Income Driven Repayment Plans
What are the 4 IDR plans?
SAVE, IBR, ICR, PAYE
What are the 4 Term Based Repayment Plans?
Standard, Graduated, Extended, Extended Graduated
Borrower is enrolled ALHT at a Title IV school. Grace period has already been used.
Borrower's workplace was destroyed during the California wildfires.
FORE - Natural Disaster Forbearance
We can provide details to a borrower about their underlying loans of their consolidation if _____________.
we serviced the underlying loans
Which IDR plan can FFELP loans qualify for?
IBR
Which Term Based plan will always have a monthly payment of at least $50?
Standard Level
Borrower is enrolled ALHT in the Spring and is planning to enroll ALHT at another school in the Fall.
DSUM - Semester Bridge Deferment
Borrower is pursuing TLF and their balance is low enough to be forgiven entirely.
Teacher Loan Forgiveness Forbearance
Who processes all consolidation applications for the Dept of Education?
Aidvantage
Which IDR plans offer interest subsidy benefits?
SAVE, PAYE, and IBR
Which plans require a balance of $30,000?
Extended and Extended Graduated
Borrower is full time employed but still falls below the poverty guideline for his household size.
DHAR - Economic Hardship Deferment
Borrower's monthly payment on their federal student loans is equal to or greater than 20% of their total monthly income.
Loan Debt Burden Forbearance
What loan status prevents a borrower from consolidating?
SCHL - In School Status
Which IDR plans can take 300 months to reach forgiveness?
SAVE, IBR, ICR
What type of request will you submit to switch a borrower to a term based repayment plan?
LS > Acct Analyst > Term Based Repayment Plan
Borrower is receiving treatment approved by Dept of Ed for alcohol abuse.
DRHB - Rehabilitation Training Deferment
What are the dates for the National Emergency Forbearance?
3/13/2020 - 8/31/2023
What screen in CLASS can we see if a borrower's consolidated loan paid off a Parent PLUS loan?
181
What screen in CLASS can you see a breakdown of their current payment schedule?
122
25 years
How many months of Unemployment Deferment does a borrower have to use?
36
To help borrower successfully return to repayment after the COVID pause, the Dept of Ed created __________ to protect borrowers from the worst consequences of missed, late, or patial payments, such as negative credit reporting.
On-Ramp Period
If we receive a ______________, which is proof the customer is consolidating, we can apply a courtesy administrative forbearance to the account.
Loan Verification Certificate (LVC)