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Student loan forgiveness: How parents can take advantage of Biden’s debt relief plan

Yahoo Finance's Ronda Lee explores how parents and grandparents can take advantage of President Biden's student debt relief plan while managing their own debt and their children's debt.

Video Transcript

- Ronda, it's important to point out that it's not just students who are able to apply for this relief, many parents who supported those students throughout college are also eligible. What can you tell us about that?

RONDA LEE: So separate from the Fresh Start program for default borrowers, the Biden student loan forgiveness program is available for anybody that has federal student loans. So what we've been seeing, what Representative Ayanna Pressley and AOC have been talking about, has been parents and grandparents who've been burdened by, not only the Parent PLUS loans that they've taken out for their children and grandchildren, but also they're still carrying their own debt, meaning they couldn't retire.

So if they have debt that they still have from their federal student loans, they can apply. If their children took out federal student loans, they can apply. If they took out Parent PLUS loans, they are also eligible for relief.

- All right, Ronda. Well, you have important information there. Thanks so much for filling us in.