You Have Options, We Are Here to Help!!!
Department Mission – To prepare our students for life beyond the classroom by ensuring our students are provided the necessary tools and resources to have a financially secure future.
Please contact our office for assistance during the repayment process. Our advisors will be able to answer your questions and assist you in selecting the most appropriate option for your specific circumstance. Our advisors will also be able to provide you the necessary forms to apply for your repayment alternatives, in addition to conferencing you in with your Federal Loan Servicer for faster assistance.
RSI Student Loan Assistance Group
120 N 44th St. STE 230
Phoenix AZ 85034
Student Loan Life Cycle
In – School: While in school, remain focused on your studies. No payments are required as long as you are taking classes at least half time; however, it is a good idea to make small payments to reduce interest, prepare yourself financially, in addition to becoming familiar with your Federal Loan Servicer.
Grace Period: After leaving school, you’ll have six months to get prepared for the repayment process. This is the best time to make sure your student loan monthly payments will fit into your budget and review your options if you aren’t able to afford your monthly payments. During your grace period you will receive a welcome letter from your Federal Loan Servicer, in addition to your Repayment Obligation Disclosure Statement. This documentation will include your total balance, interest rate, monthly payment, and your first due date. It is extremely important that you update your address, phone numbers, and email address with the school and your assigned Federal Loan Servicer to ensure you receive this crucial information.
Repayment: You have received your Repayment Obligation Disclosure Statement and are now receiving monthly billing statements. Your repayment term is typically 120 months/10 years. You can alter your repayment term by lowering your monthly payments or extending the repayment term (dependent on certain qualifications determined by your Federal Loan Servicer). The most important aspect of repayment is never to let your student loan account become delinquent. Severe consequences can result for nonpayment. There are several options to assist you during this process if you aren’t able to meet your financial obligation.
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Graduated Repayment – With this plan, borrower’s payments start out low and increase every two years. The length of the repayment period will be up to ten years. If you expect that your income will increase steadily over time, this plan may be right for you.
Extended Repayment – Under the extended plan, borrowers will pay a fixed annual or graduated repayment amount over a period not to exceed 25 years.
Income Contingent Repayment (ICR) (Direct Loans Only) – This plan gives the flexibility to meet financial obligations without causing undue financial hardship. Each year, the monthly payments will be calculated on the basis of adjusted gross income (includes spouse’s income if married), family size, and the total amount of Direct Loans. The maximum repayment period is 25 years. If the borrower hasn’t fully repaid the loans after 25 years (time spent in deferment or forbearance does not count) under this plan, the unpaid portion will be discharged. The borrower may, however, have to pay taxes on the amount that is discharged.
Pay as You Go/Income Based Repayment (IBR) – Under IBR, the required monthly payment is capped at an amount that is intended to be affordable based on income and family size. Borrowers are eligible for IBR if the monthly repayment amount under IBR will be less than the monthly amount calculated under a 10-year standard repayment plan. If the borrower repays under the IBR plan for 25 years and meet other requirements, they may have any remaining balance of the loan(s) cancelled.
A student loan deferment or forbearance allows you to temporarily postpone your monthly payments under certain circumstances, such as:
- Re -Enrollment in School
- Economic or Temporary Financial Hardship
- Military Deployment
- Public Service
- Natural Disaster
You Can Deal With it – Receive assistance with your student loans, budget planning tools, cash and credit managing tools.
Department of Education Federal Loan Servicers: