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Student Loan Assistance Group
Student Loan Assistance Group at the Refrigeration School contact & student loan repayment information.
Your Student Loan Support Team
We’re Here to Serve You
You borrowed money to invest in your future with training, but you’re concerned about how you’ll repay your loan or have questions about the whole process. Don’t worry. The Student Loan Assistance Group is here to help. We’re RSI internal student loan support team.
We offer full student support with the loan repayment process:
- Answering questions about student loan repayment and deferment
- Helping students weigh their repayment options
- Assisting students in selecting a repayment plan that aligns with their specific circumstances
- Providing forms to apply for repayment alternatives
- Conferencing students in with their Federal Loan Servicer for faster assistance
It’s our mission to prepare you for life beyond the classroom by making sure you have all the
tools and resources to successfully repay your student loans or defer them if necessary.
Our goal is a financially secure future for each and every RSI student.
What to Expect after Taking Out a Student Loan
A student loan may be the first of many important investments you’ll need to borrow money for throughout your life:
- Getting married
- Buying a home
- Starting a business
Knowing what to expect next can help you feel confident in your decision. Below are the three main phases of the typical student loan life cycle.
During Vocational School
Focus on your training while in school. As long as you’re enrolled at least half-time, you don’t
have to make any payments.
Suggestions for Success with Your Student Loans
- If you can afford to, it’s a good idea to make small payments to lower the interest on the loan and prepare yourself financially for larger payments later. This will also give you a chance to get to know your Federal Loan Servicer.
Grace Period
After leaving school, you’ll have six months before you have to start repaying your student loan. During this grace period, you’ll receive a welcome letter from your Federal Loan Servicer and your Repayment Obligation Disclosure Statement. This document will explain your total balance, interest rate, monthly payment and first due date.
Student Loan Success Tips
- Make sure to update your address, phone number and email with RSI and your Federal Loan Servicer to ensure you receive these documents.
- Check how your monthly student loan payments fit into your budget.
- Review your options. Choose the repayment or deferment plan that works best with your budget.
Paying Back Your Student Loans
You are now receiving monthly billing statements. The repayment term is typically 120 months/10 years.
Student Loan Success Tips
- Having trouble making your payments on time? Change your repayment term. You may qualify for lower monthly payments by extending the repayment term. Check with your Federal Loan Servicer.
- Never Let Your Student Loan Account Become Delinquent. There are serious consequences, but they can be avoided. Call us or your Federal Loan Servicer to work out a payment plan you can afford. Contact our office at 888-671-5803.
Reducing Your Monthly Student Loan Payments
We get it. You’re just starting out in your new career after training, and the standard loan repayment plan doesn’t work with your budget. The good news is there are several ways to lower your monthly payments and stay in good standing with your loan.
This plan is for direct subsidized and unsubsidized loans, subsidized and unsubsidized federal stafford loans, all PLUS loans (direct or FFEL), and all consolidation loans (direct or FFEL).
- Your payments start out low and increase, usually every two years.
- The repayment period lasts up to ten years.
- If you think your income will increase steadily over time, this plan could work for you.
This plan is for direct subsidized and unsubsidized loans, subsidized and unsubsidized federal stafford loans, all PLUS loans (direct or FFEL), and all consolidation loans (direct or FFEL) over $30,000.
- The repayment period is extended to up to 25 years.
- You choose between making the same payment amount every year or gradually increasing payment amounts over time.
IDR plans take into account your salary and family size and there are a few that studentaid.gov lists below:
- Income-Based Repayment (IBR) Plan
- For direct subsidized and unsubsidized loans, subsidized and unsubsidized federal Stafford loans, direct and FFEL PLUS loans made to students, and direct of FFEL consolidation loans that do not include PLUS loans (direct of FFEL) made to parents
- Either 10% or 15% of your discretionary income depending on when you received your first loans. Not more than what you would pay on the standard 10-year repayment plan.
- Income-Contingent Repayment (ICR) Plan
- For direct subsidized and unsubsidized loans, direct PLUS loans made to students, and direct consolidation loans (including those that repaid parent PLUS loans)
- 20% of your discretionary income, or the amount you would pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income.
