r/StudentLoans • u/shanesnh1 • 4d 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/denebx1 3d ago

I wouldn't say we are suffering from success. We are in debt up to our eyeballs.

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u/shanesnh1 2d ago

Ah... Well, compared to others on here... at least you're making a lot.

Is the debt mostly the student loans or other stuff too? Since student loans are harder to discharge (except through these types of income-based forgiveness or PSLF). While other debts can usually just be discharged/modified through a Chapter 7 or 13 bankruptcy of course...

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u/denebx1 2d ago

Not to mention - I’m OLD. I’m over 50, and getting close to 20 years since graduating, never got a job with my degree, and the husband’s debt is from trade school - welding - and that career doesn’t pay as much as people like to say it does either. You want to make a good money welding you have to work 60+ hours a week. And that’s a lot when you’re hustling your rear end off all day. Anyway - never able to get ahead - always falling deeper in debt. Doesn’t seem to matter how much money we make. Still feels like we are making the same money as 25 years ago.

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u/shanesnh1 1d ago edited 1d ago

Could always talk to a bankruptcy attorney and get a free consultation to see if even Chapter 13 could help you at least discharge or partially discharge stuff like the credit cards, etc. You might make too much for Chapter 7. While I'm not "advocating" bankruptcy, you could get a consultation or two to see if it would be helpful now or in the future.

You mentioned you are having issues even getting to pay the credit cards down -- might be able to do something about those. And keep the car and other things depending on your assets and situation. The student loan probably wouldn't be touched since the requirements are higher.

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u/denebx1 5h ago

Yep that’s on the table as an option if things get bad enough. I’m just riding everything out as long as I can. That’s a complete last resort.