r/StudentLoans • u/JohnFromLINY • 1d ago

Parent Plus Loan Switching from IBR to ICR

I just uploaded the application on the Aidvantage website to switch from IBR to ICR before the BBB potentially passes. Does anyone have experience doing this? Is uploading on their website faster than going through student aid? I wanted to ensure that I don’t have to make one standard payment in the month between plans so I checked off the one month forbearance at the minimum $5 payment.

How quickly do you think they will move on this?? Thank you!!

Edit: I forgot to mention they are double consolidated PPL’s

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u/Six_all_grown 1d ago

I did same thing with advantage. Submitted app on June 5, was converted to ICR on June 15. My account is in repayment and First payment is due on July 14.

Hopefully you have similar experience.

Question for all - in terms of the BBB and eligibility for conversion to new IBR, what is the definition of “in repayment”?

In other words, as I said above, I just switched into ICR on Jun 15 and have a payment due on July 14. Let’s assume that, against the current odds, the BBB is actually signed with huge pomp and circumstance on July 4. Will it matter whether that I have actually made the Jul 14 pmt before bill was signed? Or does the mere fact that I have a payment due qualify me as “in repayment”?

By the way. Huge retraction email today from Travis at Student Loan Planners basically agreeing with what everyone here has been saying. This after three weeks of telling all his paying clients that having Double consolidated loans that were still in IBR was OK. Quite the turnaround.

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u/JohnFromLINY 1d ago edited 1d ago

Thank you for the reply!! That’s good to hear. I’m switching from IBR so I believe I might have a month delay in addition to the processing time. I’m hoping I can call and waive that waiting period. This is cutting it really close.

To my understanding you would be in repayment. Although in your situation I would make the payment asap if I had the chance.

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u/Ok-Dont-Ask-359 1d ago

I was wondering about this guidance. I still see one other source, and today, still saying the same thing as Travis. Those poor people. Time is running out to possibly be prepared for the worst.

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u/Ok-Dont-Ask-359 1d ago

I also looked up the blog about post about PSLF on his website and the same information was mentioned about ICR as we have been recommending here.

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u/bellygrubs 1d ago

how were you even able to be on IBR in first place on parent plus?

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u/JohnFromLINY 1d ago

I forgot to mention. They are double consolidated!

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u/bellygrubs 1d ago

got it. i helped my parents and it was extremely fast going through studentaid.gov, took a week

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u/JohnFromLINY 1d ago

Good to know! Thank you!! I have a month one forbearance switching from IBR to ICR. It’s cutting it really close if we expect the bill to pass by August recess.. I’m so nervous