Repayment Assistance Plan: Who Qualifies and What You Get
Learn how to reduce or eliminate your federal student loan payments if you are struggling to keep up with your monthly balances.
The Repayment Assistance Plan (RAP) is a program designed to help people who are having difficulty making their federal student loan payments.
Who it's for
This plan is specifically intended for borrowers who are struggling with their federal student loan payments. If your current financial situation makes it difficult to meet your scheduled monthly obligations, you may be eligible to apply for this support.
What you get
The primary benefit of this scheme is a modification of your repayment schedule based on your financial capacity. Depending on your income, you may qualify for reduced monthly payments or even zero monthly payments. This assistance is intended to provide breathing room for those whose income does not currently cover their debt obligations.
What it costs you
There is no direct monetary fee to apply for this assistance. However, it does require a commitment of your time and documentation. To maintain your eligibility and ensure your payments remain adjusted to your current situation, you are required to submit a new application every 6 months.
The catch to know
The most important thing to remember is that this program only covers the federal portion of your student loans. If your loans include a provincial component, this plan will not cover those specific amounts. You must contact your provincial student loan provider to apply for separate assistance for any provincial portions of your debt.
How to apply
- Review your current income and financial status to ensure you have the necessary details ready.
- Navigate to the official government service portal.
- Complete the application process by providing the required information regarding your financial circumstances.
- Submit your application for review by the issuing government body.