annual salary of $40,000 would pay 10 percent of $30,000 – or $3,000 a year. This will allow borrowers to pay an affordable percentage of their income until the loan is repaid.