Late Payments Under New Student Loan Repayment Assistance Plan May Result in Loss of Key Benefits
The U.S. Department of Education's new Repayment Assistance Plan (RAP) offers benefits such as interest waivers and principal matches, but borrowers who pay even one day late risk losing these perks. The plan caps monthly payments at a percentage of income and leads to loan forgiveness after 30 years.
Topics: federal student loans loan forgiveness on-time payments Repayment Assistance Plan (RAP)