After the Supreme Court rejected President Joe Biden's sweeping forgiveness plan earlier this year, the president announced a series of other relief measures for student loan borrowers.
Already, Biden has managed to erase $127 billion in education debt for more than 3.5 million borrowers, largely through Public Service Loan Forgiveness and income-driven repayment plans.
The most beneficial so far has been the new Saving on a Valuable Education repayment plan, which aims to get federal student loan borrowers the lowest monthly payment possible — even zero dollars.
Yet parents who took out loans on behalf of their children are ineligible for all income-driven repayment plans, including SAVE.
"Many of these provisions do not apply to parent borrowers," said Kalman Chany, a financial aid consultant and author of "Paying for College" from The Princeton Review.
Persons:
Joe Biden's, Biden, Mark Kantrowitz, Kalman Chany
Organizations:
Public, Finance, Princeton