Repayment Assistance Plan (RAP): Who Qualifies and What You Get
Learn how the Repayment Assistance Plan (RAP) can help reduce or eliminate your monthly student loan payments if you are struggling with low income.
The Repayment Assistance Plan (RAP) is a program designed to help people with federal student loans who are having difficulty making their required payments due to low income.
Who it's for
This plan is available to borrowers who have federal student loans and are currently struggling to meet their monthly repayment obligations because their income is too low.
What you get
If you qualify, the program can reduce the amount you are required to pay each month. In some cases, your monthly payments may be reduced to zero.
What it costs you
There is no direct fee to use this program. However, it does require an investment of your time, as you are required to re-apply for assistance every six months to remain eligible.
The catch to know
The most important thing to remember is that you must apply for this assistance before you default on your loan. Waiting until you have missed several payments could disqualify you from the help you need.
How to apply
- Review your current income and financial situation.
- Gather any necessary documentation regarding your earnings.
- Visit the official government website to complete the application.
- Follow the instructions on the portal to submit your request.