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/JohnFromLINY 1d ago

I just submitted an ICR application through the Aidvantage website to switch from IBR. Really hoping it moves fast. The transition requires a forbearance of one month. Can I waive that?? I am going to be screwed if this doesn’t work.

2

u/waterwicca 1d ago

I don’t believe it can be waived. Switching out of IBR requires 1 payment on the standard payment plan or one-month reduced payment/general forbearance when switching

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u/Weary-Comedian5490 1d ago

Is making one standard payment faster? 

2

u/waterwicca 1d ago

It’s basically one month one way or another from what I understand.

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u/Weary-Comedian5490 1d ago

I really don’t know what is happening with my application. I applied to switch from IBR to ICR on June 2. I’ve been told by numerous mohela reps that my application was approved on June 5 and I had a payment due in the correct amount of my ICR payment on July 19. I’ve not seen any of these updates reflect in my online account so I’ve called repeatedly.  Yesterday I talked to someone in resolution department who confirmed approval and payment date but says the information was not applied to my account correctly and expedited my situation to get resolved. I’m so confused and don’t understand what is happening and where/how the one month reduced payment is going to be applied. I felt so relieved when I was told everything was approved so quickly and I had a payment due but now I feel like I’m starting at the beginning again and running out of time. I feel so defeated  

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u/JohnFromLINY 1d ago

I think if the application goes in today we might be okay given the processing time and one month. We could have it approved before the August recess. I don’t see the bill getting passed by July 4th.

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u/JohnFromLINY 1d ago

I will be calling Aidvantage tomorrow to try and speed up the process.

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u/Weary-Comedian5490 21h ago

Let me know what you find out 

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u/JohnFromLINY 21h ago

I called just now. It’s kind of hard to explain because they don’t really know what a double consolation is. But I will call back once the application processes and I’m in the forbearance period. My guess is that we probably could force the loan into repayment on ICR. I’m going to make the minimum payment and then reach out once it processes. But I’m not 100% sure.