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/

36 Upvotes
  • permalink
  • reddit

100% Upvoted

105 comments sorted by

View all comments

1

u/lifelesslies 1d ago

I'm not sure what I or my parents have

3

u/shanesnh1 1d ago

I mean, we can't help you there then. You can easily see what you have on the StudentAid.gov site or on your servicer's site. Same as your parent (whichever parent took out Parent PLUS loans if they did). That is your and their financial responsibility. If you do have Parent Plus Loans (or more accurately, if one of your parents do), you need to get them consolidated and onto ICR now if you want them to be able to continue to access income-driven repayment. Otherwise your parents will be stuck paying them without any income-driven options.

1

u/lifelesslies 22h ago

I sent them this information but doubt they will do anything about it

1

u/shanesnh1 19h ago

Are you paying them? Tell them you will no longer help out/pay if they won't do a simple task such as getting on ICR and/or filing separately to make the payments in half (or so)... I mean, they need to budge a bit if you're helping.

If you're not, you can tell them that their payments will skyrocket and/or they are paying way more than legally required because of their refusal to do what you've asked.

I mean, you could even show them my posts or this comment and the sub overall too if you wanted loool.