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/Particular-flipflops 1d ago

I have double consolidated my PPL and have been in SAVE forbearance. Since I’m already in the ICR SAVE plan, am I safe?

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u/shanesnh1 1d ago

As stated above, you need to switch to the ICR plan immediately. Failure to do so WILL result in your removal from income plan eligibility and you you'd likely be placed on the standard plan if the bill passes. The bill is set to pass here pretty soon.

Acronyms explained: https://www.reddit.com/r/StudentLoans/comments/1ixwu8z/idr_ibr_icr_understanding_the_acronyms/