I know we are all in different situations. For my particular situation. RAP would be great for me for the first 30 payments then the last 2 switch to IBR. But we know RAP is 30 years and for me old IBR is 25 years and the 15%
Will we receive guidance on this before July 1 if we can switch between plans? It would put me in a vice for 5 years plus 32 payments more but i just can't afford it…the IBR.
And what is crappy is they change the rules along the way anyway…
I am just riding the SAVE Forebearance until i get that notice. Both my parents just passed away so please if you can be kind in your responses. I am not in a good head space.
thank you.
RAP Then switch to IBR? Final rules yet published?
byu/Consistent_Ad_6400 inStudentLoans
Posted by Consistent_Ad_6400
5 Comments
You cannot enroll in RAP and return to IBR from 7/1/28 onward.
I know it’s hard to believe but they are not actually stupid – you can’t pay via rap and go back to ibr to end run around 30 vs 25.
I am going to assume they don’t want people cheating the system of being on RAP in the beginning to get a lower payment and then switch to IBR when it’s close to 20/25 years to get the forgiveness.
This page says that you can switch between any plans that you are eligible for and it lists IBR and RAP in that section. [https://studentaid.gov/announcements-events/big-updates](https://studentaid.gov/announcements-events/big-updates)
You are not locked onto RAP once you are on it. Eligible borrowers can still use IBR.
Payments made on RAP may count towards IBR forgiveness. So a borrower can potentially use RAP and then switch to IBR at the 20/25 year mark and get forgiveness. This may be made possible through neg reg. It is in the proposed draft. We are waiting on the final regulations to be published to see if it will stick: [https://www.reddit.com/r/StudentLoans/comments/1otx19d/summary_of_rise_neg_reg_these_are_the_provisions/](https://www.reddit.com/r/StudentLoans/comments/1otx19d/summary_of_rise_neg_reg_these_are_the_provisions/)
Not sure the answer to your question, but I just want to say im so sorry for the loss of your parents. Give yourself grace, allow yourself to grieve, and don’t hold those feelings in. God bless, I’ll pray for you as I know it’s not easy.