The Parent Plus Parity Act would expand loan repayment options and forgiveness programs for parents who borrowed through the Federal Direct PLUS loan program to pay for their dependent children's education. Currently, parent PLUS loans are excluded from many repayment and forgiveness programs available to other federal student borrowers. This bill would allow parent PLUS borrowers to access income-contingent repayment plans starting July 1, 2024, and would make them eligible for public service loan forgiveness if their student becomes eligible for it. The bill also creates new discharge pathways for parent PLUS loans, including automatic discharge when the student's own loans are discharged, discharge for the parent's hardship, and discharge if the student becomes permanently and totally disabled. The legislation delegates authority to the Secretary of Education to establish regulations and factors for determining hardship, with no specific funding authorization or expiration date mentioned in the text.
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