Credit Reporting
When is Delinquency reported?
Delinquency is reported when a loan becomes 90 or more days past due.
SAVE plan monthly payment amount is based on ___% of discretionary income.
A. 15%
B. 10%
C. 20%
D. 5%
B. 10%
Which is not a fact about Term based plans?
A. Interest rate stays the same
B. No built-in forgiveness
C. Minor details vary depending on Pre-Hera and Post-Hera
D. Subsidiary benefits
D. Subsidiary benefits
What is the resolution hierarchy?
1. IDR
2. Term based plan
3. Deferments
4.Forbearances
5. THF
Do term based plans have built in forgiveness options?
No
If a borrower has questions on improving their score, what should we advise them?
We cannot counsel on credit, recommend they contact the CRAs directly.
True or False:
You can verbally submit for borrowers to be put into an IDR over the phone
False; we are no longer submitting verbally
What is required for Extended plans?
Minimum of $30,000 balance
True of False:
If a brw works for the VA (Verterans Affair), and asking what their options were, you will get them transferred to the military line for further assistance.
False; The VA is not considered as part of the military.
True or False?
Forgiveness payment counts are accessible in cares.
False, there is currently no way to access forgiveness payment counts in cares.
Who are the CRA's that Edfinanical reports to?
1. Transunion
2. Equifax
3. Experian
4. Innovis
When submitting an LS Res for payment counts, which will Student Services be able to provide us?
A. IDR Forgiveness payment count
B. PSLF Forgiveness payment count
C. Both
D. Neither
C. Both
Extended plans are usually a ___ year term based plan.
25 year
What is required to be discussed if a brw has FFEL loans?
Go over PSLF script, consolidation, and IDR and send the associated quickmailers
A disabled veteran from the Military with 90% percent VA disablity rating is asking about TPD. Are they eligible?
No. To qualify for TPD, borrowers MUST be 100% totaled and permanently disabled.
We report the following:
Status (current, delinquent, transferred, paid-in-full, etc.).
Outstanding balance.
The minimum monthly payment amount.
Past due amount (if applicable).
True or False:
Beginning August 1st of 2025, interest and payments will resume for those on the Save plan.
False; Interest will resume, payments will not
This kind of plan has the least amount of interest paid over the life of the loan...
A. Standard
B. Graduated
C. Extended
D. Extended Graduated
A. Standard
How can borrowers have the SAVE Forbearance removed once it has been placed on account?
The borrower cannot have this forbearance removed once it is applied to the account. (Training Update 8/27)
What are the most important requirements for borrowers to get PSLF?
1. Must have eligible employer for a total of 120 months
2. Must have 120 qualifying payments
The new Credit Dispute Flow is now known as the...
A. Credit Dispute/Credit Reporting flow
B. Fraud ID Theft and Credit Dispute flow
C. Fraud ID/Credit Dispute flow
D. Theft and Fraud Credit Dispute flow
B. Fraud ID Theft and Credit Dispute flow
True or False:
Parent PLUS loans will need to double consolidate to be eligible for all IDR options.
False; Double consolidation is no longer applicable as of 7/1/25.
If a borrower with consolidated loans asks for extended plans, what should we advise them?
These loans offer a loan term of 360 installments (or 30 years). Extended plans cap at 300 installments (or 25 years) and as such will not be applied to these accounts.
True or False
Borrowers cannot apply for IDR while Supreme Court hold is placed due to injunction.
False; They can submit paper application, however, it wont get processed until hold is lifted.
If a borrower calls in stating the school ceased to provide educational instruction in programs in which the majority of attending students are enrolled, what would they possibly be eligible for?
The School Closure Discharge