Here a refresher on all the details on the Biden administration's student loan forgiveness and extension plan ⤵️
, U.S. Education Secretary Miguel Cardona confirmed that Parent Plus Loans are covered in the plan and will qualify under the same income restrictions. Parents below the income threshold with loans for multiple children, for example, will be eligible for at least $10,000 in debt cancellation per child.
“One thing we heard across the country is that the interest just kept skyrocketing and accruing and just made [repayment] out of reach, so we're putting a pause on that because it deters people from taking out loans and even going to higher education institutions,” says Cardona. “[Borrowers] are not going to be punished if they're in a position where they're struggling and they can't make ends meet.
According to Cardona, people with IDR plans that calculate their monthly bill at $0 won’t have to pay any excess interest; the government will cover it under the new IDR program. But for borrowers who owe more than $0, getting their interest covered will not be automatic. “Those who have more than a zero monthly payment can also have a partial interest waiver,” a White House spokesperson toldover email. “It will cover the borrower’s unpaid monthly interest.
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