Student loan borrowers will have two new repayment options come July 1. Here's how to pick one
Starting July 1, student loan borrowers will have two new repayment options, including a plan called RAP. This plan adjusts monthly payments based on earnings and offers forgiveness after 30 years. Borrowers can also receive benefits such as a reduction in payments for dependents and credits toward Public Service Loan Forgiveness.
- ▪RAP monthly payments will range from 1% to 10% of earnings, with a minimum payment of $10.
- ▪RAP leads to student loan forgiveness after 30 years, unlike other plans that offer forgiveness in 20 or 25 years.
- ▪Borrowers can receive $50 off their monthly bill for each qualifying dependent.
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| Canonical URL | https://www.cnbc.com/2026/05/29/student-loan-borrowers-new-repayment-plans.html |
| Publication time | Fri, 29 May 2026 14:39:28 GMT |
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Under RAP, monthly payments will typically range from 1% to 10% of your earnings; the more you make, the bigger your required payment. There will be a minimum monthly payment of $10 for all borrowers. Current IDR plans offer certain very low-income borrowers a $0 monthly payment.RAP also doesn't shield a portion of a borrower's income in its bill calculation like other IDR plans do, but rather determines their bill based on so-called adjusted gross income. AGI is your total earnings before taxes, minus certain deductions. RAP leads to student loan forgiveness after 30 years, compared with the typical 20-year or 25-year timeline on other IDR plans.But RAP comes with a few perks: Federal student loan borrowers get $50 off their monthly bill per qualifying dependent, for example.
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