Basic Repayment Plans
This repayment plan is for ten years.
Standard plan
When a student is currently attending classes and is at least a half-time student.
In-School Deferment
Federal loans that can be subsidized or unsubsidized.
Stafford Loan.
When borrower wants to combine all loans into one.
Consolidation
How long is a Grace period.
6 months.
This repayment plan is ten years with the plan increasing every two years (24 months).
Graduated plan
When a borrower is active Military but serving only under certain qualifying service.
Military Deferment
These loans are taken directly from the school and repaid to the school.
Perkins loan
What happens at the end of either 20 or 25 years of payments on an income driven repayment plan.
Loans reached forgiveness.
When loans default.
Day 270
This repayment plan is for 25 years with 300 fixed payments.
Extended Repayment plan.
When a borrower is below certain income guidelines and is working more than 30 hours a week.
Economic Hardship Deferment
Loans taken out by Professional students.
Grad PLUS loans.
Length of time it takes to process consolidation application.
60 - 90 days
CRI's EIN number
510353006
This repayment plan is for 25 years with 300 payments increasing every 2 years (24 months).
Extended Graduated plan.
When a borrower is unemployed but is looking for fulltime employment and registered with an employment agency.
Unemployment Deferment
Loans taken out by the students father, mother, stepparents or guardian.
Parent Plus
Two factors that are taken into consideration when calculating an income driven repayment plan.
Income and Family size.
CRI's servicer code
513
Repayment plans can be based off one of two criteria.
Income and balance.
This deferment can only be removed by consolidation.
In-School (I30)
Way of postponing loans at the borrower's discretion. Can be used at any time.
Hardship Forbearance.
3 types of IDR
IBR, PAYE and ICR
What is our hold time?
2 minutes.