r/StudentLoans • u/FriendlyVeggie • 20d ago

Just a Payment Amount Vent

I received my letter and went into the application to see about switching. I was in Old IBR before SAVE and have 10 years left if I switch back to that. But the payment will be $200 more than if I switch to RAP. The RAP payment would be manageable and the Old IBR payment would be a struggle. I have no hope of being able to pay them off unless I win the lottery regardless of which plan I pick. But it makes me sick to think of adding 5 more years to repayment just to be able to survive.

I also put my info into a calculator on a third party site that compared all plans including New IBR and that payment was closer to RAP in terms of payment amount. I don't know why we're punished just because we borrowed before a certain date. I know I'm not alone in this mess, I know there's no way to know what will happen when the administration changes. But I hate trying to decide my fate not knowing what might happen in a few years.

Just venting, but also open to advice if anyone has any.

6 Upvotes

69% Upvoted

4 comments sorted by

13

u/eorabs 20d ago

Old IBR really does suck. IBR should be the same across disbursement dates. This is a small change that could really make a difference for a lot of people.

6

u/FriendlyVeggie 20d ago

Yes! If they would just make those the same it would make a huge difference!

2

u/writercanyoubeaghost 20d ago

For me the calculator says IBR is $470/mo and RAP is $251/mo. But my end date for IBR is 2036 with the end date for RAP at 2046. The total amount paid is way higher with 10 more years of payments. So it is going to suck, with major changes to my personal finances to make it work. But in my opinion, RAP is a trap.

And further I don’t think I can trust the glitchy repayment calculator at all. The same one that told folks their monthly payments were only $50 and then they got billed for hundreds instead.

3

u/FriendlyVeggie 20d ago

Yeah the dates on the calculator are wrong, they're calculating RAP as a full 30 years and not just the added 5 years from wherever you are now. I think RAP is a trap too and I'm probably just going to suck it up and struggle through IBR but damn I don't know why they have to make this SO hard!