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Repayment Assistance Plan (RAP) vs. IBR, PAYE, and SAVE
Millions of federal student loan borrowers are entering a new repayment era. After years of uncertainty (payment pauses, injunctions, administrative forbearances, and changing policy) the United States is preparing to consolidate repayment options, ending multiple plans (including SAVE, PAYE, and ICR) and replacing them with the Repayment Assistance Plan, or RAP.
The challenge is that many borrowers are still fixated on their old payments from 2022 or 2023 and are concerned about what the cost will be in 2025 or 2026.
During SAVE’s administrative forbearance, payments were $0 and before that…
The skinny
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