Missed Student Loan Payment Under New Repayment Assistance Plan Could Cost Borrowers Key Benefits
Federal student loan borrowers enrolled in the new Repayment Assistance Plan (RAP) could lose valuable benefits if they miss a payment by even one day. The U.S. Department of Education's RAP offers income-driven repayment with monthly payments ranging from 1% to 10% of a borrower’s income and potential forgiveness after 30 years.
Topics: federal student loans late payments Repayment Assistance Plan (RAP)