IDR
What is your payment amount based on if enrolled in an IDR plan? (Must say all answers to be correct)
income, number of children, number of other dependents, marital and tax filing statuses (married/filing jointly), and eligible student loan debt
In general, how is interest impacted in a deferment?
In a deferment, subsidized loans do not accrue interest. Unsub loans will accrue interest and will capitalize at the end of deferment.
Borrower wants to give a 3rd party permission to call in to discuss his account, does not want to use NCW. Which letter do we send him in order to fill out the Release of Information?
K300
What is the loan summary letter & timeframe?
Letter mailed out listing underlying consolidation loans. Borrower has 10 business days from the time letter was sent out to cancel/make adjustments to consolidation.
Why cant I get 0% interest on my federal loans owned by Navient and other financial institutions?
"I understand this may be confusing. The interest rate waiver was only authorized for loans owned by the Department of Education. The government is absorbing the cost for the loans it owns – but not for other federal or private loans owned by Navient and other financial institutions"
Which IDR plan is the only plan that requires an exit fee?
IBR
What happens to interest in a FRAT (Student Loan Debt Burden Forbearance)?
It accrues during a FRAT because it is a type of Forbearance. This interest will capitalize at the end of the forbearance period.
Borrower made a payment yesterday but did not get a payment confirmation email. Which letter do we send?
P045
Borrower received cancellation reason 20, what does that mean?
20 - Direct Consol Only
Borrower is trying to consolidate a Direct Consolidation by itself, which cannot be done.
Borrower wants to opt back into FORC. What do we do?
Corr code G1W5 - FORC OPT OUT REQUEST OVERRIDE RCVD must be entered on the account and a Natural Disaster (FORD) IDT must be submitted to have the status reapplied.
What is the current timeframe for an IDR application to be processed that was received as of today?
Use amount on timeframes calculator. as of 3/31/21, it is 15 business days.
When can you not process a FORA before a FORN/FORM?
270 or more days past due.
Borrower gives a different last name than what we have on file. Which letter do we send to help her with this name discrepancy?
K011
Information about consolidation should be sent to borrower if it is discussed. What is the email correspondence option?
CTL TKB4
Department of Education owned loans in a FORC status will be reported as in Repayment, Current with a $0 payment amount, like borrowers on a $0.00 Income Driven Repayment Plan. began to automatically receive a FORC status.
Note: Since the FORC status was processed retroactively, the FORC begin date will be reported in April and should override the March reporting for ED borrowers.
What is the interest subsidy for borrowers on the REPAYE program?
Sub Loans:
Unsub Loans:
True or False - A FORN(M) can be processed for an IDR Recertification.
False
True or False - There is a Userfill letter we can generate for estimated graduated repayment plan. If True, what is the letter code? If false, what is the alternative?
False - Send IDT to Manual Letter Repayment Option
Information about consolidation should be sent to borrower if it is discussed. What is the mail correspondence option?
K173 (sent based on non-regulatory permissions)
But I thought my loans were federal loans? What is the suggested speak?
"I understand this may be confusing and you're correct, your loans are federal loans but they are not owned by the Department of Education. Prior to 2010, the federal student loan programs were different than they are today. Most of the federal student loans were provided by banks and other financial institutions, instead of directly by the government."
How many qualifying payments need to be made in the PAYE plan for loan forgiveness?
240 (20 years)
Borrower has to meet one of these 4 qualifications in order to be eligible for DHAR (economic hardship deferment.
1. Borrower has been granted an Economic Hardship Deferment on a loan under another federal student loan program (with a different servicer) for the same period for which the borrower is applying for DHAR with Navient.
OR
2. Borrower has received federal or state public assistance for the same period for which the borrower is applying for DHAR.
OR
3. Borrower is serving as a Peace Corps volunteer.
OR
4. Borrower is working 30 hours or more per week in a job that is expected to last 3 consecutive months AND the amount of monthly income is less than 150% of the Federal Poverty Guidelines for their family size and place of residence.
Borrower has a letter on ECS that they want to have resent to them. Which IDT do we send for this request?
CC Customer Document Request
Borrower wants to cancel a consolidation within the loan summary period. How do we submit this request.
Requests sent using the CARES > Work Requests > Online Referrals submitted through CARES. -
ED-Direct Loan Consol - Cancel/Remove Ln Rqst
ED - What is the guideline for IBR Exit?
Exiting IBR: As long as one month has passed in the FORC, the borrower may be moved to any eligible repayment plan (PAYE, ICR, REPAYE, Level, Graduated or Extended) without making a payment ($5.00 or Expedited Standard Level).