Foster Introduces Legislation to Reduce Student Loan Burden on Parents

Washington, DC - Today, Congressman Bill Foster (D-IL) introduced the Parent PLUS Loan Fairness and Responsibility Act. This legislation would allow students to take over the student debt incurred by their parents on their behalf, providing a sensible solution for parents facing multiple financial burdens.

This legislation would allow parents to transfer Parent PLUS loans to the student with the consent of the parent, student, and lender, provided the student meets the credit requirements for the PLUS loan program and has been out of school for at least six months. After transfer, the loan would be eligible for Public Service Loan Forgiveness.

"With rising tuition and the overall cost of living continuing to increase, families should have greater flexibility in deciding who assumes responsibility for Parent PLUS loan debt based on their financial situations," said Congressman Foster. "This legislation would provide a solution by allowing students, if they're willing and able, to take financial responsibility for the loans that allowed them to go to college."

A copy of the bill is available here.

The Parent PLUS Loan Fairness and Responsibility Act is co-sponsored by Reps. Jesús "Chuy" García (D-IL), Raja Krishnamoorthi (D-IL), and Eleanor Holmes Norton (D-DC), and is endorsed by the National Education Association and the American Association of Colleges and Universities.

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