Definitions
Deferement
What is A deferment is a temporary postponement of payment on a loan that is allowed under certain conditions and during which interest generally doesn’t accrue on certain types of subsidized loans.
Are all borrowers eligible for an extended repayment plan?
What is No, If you're a Direct Loan borrower, you must have more than $30,000 in outstanding Direct Loans.
Who is eliglbe for Public Service Loan Forgiveness?
What is PSLF is a program for people who work in public service in federal, state, tribal, or local government, or for a non-profit organization
What is the Aidvantage's one
mission
What is: Aidvantage has one mission — to assist you in managing the repayment of your federal student loans
What is 953 4061 1689
Federal Student Aid
What is Federal student aid is aid from the government in the form of grants, loans, and/or work-study to assist students with college or career school
What is an income-driven repayment plan?
What is Income-driven repayment (IDR) plans are designed to make your student loan debt more manageable by giving you a monthly payment based on your income and family size. If your outstanding federal student loan debt represents a significant portion of your annual income, an IDR plan might be right for you.
Are loan amounts forgiven under PSLF or TEPSLF considered taxable by the IRS?
What is No. According to the Internal Revenue Service (IRS), student loan amounts forgiven under PSLF or TEPSLF aren’t considered income for tax purposes.
Who sets the interest on Student Loans
What is Congress sets interest rates on Direct Loans from the Department of Education through laws that tie the rate to financial markets. Interest rates are calculated each spring for new Direct Loans for the upcoming academic year – July 1 through June 30.
Who is responsible for payment interest on an Unsubsidized loan?
What is the Government
Forbearance
What is A forbearance allows you to temporarily stop making your monthly student loan payments or temporarily make smaller payments
Do I have to recertify my income every year if I am on an Income Driven Repayment Plan?
What is Yes. However, if your situation changes before your yearly deadline to recertify—for example, your income decreasing or losing your job—you can submit your information to your loan servicer and they will recalculate your payment.
Does the borrower defense discharge apply to all loans I took out to pay for my program?
What is No. This borrower defense discharge applies only to your Direct Loans. This borrower defense discharge does not apply to private student loans or other loans you may have received from programs administered by federal or state agencies, including other programs administered by ED.
ED will proceed with the applicable discharge of your Direct Loans. If some of your federal student loans are Federal Family Education Loan (FFEL) Program loans and/or Federal Perkins Loan Program loans, they are not eligible for discharge under the Borrower Defense to Repayment law or regulations.
How is the borrower's monthly payment allocated the the loan?
What is: Payments are typically applied first to Unpaid Fees, if any, then to Unpaid Interest, then to Unpaid Principal
How many reindeers does Santa have and what are their names?
What is
Santa has a total of nine reindeer.
Their names are Dasher, Dancer, Prancer, Vixen, Comet, Cupid, Donner, Blitzen and, of course, Rudolph.
Interest
What is Interest is a loan expense charged for the use of borrowed money. Interest is paid by a borrower to a lender. The expense is calculated as a percentage of the unpaid principal amount of the loan
Name four different Income Driven Repayment Plans
What are:
Revised Pay As You Earn Repayment Plan (REPAYE Plan)
Pay As You Earn Repayment Plan (PAYE Plan)
Income-Based Repayment Plan (IBR Plan)
Income-Contingent Repayment Plan (ICR Plan)
What happens if my borrower defense application against the school is denied?
What is You will not receive a discharge of any of your federal student loans and the forbearance or stopped collections period will end for all of your loans. You will be responsible for repaying these loans, including interest that accrued during the forbearance or stopped collections period.
What are the hours of operation for the Aidvantage Call Center?
What is: all Eastern Time, Monday 8 a.m. – 11 p.m., Tuesday through Friday 8 a.m. – 8 p.m., and Saturday 10 a.m. – 2 p.m
What is the longest river in the World?
What is the Nile?
Repayment
Whay is Repayment is paying back money you borrowed by making scheduled payments to a loan holder or servicer.
How is my monthly payment amount calculated under an income-driven repayment plan?
What is: your payment amount under an income-driven repayment plan is a percentage of your discretionary income. The percentage is different depending on the plan. The chart below shows how payment amounts are determined under each income-driven plan. Depending on your income and family size, you may have no monthly payment at all.
How much loan forgiveness can I receive for the Teacher Loan Forgiveness?
What is
The maximum forgiveness amount is either $17,500 or $5,000, depending on the subject area taught. If you have eligible loans under both the Direct Loan Program and the FFEL Program, $17,500 or $5,000 is a combined maximum forgiveness amount for both programs.
You may receive up to $17,500 in loan forgiveness if you were
a highly qualified full-time mathematics or science teacher who taught students at the secondary school level; or
a highly qualified special education teacher (at either the elementary or secondary level) whose primary responsibility was to provide special education to children with disabilities, and you taught children with disabilities that corresponded to your area of special education training and demonstrated knowledge and teaching skills in the content areas of the curriculum that you taught.
If you didn't teach mathematics, science, or special education, you may receive up to $5,000 in loan forgiveness if you were a highly qualified full-time elementary or secondary education teacher.
What are three traditional repayment plans
What are: Standard, Graduated, and Extended –
What is the most popular pizza topping?
What is pepperoni