New Student Loan RAP Plan Explained
New Student Loan RAP Plan Explained: What Borrowers Need to Know | Money Matters Monday
What does the new RAP student loan repayment plan mean for new borrowers?
On this episode of Money Matters Monday on 105.3 RNB, host Olympia D. talks with financial planner, educator, and FIRE expert Jackie Cummings Koski about the new Repayment Assistance Plan (RAP) and how it may affect students and recent graduates entering repayment.
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Jackie breaks down key changes, including minimum monthly payments, income-driven repayment, interest subsidies, the six-month grace period after graduation, and the possibility of loan forgiveness taking up to 30 years. She also explains why borrowers earning under $100,000 may still benefit from choosing an income-driven repayment option rather than a standard repayment plan.
If you are a college student, recent graduate, parent of a student borrower, or anyone navigating federal student loan repayment options, this conversation offers practical context to help you pay attention to the changes and make more informed choices.
Connect with Jackie Cummings Koski
Website: JackieCummingsKoski.com
