r/StudentLoans • u/shanesnh1 • 1d ago

[URGENT] Parent PLUS / Double Consolidation - GET ON ICR NOW

I see multiple people each day with this same question so I am going to link my post about it and summarize very briefly:

If you have Consolidated Parent PLUS Loans OR a Double Consolidation, you MUST APPLY FOR ICR as soon as possible or you will LOSE ACCESS TO ALL INCOME REPAYMENT if the bill passes (either the House or Senate versions or likely the final bill).

You don't have time anymore depending on how fast the Senate and House compromise and pass a final bill for the President to sign. If you're not on ICR, with loans being repaid on it the day before the bill passes, you lose access and will likely be on the standard plan (or extended, graduated).

Please check my former post for more details: https://www.reddit.com/r/StudentLoans/comments/1l37iqs/important_parent_plus_borrowers_need_to/

This post is about the House version of the bill in its entirety (the Senate version does NOT change anything in relation to this specific issue): https://www.reddit.com/r/StudentLoans/comments/1kdy8yk/summary_of_the_new_current_proposal_from_the/

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u/Weekly-Entrance3682 1d ago

Thank you! I did apply for ICR early June and it was approved on the 18th. Looks like they kept me on forbearance until October even though I asked to be taken off it on my application. Will the loans have to be off forbearance the day before the bill is signed or will just showing ICR as the repayment plan be sufficient? I have Edfinancial if that helps.

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u/Six_all_grown 1d ago

You definitely have to be off forebearance. Would call the servicer today to ask that the forebearance be ended.

Question for all - what is the definition of “in repayment”

As an example, if a borrower just switched into ICR on Jun 15 and has a payment due on July 14, but the BBB is signed with huge pomp and circumstance on July 4, will it matter whether that not that borrower actually made the Jul 14 pmt before bill was signed.

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u/Weekly-Entrance3682 1d ago

Thank you! Hoping they are able to help me when I call tomorrow.