Student loan borrowers on new RAP plan can lose key benefits if they pay even one day late

The new Repayment Assistance Plan, or RAP, offers benefits to federal student loan borrowers — but only if their bill is paid on time. Here's what to know. The new Repayment Assistance Plan, or RAP, offers benefits to federal student loan borrowers — but only if their bill is paid on time. Here's what to know.