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Parents Crushed by Kids' College Debt Get Relief in Biden’s Forgiveness Plan

Parent PLUS loans are eligible for $10,000 relief under the program

Bloomberg business news
Breaking Down Biden's Student Loan Forgiveness

Millions of Americans could see their loan balances reduced or wiped away under President Joe Biden’s student debt forgiveness program. And it’s not just students who can apply for relief — many parents who supported them through college are also eligible.

The program, which was  formally launched on Oct. 17, allows 40 million Americans with federally held student debt to apply for up to $20,000 in forgiveness, depending on their loan type. Included are Parent PLUS loans, which are awarded to parents whose children need help paying for their education beyond any financial aid they’ve received.