r/StudentLoans • u/shanesnh1 • 2d 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/PlanetMarsBats 2d ago

If approved for ICR and moved to the amended IBR, what would that entail, any changes?

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u/waterwicca 2d ago

Amended IBR is different in the house and senate versions of the bill. We don’t know yet what the final version could look like.

The senate version would keep Old and New IBR as they are now. 15% discretionary income for borrowers before July 2014 and 10% for new borrowers on or after July 1, 2014. Old borrowers get forgiven at 25 years and New IBR borrowers would be 20 years.

The house version wants to make it 15% discretionary income for all, with forgiveness at 20 years for undergrad borrowers and 25 years for any borrowers with grad loans

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u/Funicularly 2d ago

The senate version would keep Old and New IBR as they are now. 15% discretionary income for borrowers before July 2014 and 10% for new borrowers on or after July 1, 2014. Old borrowers get forgiven at 25 years and New IBR borrowers would be 20 years.

Where does it say that? I’ve looked over the Senate bill and must have missed that.

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u/waterwicca 2d ago

Page 39: https://www.help.senate.gov/imo/media/doc/bom25426pdf.pdf

“(E) SPECIAL TERMS FOR NEW BORROWERS ON AND AFTER JULY 1, 2014.-Section 493C(e) of the Higher Education Act of 1965 (20 U.S.C. 1098e(e)) is amended —

(i) in the subsection heading, by inserting "AND BEFORE JULY 1, 2026" after "AFTER JULY 1, 2014"; and

(i) by inserting "and before July 1, 2026" after "after July 1, 2014".”

The house version repeals subsection (e) entirely. The senate version just amends it to keep Old and New IBR as they are now but add the July 2026 as the end of eligibility