Qualifies for forgiveness after 300 qualified payments. May also qualify for interest forgiveness if payment does not cover the subsidized interest accrual.
income based repayment plan
100
What is the forgiveness term for IBR?
300 qualified payments
100
When a client misses one payment in Worthyy, what is their WORTHYY status?
Suspended
100
What is happening in a Servicer 1 case?
Checking to see if Fedloan has received docs.
Fedloan account created.
100
A married filing jointly client is in ISD and wants to waive it. We have no documents on file. What do we need?
- ISD Waiver
- both client and spousal signed repayment application
- proof of income for client and spouse
200
The ICR plan payments will not exceed a ___ year standard repayment term.
12 year
200
What happens at the end of a regular forgiveness term as far as taxation goes?
Whatever balance is forgiven is treated as a capital gain.
200
What does is mean when a client's Worthyy status is "cancelled" and their Salesforce status is cancelled as well?
Client went into Worthyy and cancelled themselves
200
You just told your client "It looks like your renewal is past due and we have not received your documents back. is your email still xxxxx? We need these back as soon as possible to complete your renewal, in the meantime I will process a forbearance on your account."
What case type is open?
Renewal 2
200
A client is totally disabled. What application do you send them?
Total and Permanent Disability Discharge Application
300
What is the repayment term for PLUS Graduate loans in REPAYE?
300 qualified payments (25 years)
300
Which forgiveness(s) are offered under an ICR plan?
Standard Loan Forgiveness and PSLF
300
What is a client's Salesforce status when they have missed 2 payments?
Dropped
300
A client is Active Past Due.
What actions need to be taken?
- Confirm banking info is correct
- Get date to reschedule payment or update payment info
- Email savepay
300
A client does not have time for conference calls but their application is at a standstill. Client is frustrated because they work during our business hours and cant get a hold of anyone. What do you send them to make this easier and allow us to get an update?
T PERM
Fedloan power of attorney
400
What is the minimum loan balance required for an extended graduated plan?
$30,000
400
Name 4 types of loan forgiveness.
PSLF
Standard Forgiveness
Interest Forgiveness
Title I (TEACH) Forgiveness
400
When a client's payment declines, they call in to make up the payment and want to change their card on file. What would you advise them to do?
Log in to Worthyy which will prompt them to either retry the payment or update their card info and then retry the payment.
- advise this will be their new recurring fee date
400
A client's summary statement posted on 5/1/2017. The servicer 3 case just opened. What would you tell them is happening in this case?
How many days until there is an update?
We are waiting on confirmation your consolidation has been funded and your previous loans have been paid in full.
20 business days from 5/1/2017 is when we have an update.
400
What documents do we need back from a client who wants to complete a consolidation, reconsolidation, or separate consolidation?
Promissory Note
Repayment Application
Proof of income
500
What are the exact dates to be qualified for the PAYE program?
Must be a new borrower after Oct 1 2007, with a Direct Loan after Oct 1 2011.
500
Explain the added interest forgiveness benefit in the REPAYE plan after the first 3 years.
If after the first three years, your payment does not cover the interest accruing on the subsidized portion of the loan, interest will only accrue at 50%
500
If a client wants to Opt Out of Worthyy, what is the protocol?
Change their status in Salesforce to Opt Out, note and close the Worthyy case. Delete the lead in worthyy admin.
500
A client calls in and they are in Document Faxed. What do you tell them?
What login do we need?
It looks like we still have not received your consolidation documents and proof of income in order to complete your consolidation. We need those back asap.
We need your FSA ID as well.
500
A client has $17,000 in federal loans and has been teaching for 5 years at a school that serves low-income families. What application do you send them?