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A group of Senate Democrats is urging President Biden to extend the $10,000 in student debt relief to parents of Pell Grant recipients who took out Parent PLUS loans, Politico reported.
Biden announced last month that his administration would forgive up to $10,000 in student loans for individuals making less than $125,000 or couples who earn less than $250,000. Pell Grant recipients would see up to $20,000 in relief.
The group wrote a letter to Biden Monday, outlining their request for parents of Pell Grant recipients to receive that additional $10,000. Currently, parents would be eligible for loan forgiveness if they met income requirements or if they received a Pell Grant while in college.
“These borrowers demonstrated significant financial need at the time they borrowed the PLUS loan, as evidenced by the fact that their students qualified for Pell Grants based on family income,” the letter says. “Like student borrowers who received Pell Grants, these borrowers also face numerous barriers to successful repayment and should receive relief.”
The more than 3.6 million Parent PLUS borrowers owe more than $107 billion, as of March, according to the letter. The Parent PLUS loan also has higher interest rates and up-front fees than other federal student loan options and comes with limited options for federal loan forgiveness programs, the senators wrote in the letter.
