Name: Parents Who Took Out Student Loans for Their Kids Left Out of New Repayment Plans
Uploaded: 2023-11-01T21:25:00Z
Duration: 5 min 36 s
Description: Millions of student-loan borrowers who took out Parent Plus loans weren’t included in the Biden administration’s new income-driven repayment options. WSJ personal-finance reporter Julia Carpenter joins host J.R. Whalen to discuss. Photo: Associated Press

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Millions of student-loan borrowers who took out Parent Plus loans weren’t included in the Biden administration’s new income-driven repayment options. WSJ personal-finance reporter Julia Carpenter joins host J.R. Whalen to discuss. Photo: Associated Press

https://m.wsj.net/video/20231101/b01fed8b-9dcb-4d0c-bc64-43c263ac2765/1/hls/manifest-hd-wifi.m3u8

Parents Who Took Out Student Loans for Their Kids Left Out of New Repayment Plans

J.R.: Here's "Your Money Briefing" for Wednesday, November 1. I'm J.R. Whalen for "The Wall Street Journal." Millions of student loan borrowers who took out Parent PLUS Loans are facing a hard time taking advantage of some of the government's repayment programs. "Wall Street Journal" personal finance reporter Julia Carpenter joins me. So Julia, first of all, what are Parent PLUS Loans and how do they differ from other federal student loans?

Julia: Parent PLUS Loans are loans taken out on behalf of a student by a parent. So it's a parent who's paying for their child's education, and with the rules for Parent PLUS Loans, they can take out the entire cost of attending the institution minus whatever student aid they receive from the institution.

J.R.: What are the interest rates like?

Julia: The interest rates are slightly higher than on other federal student loans. Right now, it's around 8.05%. And that's as of July 2023.

J.R.: Why is the rate higher?

Julia: Parents are able to take out more money than otherwise a student would be able to take out for their own education.

J.R.: Who typically takes out Parent PLUS Loans?

Julia: Parent PLUS Loans are geared toward parents who would be able to fund their child's education but don't want the child to be liable for the loan. But what we know is that oftentimes these are lower-income borrowers and borrowers from minority backgrounds.

J.R.: So why haven't Parent PLUS borrowers been able to benefit from some of the Biden administration's repayment programs like SAVE?

Julia: SAVE and other income-based repayment programs are hugely beneficial for many federal student loan borrowers, but unfortunately, in the rules written about who qualifies for SAVE and who can take advantage of it, Parent PLUS Loan borrowers are specifically omitted from that program.

J.R.: What kind of situation does that put the borrowers in?

Julia: I've spoken with a lot of Parent PLUS borrowers who are really struggling to get a handle on how they should start repaying these loans. We know that after that three-year pause on payments and interest accrual, that pandemic-era pause, that many borrowers are now preparing to repay or have already begun repayment. And Parent PLUS Loan borrowers find themselves in a harder spot. They're not able to take advantage of some of these income-based repayment programs like SAVE unless they consolidate their loans. But in consolidating their loans, they are then risking either having a higher interest rate than the one that they already have, or they are risking losing out on some of the benefits that they have from their existing loan. I spoke with one Parent PLUS Loan borrower based in New Jersey, and he said that what's been so difficult about this period of time is that he and his wife had done everything right. They had consolidated their loans. They had looked into getting the interest rate right. And then when they've looked at these new programs coming out, like changes to PSLF or the SAVE program debuting, a lotta student loan borrowers are really excited, especially after the promise of forgiveness was thrust away after the Supreme Court decision. And people like Howard are still left wondering, "Okay, well what am I supposed to do? Do I just pick up where I left of and things are just as bad as they were before?" And unfortunately, the answer is sort of, "Yeah, just do that."

J.R.: So you mentioned consolidating their loans. Are there other steps that Parent PLUS borrowers can take that would allow them to take advantage of repayment programs?

Julia: There is a loophole in the consolidation process that does allow borrowers to remove what student loan servicers see as the parent tag from their loans. This is how you identify the loans as Parent PLUS Loans and not as other federal student loans. But it's a fairly arduous process. It involves consolidating two or three separate times with two or three separate borrowers. And we already know that the Education Department is aware of this loophole, and they say that they are gonna close it by July 2025. The other option that parents have, which is much less arduous and potentially less risky, they have more time to do it, is that they can be able to take advantage of the PSLF program, or the Public Service Loan Forgiveness program. But that's only available for certain kinds of borrowers and for certain rates.

J.R.: What happens if a Parent PLUS borrower defaults on a loan?

Julia: Exactly what happens if a federal student loan borrower defaults on a loan, but the difference is, Parent PLUS Loan borrowers are potentially in a more risky state. I talked to one Parent PLUS Loan borrower who said that after not paying his loan for a handful of months through a mix-up that wasn't really his fault, he received a letter that said his Social Security would be garnished. And luckily, he was able to call his servicer and solve the problem. But definitely a huge risk for Parent PLUS Loan borrowers.

J.R.: By the way, what's the latest on the Biden administration's efforts to put a widespread student loan forgiveness program into effect?

Julia: We unfortunately don't have many updates on that. They've promised that they're gonna try and work through a structural solution to this now that the legal path has failed. But right now, the Department of Education is encouraging the majority of student loan borrowers to investigate their options, like SAVE, and hope for that as a path to eventual forgiveness in lieu of a widespread student loan forgiveness program.

J.R.: That's "Wall Street Journal" personal finance reporter Julia Carpenter. And that's it for "Your Money Briefing." We'll be back tomorrow morning with "WSJ's" Jeffrey Sparshott to discuss why more employees are working less hours but making the same pay. This episode was produced by Ariana Aspuru with supervising producer Melony Roy. I'm J.R. Whalen for "The Wall Street Journal." Thanks for listening.

WSJ's Your Money Briefing podcast is your personal-finance and career checklist. Finance reporters and experts break down complicated money questions every weekday to help you make better decisions about managing your money. 