TOP
Treasury Offset is not happening during this time frame (give dates)
March 13-December 31st, 2020
Refunded Garnishment payments get sent to whom?
Straight to the consumer
What Smart Code is added to an account to indicate the consumer is doing a compromise?
The Standard Compromise Smart Code is 211
This thing must be done everyday with a unique contact when speaking to a consumer. The smart code for this is what?
F&C
The Smart Code is 255
True or False:
Once someone agrees to a rehab they will start getting CARES Act Waiver Credits
False,
ED will make CARES Wavier Credits for a borrower once billing is established in DMCS
True or False:
Consumers can tell ED to keep their Treasury Offset Payment
False
Due to the Cares Act any Treasury Offsets applied to a balance will be automatically refunded by ED.
If the consumer has questions about their garnishment refund, an STM should direct them where?
Department of Education's Default Resolution Group
When someone wants to accept a Compromise you must go check what section in DMCS to ensure TOP and/or Garnishment payments are refunded to the consumer?
Financial Transactions
The 033 Smart Code indicates what?
The date billing was established in DMCS
True or False:
If a consumer makes a payment during the Cares Act; ED will give a CARES Waiver Credit also during that same month
False,
ED will only credit a CARES Waiver Credit for the Cares Act months if the consumer doesn't make one during that time frame
True or False:
If a consumer is in a rehab and makes 3 payments by 12/31/2020 their loans would not be subject to offset
False.
The consumer must make 5, on-time, eligible payments by 12/31/2020 for tax offset deactivation
During the Cares Act a consumer can have a garnishment continue to come out of their paycheck as long as they do what?
There is no way to have a Garnishment continue during the Cares Act. If a garnishment does post to a consumer account, ED will be returning that payment.
If someone calls in to extend their Compromise during the Cares Act an STM should do what?
1. Ask the consumer how much more time they would need to complete the compromise.
2. Apply the 435 smart code and then select f2 for a comp extension.
3. send an email to your manager to let them know to submit a comp extension.
When a consumer calls in. The STM must apply this code to let other STMs know you are talking to the borrower?
818: IB call (this is a very important step to make sure another STM is not making an outbound call to the same consumer. NRI is limited on the ability to make calls.)
True or False:
A Cares Act Waiver Credit will bring down a consumers account balance?
False,
The Cares Act Waiver Credits, will count against the Loan Rehabilitation Program. The balance does not go down from these credits as they are not payments.
True or False:
If a consumer returns their documents for a rehab and has billing established in DMCS Cares Act payments will count towards the 5 payments made for purposes of tax offset activation.
True
True or False:
If a consumer is getting garnished they can speak to an STM and have a stop garnishment letter sent to them.
False:
A consumer must have their employer call and speak to an STM to get a stop garnishment letter sent to the POE.
There are 3 ways a consumer can make a payment for a compromise. One way is with NRI; name the other 2 ways they can make a payment
1. Go online and make a payment
2. Send a certified check to the national payment center
These codes indicate that the RAMS were read to the consumer
Rehab RAM given: 190 or 224
True or False:
Cares Act Waiver Credits apply to all programs a consumer can get into. Consumers don't have to make payments right now?
False:
Cares Act Waiver Credit apply to a consumer that has billing established in DMCS for a rehabilitation program.
True or False:
A consumer needs to fill out an Injured Spouse request to get their taxes back between 3/13-12/31/2020?
False:
Due to the cares act any treasury offsets applied to the balance between 3/13-12/31/2020 will be returned by ED. There is no form that needs to be filled out for this.
True or False & why?
When speaking to a consumer (that needed to send in documents to get a qualifying payment) an STM notices the consumer had an amount under federal student loans that was being garnished from their check. STMs can continue with the call as though nothing is different?
False,
If the consumer is no longer getting garnished from an employer STM's should go over that expense. Explain to the consumer that Garnishment is not happening right now and remove the amount from that line.
When in a Compromise a TOP payment is applied to a consumers balance and pays off the account. The TOP payment gets refunded back to the consumer & cancels their Compromise. The borrower has to do what now if wanting to continue the Compromise?
Start a new Compromise
The 332 Smart Code does 2 possible things. Name them
1. Indicates a borrower does not want to receive detailed messages
2. Revokes previous permission to leave detailed messages
If a consumer made voluntary payments on 2/15/2020 & 3/15/2020 for $20. The consumer returns their docs, is calc'ed at $10 and billing established on 8/28/2020. How many payments would the consumer have as of August 31st?
7 payments