Settlements
Who approves a 60% settlement?
SCM
Name 3 programs that Navient offers to customers.
Auto Pay
Modified Rate reduction.
3 pay
What is Clearing house
The National Student Clearinghouse is an educational nonprofit that provides educational reporting, verification, of enrollment to college
Financial statement
Credit report
How are they getting the funds
If the program is not in CCM what do we decline the customer
NO- look at a full offer
What screen in Artiva shows DSCH Availability
FDR Loan State History
What form tax form does a customer receive if they do a settlement
1099-C
On a SRP how many payments do we set up
36 payments
In Class what screen confirms school is eligible
Screen 728
What are the corr codes for a settlement?
GYA2 APPROVAL FOR PRE-SETTLEMENT LETTER
GKD2 APPROVAL GRANTED FOR SETTLEMENT
GKE3 CUSTOMER AGREED TO TERMS OF SETTLEMENT
Before offering a repayment program to borrower what should we comment
Determine the reason for the delinquency
▪ Complete or update the borrower’s financial statement
▪ Verify employment information
▪ Determine source of funds
▪ Use Synchrony CCM to determine program offering order
▪ Perform cosigner diligence (if applicable)
▪ Cure delinquency or refer FFELP loans to the lender.
What is DINT
is after separation date
How should you document the payment instructions for a settlement
➢ Include the payment dates and amounts for the settlement.
➢ Include any applicable special instructions for the payment allocation, if different than what is already noted in the Artiva notes.
Tell me the balance approvals for M099
Less than $100,000*
$150,001 to $200,000
$200,001 to $250,000
$250,001 and Greater
1% or Higher (RRPA) 3.25% or Higher (RRPB) UCM
$100,001 to $150,000 3 – 8% (RRPA) 5-8% (RRPB) UCM
1 – 2.75% (RRPA) / 3.25-4.75% (RRPB) UCM II/SCM
$150,001 to $200,000 SCM $200,001 to $250,000 Director
$250,001 and Greater Senior Director
What is IINT
is prior to separation date