United States Representative Bill Foster introduced legislation last week to provide relief for parents with financial burdens and to allow students to take responsibility for college debts incurred on their behalf.
The Parents PLUS Loan and Fairness and Responsibility Act would allow parents to transfer certain loans to the student with the consent of the parent, student, and lender, provided the student meets the credit requirements, according to a press release.
Foster, D-Naperville, argued that the bill would provide a “rational solution” for families struggling to pay off these loans.
“This legislation would provide a common-sense solution to parents facing increasing financial burdens and allow them to transfer student loan debt to their children who are willing to take financial responsibility for the loans that enabled them to go to college.” , Foster said in the release. “As college costs continue to rise and economic burdens rise for hard-working families, federal law should allow parents and students to shift financial responsibility for PLUS loans in a way that works better for their financial situation. “.
The National Education Association approved Foster’s bill, according to the press release.