Peoplejoy Flashcards
Can you currently get PSLF credit without a DCL for PPL?
Yes!
What repayment plan are you locked into post consolidation with PPL?
Income contingent repayment (ICR)
In the double DCL method what is included in the second DCL?
ALL loans
ICR goes off how much of the discretionary income
15-20 percent
If you are MFS will your spouse’s income be factored into MMP?
No
Will ICR be available to everyone in 2024
No, only PPL borrowers
In the double DCL method what is included in the first DCL?
Just PPL
Can PPL be transferred to the child?
Federally no, private possibly.
What happens if the child passes away?
The loan will be discharged
After the double DCL is completed can borrowers get off ICR
Yes as long as they are eligible for other repayment plans
Does interest accrue in deferment for PPL?
Interest will still accrue on PPL during all deferment periods
Can adoptive parents apply for PPL?
Yes
If the parent who takes out PPL passes away what happens?
The loan will be discharged
When does the double DCL loophole end?
July 1, 2025
How will PSLF credit be measured after a consolidation in 2024?
Weighted average
If a parent who takes out PPL becomes disabled can PPL be discharged?
Yes
What is the current interest rate for PPL?
If first disbursed on or after July 1, 2023, and before July 1, 2024, the interest rate is 8.05%. This is a fixed interest rate for the life of the loan.
Prior to DCL what repayment plans can PPL be on
Standard, Graduated, Extended Grad
Once consolidated can PPL go back to standard?
No
Is ICR an income driven repayment plan?
Yes
