Repayment
What is the repayment term for IBR?
25 YEARS
To be eligible for a Closed School Discharge, the school must have closed while the borrower was enrolled or within how many days of withdrawal?
120 days
How many payments need to be made to qualify?
120 payments
What is a key similarity between deferment and forbearance?
Both allow temporary suspension of student loan payments
What are the qualifications for an In School deferment?
Attend an accredited school and attend at least halftime
What are the consequences of default?
wage garnishment, tax offset, collection fees, negative credit reporting, loss of title iv funding
Which condition qualifies a borrower for a Total and Permanent Disability (TPD) Discharge?
Total and permanent disability
To qualify for PSLF I must?
Be employed by a U.S. federal, state, local, or tribal government or qualifying not-for-profit organization (federal service includes U.S. military service)
Work full time for the organization
36 months
When does an in school deferment end on an account?
Deferment ends when the borrower leaves school, by withdrawing or dropping below halftime status
How are the Income Driven Repayment Plans calculated?
On family size and income
What is a Closed School Loan Discharge?
Your school closes while you’re enrolled or soon after you withdraw.
What is a forbearance?
A temporary suspension of your student loan payments.
What must I be receiving to qualify for an Economic Hardship deferment?
State or Federal welfare assistance.
Which repayment plans may qualify for IDR loan forgiveness?
What is a Borrower Defense Loan Discharge?
You took out the loan to attend a school that misled you or engaged in other misconduct in violation of certain laws
30 hours.
Can I still make payments during a forbearance?
Yes
What must I be receiving or in what situation would I qualify for an Unemployment Deferment?
Receive unemployment benefits or you are seeking and unable to find full-time employment
What is the minimum monthly payment under the Standard Repayment Plan?
$50
What is an Unpaid Refund Discharge?
If you withdrew from school and the school didn’t make a required return of loan funds to the loan servicer,
What do I need for PSLF?
Should I only just forbearance and not explore other options?
No, we always want to explore long term solutions. Forbearance can run out and is only temporary
What are the 4 most common deferments we use?
UED, EHD, Military, and ISD