- Pay As You Earn (PAYE) Repayment Plan
- For direct subsidized and unsubsidized loans, direct PLUS loans made to students, and direct consolidation loans that do not include PLUS loans (Direct or FFEL) made to parents on or after October 1st, 2007, and received a disbursement of a direct loan on or after October 1st, 2011.
- 10% of discretionary income, but never more than what you would pay under the 10-year standard repayment plan.
After satisfying the conditions of an IDR plan, you can get the remaining balance of your loan(s) forgiven. View the repayment plan page on studentaid.gov here.
Pausing Student Loan Payments
Deferment/Forbearance Options
If you can’t make your monthly payments, you may be able to temporarily postpone them. Deferment or forbearance is granted under certain circumstances:
- Re-enrollment in school
- Economic or temporary financial hardship
- Unemployment
- Disability
- Military deployment
- Public service
- Natural disaster
FAQ About Student Loan Repayment
A loan servicer is a company that manages a student loan. They can answer any questions
you have, collect monthly payments and handle other administrative tasks.i
With a Federal Direct Loan, you’ll be assigned a loan servicer after the first disbursement of the loan. The loan servicer will contact you directly.ii
Learn more about Federal Loan Servicers: Click here.
Contact your Federal Loan Servicer.ii
Visit StudentLoans.gov to complete a free Income-Driven Repayment Plan Request application, or call us at 888-671-5803.ii
Counseling to prepare you to repay your federal student loans. Topics include understanding your loans, making a repayment plan, avoiding default and how to make financial responsibility a priority.ii
Student Loan Resources
- The studentaid.gov website allows you to review all of your student loan information in one place. This includes disbursement dates, balances and your assigned Federal Loan Servicer.
- To find your Federal Loan Servicer, visit the Who’s My Student Loan Servicer page.
- Repayment Estimator. Check which student loan repayment plans you may be eligible for and get estimates on monthly payment amounts.
- This Federal Direct Loan repayment plan comparison chart can help you determine which options you’re eligible for and work best with your budget.
- Cash Course is a free guide to managing money while your in school and beyond! Find courses on maintaining a budget, and resources on money topics that can help you manage your finances.
Get FREE Help with Your Student Loans from Student Connections
We know that student loan repayment can be confusing. That’s why we’ve teamed up with Student Connections to provide additional support and make sure you have everything you need to manage your federal student loans. This service is completely FREE to you.
Do you need to lower your monthly payment? Don’t panic. You’re not alone. Millions of student loan borrowers will struggle as repayment begins. The good news is there are several ways to control the monthly cost of repayment. Check out this guide from Student Connections for more information.
Need help finding info about your student loans? The easiest way to find your loan information is by setting up accounts on StudentAid.gov and your loan servicer’s website. Learn more about how to find loan info here.
Need to talk to a loan counselor to explore your repayment options? The Borrower Advocates at Student Connections can help answer any questions you have and help you determine what steps you need to take. Talk to a Borrower Advocate for free at (866) 311-9450.
The Refrigeration School Debt Forgiveness Program
RSI has a debt forgiveness program for withdrawn students that have a previous balance with the school and are looking to re-enter and graduate. If you are looking to re-start your education and get help easing the burden of your loan, complete the form at the link below:
Department of Education Federal Loan Servicers
| Federal Loan Servicer | Phone | Website |
|---|---|---|
| EdFinancial | 855-337-6884 | ESA/EdFinancial Website |
| MOHELA | 888-866-4352 | MOHELA Website |
| Aidvantage | 800-722-1300 | Aidvantage Website |
| Nelnet | 888-486-4722 | Nelnet Website |
| CRI | 833-355-4311 | CRI Website |
You Can Count on Us. Contact Us for Help
The Student Loan Assistance Group is your go-to resource during the repayment process. Whether you have questions or need help filling out forms, we’re here to serve you.
Here’s how you can contact us:
Student Loan Assistance Group Address
120 N 44th St. STE 230
Phoenix AZ 85034
Phone Number and Fax:
RSI: (888) 671-5803
FAX: (855) 888-3875
Email: [email protected]
Virtual Tour
Additional Sources
ihttps://www.consumerfinance.gov/ask-cfpb/what-is-student-loan-servicer-en-583/
iihttps://studentaid.gov/help-center/answers/landing
