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RAP’s Strict Rules Could Cost Borrowers | Raleigh News
A new student loan plan called RAP launched July 1 with powerful perks—interest waivers and principal matches—but with a brutal catch: one day late, and you lose them both. Nearly 46,000 borrowers signed up immediately, but the zero-tolerance policy means even a single missed day can cost hundreds over time and stall your path to forgiveness. Unlike older income-driven plans, RAP offers no grace period, and late payments also reset your 30-year forgiveness clock and delay Public Service Loan Forgiveness. To help, the Education Department is offering a 1% interest rate cut if you enroll in…
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