Letters and Codes
Name the Corr Code that is added on after an IDR application is approved?
GKA2
If a consolidation loan with a disbursement of 08/07/2010 has underlying Plus loans, what IDR plan(s) are they eligible for if any?
ICR
How do we calculate the recertify date in CLASS?
Add a day to the Exp DT shown on the 12W screen
What income amount do we use on a Federal Tax document?
Adjusted Gross Income
What Forbearance do we apply if a borrower is requesting for IDR and is delinquent?
FORA
What does the soft denial Corr Code GP6F mean?
It means that the borrowers request is pending and that the borrower is eligible for IDR but we are unable to complete the request because additional information is needed from the borrower.
What screen in CLASS do we add external loans on?
12M
When can the borrower's loans be forgiven if a borrower requests for the IBR plan and all of their loans are disbursed after 07/01/2014?
20 years
How long are Federal Tax Document valid when processing an IDR task?
2 Years following the filing year
What screen in CLASS do we initiate an IDR application on?
12N Screen
What letter do we send if there is no letter code created?
P010-General Reply letter
Name the system we can use to identify if a borrower has underlying plus loans in their consolidation?
NSLDS
What happens when IDR expires?
It goes into a Perm Standard plan and the payment increases
Name the steps of the Pay Stub Processing Flow
1.Borrower or Spouses Name
2.Pay Period dates
3.Gross Pay amount
4.Pre-tax items
5.OT or Bonus pay
What screen can we view the IDR application details for e-Apps?
12U
What does a C4 app status code mean?
Not in repayment
If a borrower or spouse has pre-existing external loans in CLASS, its necessary to verify that the info has been updated within the last __ days.
30 Days
What is a Forced IDR PLAN?
Forced IDR usually happens right after a new consolidation that consolidated a defaulted loan.
Always check for the Federal ___ ____ first.
Federal Taxable Wages/Gross
What screen do we see the FTI e-App payment pre-populated on?
181 Screen
What app status profile and denial letter would we use if the borrower is on a Forced IDR plan and they have not made the 3 consecutive payments to change plans?
C9-001 AND P010 General Reply Letter
If a consolidated loan has underlying plus loans, and then consolidates again what is that called?
Twice Consolidated
Complete the sentence:
To be eligible for PAYE, a borrower must have had
No outstanding balance on a Direct or FFEL loan as of 10/01/07, or no balance when loans received after 10/01/07 and received a disbursement of a loan on/after 10/01/11, or received a DLCS on/after 10/01/11 and all underlying loans within the consolidation were disbursed on/after 10/01/07.
How long is ADOI valid?
90 Days from the application signature date
True or False: A FAWN or FORN must be adjusted when we are approving a repayment plan change.
True