The cancellation of Parent PLUS loans will bring much-needed relief to Black and low-income families trapped in intergenerational cycles of debt. MsReads via TCFdotorg
While the announcement of $10,000 in relief per borrower, the Biden–Harris Administration took a surprise step farther: for borrowers who had received the Pell Grant, the Department of Education will cancel a maximum of $20,000. A majority of all families with Parent PLUS debt received Pell Grants for their child to attend college, meaning their child could claim the $20,000 maximum cancellation. Among Parent PLUS families whose child attended an HBCU, 80 percent received Pell.
Allowing Parent PLUS borrowers to claim the $20,000 limit based on their child’s receipt of Pell also removes a major technical barrier for many Parent PLUS borrowers: having to verify that they themselves received Pell, which may have been decades ago. HBCUs exceed other types of institutions in their reliance on Parent PLUS: between 2016 and 2020, more than 15 percent of all financial aid dollars at HBCUs were Parent PLUS, compared to 9 percent at non-HBCUs over that period. Of the ten institutions with the highest percentages of students whose families used Parent PLUS, five are HBCUs. HBCUs are also among the schools where families struggle the most in Parent PLUS repayment.
Cancellation will save tens of thousands of older and disabled Americans from losing their Social Security benefits to debt collection.
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