U.S. Rep. Bill Foster introduced legislation last week to provide relief for parents experiencing financial burdens and to allow students to take responsibility for college debt incurred on their behalf.
The Parents PLUS Loan and Fairness and Responsibility Act would allow parents to transfer some loans to the student with the consent of the parent, student and lender, provided the student meets the credit requirements, according to a news release.
Foster, D-Naperville, argued the bill would provide a "rational fix" for families struggling to pay these loans.
"This legislation would provide a common sense solution for parents facing increasing financial burdens and allow them to transfer student loan debt to their child who is willing to take on the financial responsibility for the loans that allowed them to go to college," Foster said in the release. "As college costs continue to rise and economic burdens increase for hardworking families, federal law should allow for parents and students to transfer financial liability for PLUS loans in a way that works best for their financial situation.”
The National Education Association has endorsed Foster's bill, according to the news release.