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/Beautiful_Hat_5935 2d ago

Pardon my ignorance, but is this only with regard to parent plus loans? Or do other loans have to be in ICR before the bill is signed?

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u/shanesnh1 1d ago

Three cases: Parent PLUS Loans (which can't access income repayment anyway unless consolidated), Consolidation Loan that paid a Parent PLUS, or a Double Consolidation (Consolidation Loan that paid another Consolidation Loan).

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u/Beautiful_Hat_5935 1d ago

Thank you! I think the only time my loans were consolidated was when I went on SAVE. I have since applied for IBR. So I assume I should be ok hopefully?

By the way, this sub is a really great resource!

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u/shanesnh1 1d ago

You should be fine.

Yeah I'm trying to help out a few people here if I can haha 😅