Show:
Deferments
Repayment Options
Forbearances
Delinquency & Consumer Reporting
Payments & Billing
100
Full Time and Half Time are acceptable In-School statuses to receive this deferment. Part Time is NOT an acceptable status.
What is an In School Deferment?
100
This repayment option extends the repayment terms up to 25 years.
What is Extended Repayment?
100
“Interest will accrue during the forbearance period, and unpaid interest will be capitalized, meaning added to your principal, as often as quarterly, and at the end of the forbearance. This increases both the principal balance and total loan cost. This forbearance does not remove any information previously reported to the consumer reporting agencies.” Say this script when applying what?
What is FFELP/FDLP Voluntary Forbearance (FORV, FORB) Script?
100
We report the account information to The Consumer Reporting Agency when?
What is when the account reaches 90+ Days Past Due, at the end of the month.
100
Phone Payments, Auto Debit, Online Billing, Online Banking/Bill Payer are all examples of what?
What is Payment Methods?
200
The customer is receiving payment under a Federal or State Public Assistance Program, so he/ she will be pre qualified for this deferment.
What is an Economic Hardship Deferment (DHAR)?
200
This repayment option allows the borrower to pay either: 2 Years of Interest Only Payments Or 4 Years of Interest Only Payments, And Repayment term extended up to 25 years.
What is Extended Graduated Repayment?
200
This type of forbearance should ONLY be processed in connection with a Repayment Option being processed.
What is an Administrative Forbearance (FORA)?
200
What does (FCRA) stand for?
What is the Fair Credit Reporting Act
200
"NSFs" Stands for what?
What is Insufficient Funds?
300
Must be one of the following to receive this deferment: Unemployed (OR) Working less than 30 hours per week (OR) Working for an expected period less than 3 months.
What is Unemployment Deferment (DUEM)?
300
Allows a customer to choose to pay a MPA based on 4% - 25% of the customer's Gross Monthly Income.
What is Income Sensitive Repayment (ISR)
300
Granted to the borrower for a limited and specific period of time if they have been accepted into an Internship/Residency Program.
What is Internship/Residency Forbearance (FORI)?
300
This IDT is used to Request a Retraction from the Consumer Reporting Agencies. EXAMPLE: The customer is disputing the delinquency on the credit report and the account was never in repayment status.
What is TT00 CBADJ?
300
_______ are applied in the following order: 1.Late Fee (If Applicable) 2.Collection Costs (If Applicable) 3.NSF Fee (If Applicable) 4.Legal Fee (If Applicable) 5.Interest 6.Principal
What is the Payments?
400
The borrower must be: On active duty in the Armed Forces (Army, Navy, Air Force, Marines, or Coast Guard) of the United States serving in connection with a war, other military operation or national emergency. Performing qualifying National Guard duty during a war or other military operation or national emergency. Basic Training does not qualify as serving active duty.
What is Military Service Deferment (DMLT)?
400
After 25 years of qualifying payments, any remaining balance will be forgiven.
What is Income Based Repayment (IBR)
400
Granted to allow the collection of needed documentation.
What is Non-Capping Forbearance (FORM)?
400
You can find these Corr Messages MV04, MV05, MV06 on an account when...
What is when a retraction was made from the Consumer Reporting Agencies.
400
The borrower will still be due for the balance of the payment. The delinquent amount will be displayed on the 111 screen, but no delinquent date will appear.
What is Payment Tolerance? FFELP Loans follow a $5.00 payment tolerance.
500
Must be substantially committed to a rehabilitation program that is approved by the Veterans Administration (VA) or by a Rehabilitation Training Program official. This includes vocational, drug, alcohol abuse, and mental health treatment programs.
What is Rehabilitation Training Deferment (DRHB)?
500
Plans available to customers who entered Repayment prior to 07/01/06. Plans available to customers who entered Repayment on or after 07/01/06.
What is Pre-HERA and Post-HERA?
500
Granted if the borrower is currently making payments on Title IV (Federal) loans and those payments are equal to or greater than 20% of the borrower’s gross monthly income.
What is an Excess Title IV Forbearance (FRAT)?
500
Trans Union, Equifax, Experian, Innovis are categorized as what?
What is Consumer Reporting Agencies?
500
This screen is used for researching a missing payment on Sallie-Ed systems.
What is 641 screen (the Suspense screen)?