Repayment Plans
What are the income-driven repayment plans?
IBR, ICR, PAYE, REPAYE
What is the format for a Fedloan password when creating an account?
FlMMDDYY
12 months
What is the repayment term for PSLF?
10 years 120 qualified payments
What does DPSF stand for?
Document Preparation service fee
What is the minimum balance for an extended repayment plan?
$30,000
What happens in a servicer 1 case?
Fedloan account is created or automated system called to confirm the application was received.
What do we need back for a renewal of a MFJ member?
Joint 1040 or pay stubs for both
repayment app signed by both
How many hours a week on average do you need to work to qualify?
30 or more
What are the 4 main benefits of worthyy?
Student loans
Budgeting tools
Job Search
Coupons and discounts
The standard is plan is based off what % of the loan balance?
1%
How long does a consolidation take to be funded?
30-45 days
Capitalization
What is the grace period for a payment to be considered qualified if it is late?
15 days
What does our Worthyy/MMAF cover?
Anything and everything regarding their federal student loans, most importantly renewals
What are the date qualifications for PAYE?
New borrower after Oct 1 2007 with another Direct loan after Oct 1 2011
How long does it take for repayment terms to post once the IDR application has been submitted?
4-6 weeks
Spousal loan balance will be considered if the member files jointly and is which IDR plan(s)
Repaye, PAYE, IBR
What tax code is designated as a qualifying employer?
501c3
A member has missed 3 worthyy payments. How many do they need to make up to reinstate?
Just 1
What is the interest subsidy benefit in REPAYE?
For the first 3 years if your payment doesn't cover the interest accruing, the sub will be covered 100% and unsub 50%, after the first 3 years both portions will accrue at 50%
What are the 4 steps of the consolidation process?
1. Confirm application received
2. Confirm summary is correct
3. Confirm funded notice
4. Confirm correct repayment terms have posted
What are 5 consequences of not renewing on time?
using forbearance
standard payment due
not qualifying for forgiveness
may lead to default if not rectified
What are 5 jobs that would qualify?
Teacher
Nurse
Police
Fire
Department of ____
Habitat for humanity, salvtion army, goodwill etc
If a member missed 2 consecutive worthyy payments, what is their account status?
Terminated