When my parents first came to America in the mid-1950s, higher education was an option rather than a necessity. By the time I attended the University of Florida in the early 1990s, times had changed and a college degree was vital to securing a well-paying job.
Since then, advanced education and skills have become even more essential in the job market, even though college costs have soared.
Those who have a chance to attend college often have to go into debt, as I did for undergrad and law school. While I was eventually able to pay off more than $100,000 in student loan debt, too many learn the hard way that a degree alone is sometimes not enough. It has to be the right degree, at the right price, from the right institution. Otherwise, they’ll accrue student loan debt that their chosen careers won’t allow them to pay off in a reasonable fashion.
Last week, the U.S. Senate debated the issue of student loan debt. Unfortunately, the debate missed an opportunity to examine the fundamental reforms our entire higher education system needs, including new ways to help people finance their educations.
For example, I believe students who attend traditional colleges and universities should have better information about what kinds of jobs and earning potential they can anticipate by graduating in their chosen major. In partnership with a Democrat colleague, I’ve introduced legislation that would do this.
Of course, this information alone is not enough. That’s why I’m working with another Democrat colleague on legislation based on the concept of income-based repayment, which bases graduates’ loan payments on how much they earn. In other words, someone who lands a high-paying job would pay a higher percentage of their loan each year than someone who works for minimum wage. Meanwhile, someone who can’t find a job at all would pay nothing until they gain employment.
But we also need to ensure that those who can’t attend traditional universities still have a chance to attain advanced learning and skills. That’s why I’ve proposed establishing a new, independent accrediting entity geared toward affordable and accessible providers of postsecondary education. While traditional universities will still play a major role in our higher education system, no longer will they be able to block out cheaper, innovative and more accessible competitors. This competition will benefit our entire system while giving working parents a chance to make use of the online tools and flexible education options that are growing in abundance.
Although the Senate missed an opportunity last week to advance these kinds of ideas, I know the future of our people relies on rethinking and reforming the way people acquire and finance higher education. In the coming months, I’m hopeful we’ll get another chance to actually deliver some results and help more people achieve their American dream by making higher education more accessible — without being crushed by student loan debt.
Senator Marco Rubio, R-Fla.
[A version of this guest column ran on page 7 on 6/17/2014 under the headline "Changing the future of higher education today"]
