r/StudentLoans

33m ago

u/Mundane_Relative_170

Is RAP a good idea?

Advice

Hi guys, my grace period just ended and I need to pick a payment plan. I have 40k in graduate loans with an average interest of 7.6% I am still not making a ton of money as I am just starting my new job, about 2k a month but it should increase rapidly. I am not looking for loan forgiveness, just something to hold me over until I’m making more money and can afford to pay it off in chunks. I can barely afford my bills right now.

The RAP sounds like a good idea because of the forgiven interest but with my income changing unpredictably and not knowing a ton about my payment options I’m worried. I’m the first in my family to go to college so I don’t have anyone to ask about loans, please help. Thank you!!!

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