Deferments
Repayment Options
Forbearances
Delinquency & Consumer Reporting
Payments & Billing
100
Full Time and Half Time are acceptable statuses. Part Time is NOT an acceptable status
What is an In School Deferment
100
Minimum outstanding FFELP debt must be $30,000 or greater to qualify Repayment term extended up to 25 years
What is Extended Repayment
100
“ Interest will accrue during the forbearance period, and unpaid interest will be capitalized, meaning added to your principal, as often as quarterly, and at the end of the forbearance. This increases both the principal balance and total loan cost. This forbearance does not remove any information previously reported to the consumer reporting agencies.”
What is FFELP/FDLP Voluntary Forbearance (FORV, FORB)
100
The Loan has reached 90+ Days Past Due at the end of the month
What is When We Report the Account Information to Consumer Reporting Agency.
100
Phone Payments, Auto Debit, Online Billing, Online Banking/Bill Payer are all examples of what?
What is Payment Methods
200
The customer is receiving payment under a Federal or State Public Assistance Program.
What is an Economic Hardship Deferment (DHAR)
200
2 Years of Interest Only Payments to 4 Years of Interest Only Payments, and Repayment term extended up to 25 years
What is Extended Graduated Repayment
200
Should ONLY be processed in connection with a Repayment Option being processed
What is an Administrative (FORA)
200
(FCRA)
What is the Fair Credit Reporting Act
200
"NSFs" Stands for what?
What is Insufficient Funds
300
Must be one of the following: Unemployed (OR) Working less than 30 hours per week (OR) Working for an expected period less than 3 months
What is Unemployment Deferment (DUEM)
300
Allows a customer to choose to pay a MPA based on 4% - 25% of the customer's Gross Monthly Income.
What is Income Sensitive Repayment (ISR)
300
Granted to the borrower for a limited and specific period of time if they have been accepted into an Internship/Residency Program.
What is Internship/Residency Forbearance (FORI)
300
Submiting a request to TT00 CBADJ
What is to Request a Retraction EXAMPLE: The customer is disputing the delinquency on the credit report and the account was never in repayment
300
1.Late Fee (If Applicable) 2.Collection Costs (If Applicable) 3.NSF Fee (If Applicable) 4.Legal Fee (If Applicable) 5.Interest 6.Principal
What is the Payment Allocation
400
The borrower must be: On active duty in the Armed Forces (Army, Navy, Air Force, Marines, or Coast Guard) of the United States serving in connection with a war, other military operation or national emergency Performing qualifying National Guard duty during a war or other military operation or national emergency. Basic Training does not qualify as serving active duty
What is Military Service Deferment (DMLT)
400
After 25 years of qualifying payments, any remaining balance will be forgiven.
What is Income Based Repayment (IBR)
400
Granted to allow the collection of needed documentation.
What is Non-Capping Forbearance (FORM)
400
You can find these Corr Messages MV04, MV05, MV06 on an account when...
What is when a retraction was made
400
The borrower will still be due for the balance of the payment. The delinquent amount will be displayed on the 111 screen, but no delinquent date will appear.
What is Payment Tolerance FFELP Loans follow a $5.00 payment tolerance
500
Must be substantially committed to a rehabilitation program that is approved by the Veterans Administration (VA) or by a Rehabilitation Training Program official . This includes vocational, drug, alcohol abuse, and mental health treatment programs
What is Rehabilitation Training Deferment (DRHB)
500
Plans available to customers who entered Repayment prior to 07/01/06 Plans available to customers who entered Repayment on or after 07/01/06
What is Pre-HERA What is Post-HERA
500
Granted if the borrower is currently making payments on Title IV (Federal) loans and those payments are equal to or greater than 20% of the borrowers gross monthly income.
What is an Excess Title IV Forbearance (FRAT)
500
Trans Union, Equifax, Experian, Innovis are categorized as what?
What is Consumer Reporting Agencies
500
This screen is used for Researching researching a missing payment on Sallie-Ed systems
What is 641 screen (the Suspense screen)
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