So if I only have to pay 10 dollars/month, and RAP has a subsidy for 50 dollars off my principal/month, is that a free 40 dollars off my principal/month, provided I make the 10 dollar monthly payment?
Edit: Now that I've said it out loud, it just seems too good to be true, right?
Posted by AdamMB2000
2 Comments
Yea 50 applied to principle every month. Either you or government
No..it’s not always $50. If your billed payment doesn’t reduce the principal by at least $50 the feds will reduce it by the lesser of $50 or the amount of your payment. So in your situation it would be reduced by $10. https://studentaid.gov/announcements-events/big-updates/definitions