Business Needs
What should be done first when withdrawing a Student Loan Application?
Attempt to save the application
What are 3 pieces of information you can use to verify a caller?
First and last name
Date of Birth
Last four digits of social security number
Account #
CIF
Borrower ID
Loan #
When a customer is unhappy at the end of a call what should you do?
Submit a complaint tracker
While completing a Deferment request the agent confirms start and separation date and reads the disclosure and ends procedure.
Did not ask if the customer wanted auto deferment
Who will receive a 1098E?
Only the primary borrower that has paid interest on a qualifying student loan.
If an account is past due can we take a payment if the payment amount does not pay the full past due balance?
No
Can an Authorized third party update a borrowers address?
No we cannot update borrowers information, we can only release information and take payments for an ATP
After a customer has been security verified what would you do next?
The customers contact info should be verified if the demographic information pops up.
Customer states "how do you think that is fair my friend got a lower rates because they are from New York. Agent explains reason for the rate offered and moves on to the next customer.
Agent did not fill out complaint/feedback tracker
Why am I being asked to turn in a form W9?
The Internal Revenue Service (IRS) has notified us that the combination of the name and taxpayer identification number (Name/TIN combination) on your account with us does not match its records.
When a customer calls to get information on Discover Student Loans what should we do before answering their questions.
Check for lending relationship with their school.
Can a borrower call in and do a cosigner application?
No, we can offer an outbound call to get the cosigner on the phone, the cosigner must be on the call to take an application.
When quoting the interest rates what is the required verbiage?
APR or annual percentage rate
Agent did not ask the caller if we could send them an email with more information (the shopping form)
If I received a Form 1098-E and/or a letter, am I eligible for the Student Loan Interest Deduction?
Eligibility for the Student Loan Interest Deduction is based on your individual situation.
We encourage you to consult a tax professional for tax advice. Please also see IRS Publication 970 for more information at irs.gov.
After you have answered any questions from a potential borrower or cosigner what should you do next?
Offer to take an application
When can the High School Good Grade Reward be redeemed?
Within 6 months after the loan is disbursed.
When informtion a customer about the RTC what is the exact verbiage required?
APPROXIMATELY 5 BUISNESS days
While completing a graduation reward the customer requested to have the payment applied to the account agent applied the payment towards the current balance and ends procedure.
Agent did not ask the customer if they wanted the payment to be applied to the next bill (Pay ahead option)
Why is the interest paid shown on my Form 1098-E and my Interest Paid Letter less than the amount of interest that I actually paid during the year according to my records?
If you redeemed a Graduation Reward or a Reward for Good Grades during the year, the interest paid amount reflected for that year may have been reduced by some portion of the reward redemption amount you received. Each subsequent year, until the loan is paid off, a portion of the reward will reduce the total interest paid for that year.
If you had any adjustments made to your loan during the applicable tax year, your total reportable qualified interest paid could be reduced.
When a borrower or a cosigner call in to make a payment what should we do when the payment is over the amount due?
Offer pay ahead option
What is the variable interest rate cap?
18%
What is required when recording an International borrower with a SSN in Verint AIM?
Firstnamelastnametodaysdate (no more than 15 characters)
Cosigner calls in to get the interest rate that was offered on an application. Agent opens with branded welcome and requests first and last name Cosigner gives first and last name and lets the agent know the relationship to the borrower and provides the Application ID. Agent verifies DOB. Agent gives interest rate the borrower selected. Agent ends with branded closing.
Agent did not fully security verify before releasing information. What are the required items and how many are required?
Will I receive a Form 1098-E for my federal loans?
You may receive a separate Form 1098-E from your federal loan servicer for the interest you paid on federal student loans. If you have any questions, please contact your federal loan servicer.