Hello! I’m doing my best trying to understand what to do with some parent plus loans here. The balance is significant so the even ICR payments are pretty tough. My understanding is that ICR will eventually be phased out, but then there will be a different form of it called the Repayment Assistance Plan. This plan honestly seems better monthly payment wise, but it sounds like a consolidated loan that contains a parent plus loan is ineligible for this??? Or is that only pertaining to loans taken out after the July deadline? If it’s the former, does this mean I’m stuck with standard repayment after the ICR is gone then?
Any insight appreciated. Thanks!
Posted by ifsaguaroscouldsing
1 Comment
Parent plus loans (even if consolidated) aren’t eligible for RAP. Consolidated parent plus loans should go on IBR.