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- 1. Multiple Choice
To rehabilitate a student loan means that the borrower begins a special program on a charge off /collection account where the applicant starts making payments again to get a current status back on the account and usually all derogatory comments pertaining to the trade are removed.
True
False
- 2. Multiple Choice
ACRO cannot be used to verify the deferment date?
True
False
- 3. Multiple Choice
What is the formula to calculate the payment amount on a student loan if information is not located in acro, ATM or website?
90 divided by Terms
Balance divided by 90
Hi Credit divided by 90
90 divided by balance
- 4. Multiple Choice
Your work request is to verify “terms” on a student loan with a hi-credit of 8000 and balance of 6500?, please select the correct response.
72
88
89
73
- 5. Multiple Choice
What is an income base repayment plan?
Status where the owner of the account is currently required to make regular payments on the account
Status where the owner of the account is in school.
Status where the owner of the account is permitted to temporarily cease making payments or reduce the amount of the payments.
Status where the borrower enrolled a plan to make payments based to their income and family size.
- 6. Multiple Choice
What does forbearance mean?
Status where the owner of the account is currently required to make regular payments on the account
Status where the owner of the account is in school.
Status where the owner of the account is permitted to temporarily cease making payments.
Status where the borrower enrolled a plan to make payments based to their income and family size.
- 7. Multiple Choice
What procedure do you need to follow when the request is to verify if a student loan is deferred only?
Just need to add a verbiage stating “STUDENT LOAN DEFERRED UNTIL ___ PER ___ @ ___ ”
Need to update the trade and add a verbiage stating “STUDENT LOAN DEFERRED UNTIL ___ PER ___ @ ___”
Need to update the last reported date and add a verbiage stating “STUDENT LOAN DEFERRED UNTIL ___ PER ___ @ ___”
Need to update the trade and add a verbiage stating “VERIFIED PER ___ @ ___ ”
- 8. Multiple Choice
How do we identify that a student loan is in repayment status?
The consumer is currently required to make regular payments on the account
The creditor will report a lump sum payment amount
There is a consolidation of more than one account to a single account
The borrower is not require to make regular payments since in school status
- 9. Multiple Choice
How do we identify a combine payment scenario?
The creditor reports a consolidation of more than one account to a single account.
The creditor reports a lump sum payment amount for all student loans, there is no separate payments for the loans
The creditor reports a separate payment for each student loan
The creditor provides a payment based on borrower’s income
- 10. Multiple Choice
What’s the Loan type on a student loan?
Defaulted Student loan
Student loan
Educational loan
Educational/student loan
- 11. Multiple Choice
How must the payment amount field be updated on a student loan in IBR?
Should be updated with the current payment amount
Should be updated with the payment amount once the IBR ends
Should be updated in blank
Should be updated with $0
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