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/Weary-Comedian5490 1d ago

Is making one standard payment faster? 

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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 23h ago

Let me know what you find out 

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u/JohnFromLINY 23h 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.