Democratic senators are calling on President Biden to expand the amount of student loan forgiveness available to parents who took out loans to pay for their children’s college tuition
Borrowers who attended college with Pell Grants, designed to help low-income students, are eligible for up to $20,000 in forgiveness. But that does not apply to parents whose children received Pell Grants. Parents are only eligible for that additional relief if they were Pell Grant recipients, themselves.on Monday, eight Democratic Senators, led by Maryland Sen.
More than 3.6 million Parent PLUS borrowers currently owe a collective $107 billion in student loans, which accounts for about 10% of all student loan debt in the U.S. That, coupled with the loan’s high interest rates, helps explain why many Parent PLUS borrowers struggle to repay those loans, especially as some parents are working jobs without the income benefit of a degree.
The median Parent PLUS borrower owes $29,600 when their child graduates. But on average, those borrowers still owe 55% of their initial balance after 10 years and 38% after 20 years,Granville supports the changes that Van Hollen and other Senators called on Biden to make, but he would also like to see Congress take action to prevent Parent PLUS loans from burdening more families moving forward.
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