Curious what your payment would be on the new RAP plan versus the IBR plan? We build out a calculator for you!
Humble Wealth Loan Calculator: RAP vs IBR
Calculator Notes:
- RAP program opens July 1, 2026.
- Only eligible for New IBR if you have no loans taken out prior to July 1st of 2014.
- AGI means Adjusted Gross Income
- This section is where you will put in your "reportable income". Could be from your most recently completed tax return, annual projected income from your paystub, or your employment contract.
- In order avoid reporting your spouses income, taxes must be filed separately on the most recently completed tax return.
- This section is where you will put in your "reportable income". Could be from your most recently completed tax return, annual projected income from your paystub, or your employment contract.
- Currently there is no cap on the RAP plan but how the law is written, if you stop reporting your income your payment caps.
- Still unclear if these capped payments will remain eligible for PSLF or not.
- The calculator assumes we use this strategy to cap the payment until we learn that this is no longer a loophole we can utilize.
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