Rubio, Young, Colleagues Reintroduce Innovative College Financing Option

Press Release

U.S. Senators Marco Rubio (R-FL) and Todd Young (R-IN) reintroduced the ISA Student Protection Act. The bill would create a framework for Income Share Agreements (ISAs), an innovative financing tool for students who are pursuing postsecondary education or training. It would also create consumer protections to improve their effectiveness -- protecting students and ensuring their success in the workforce.

"Everything is more expensive these days, especially the cost of a college degree. This common sense bill creates a debt-free financing option for students." -- Senator Rubio
"One thing we can all agree on is the importance of a quality and affordable education. As we face record-high inflation, many students and their families continue to face financial hardship and rising student loan debt. With the appropriate safeguards, ISAs can be an innovative, debt-free financing option for students of all backgrounds. Our bipartisan bill works to strengthen the framework for ISAs to help colleges and career and technical schools prepare students for success in the workforce at no cost to the taxpayer." -- Senator Young

ISAs are an innovative and affordable way for students to finance their education based on their future income without going into debt. Under an ISA, a student agrees to pay a percentage of their income over a given time period in exchange for payments for tuition and expenses from nongovernmental sources. When the agreed timeframe ends, the student stops payments regardless of whether the initial amount was paid back to the ISA funder.

Rubio and Young first introduced the legislation in July 2019.

Senators Warner (D-VA) and Coons (D-DE) are also cosponsors.

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