THINK PROGRESS: Marco Rubio’s Economic Plan Calls For Students To Sell Themselves To Private Investors

Career College Central Summary:

  • Florida Senator and Republican presidential candidate Marco Rubio described his economic platform in a speech Tuesday in Chicago, touching on well-worn GOP priorities including slashing corporate taxes from 35 to 25 percent, further deregulating the private sector, restricting family immigration, and resisting calls to raise the minimum wage. Taking several specific shots at Democratic frontrunner Hillary Clinton, Rubio said his plan would avoid “pumping more of today’s money into yesterday’s programs,” and bring the U.S. into the future.
  • In the speech, Rubio also called for a “revolutionized” higher education system. If elected president, he promised to “bust…the cartel of existing colleges and universities” by loosening the rules for accreditation so that “innovative, low-cost competitors” can court students. But critics say the government accreditation process is already far too loose, allowing predatory for-profit chains like Corinthian Colleges to win federal approval and funding even as they mislead students into paying for essentially worthless degrees.
  • He also touted the “Student Right to Know Before You Go Act” he co-sponsored with Oregon Democrat Ron Wyden — a plan extremely similar to one President Obama pushed for last year that ranks colleges by how much their tuition costs and how much money their graduates make.
  • Lamenting the “shadow of debt hovering over millions of graduates,” Rubio then proposed a model already suggested by his rival Governor Chris Christie (R-NJ): allowing rich individuals or hedge funds to pay a students tuition and collect their investment back post-graduation.
  • “It may result in a profit for the investor or it may not – but unlike with loans, none of the risk lies with the student,” Rubio said.

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THINK PROGRESS

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