New Hire Exit Exam 2012

75 Questions | Total Attempts: 66

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New Hire Exit Exam 2012

Over the month you have been introduced to the role and responsibilities of the Internal Student Loan Specialist role. This exam is designed to test your knowledge of topics discussed during your SLS New Hire Training. This exam is a cumulative exam covering the materials and topics provided to you during your New Hire training course. In order to move forward into your new Internal Student Loan Specialist role, you are required to pass this exit exam wit a score of 90% or higher. This exam encompasses: Financial Aid, Cures, Forbearance, Deferments, Repayment Plans, Loan Tracker, LiveVox, Dispositions & Cured By Source as well as your Cisco phone. You have been allotted 90


Questions and Answers
  • 1. 
    FINANCIAL AID The U.S. Department of Education makes loans through the Direct Loan Program and the __________.
    • A. 

      Federal Financial Educating Loan Program(FFELP)

    • B. 

      Federal Family Education Loan Program (FFELP)

    • C. 

      Friends Family Education Loan Program(FFELP)

  • 2. 
    FINANCIAL AID You may choose to pay the interest on your unsubsidized loans while you are in school.
    • A. 

      True

    • B. 

      False

  • 3. 
    FINANCIAL AID The government will pay the interest on a borrower's subsidized loans while the borrower is enrolled at least half-time, during the Grace period and during __________ periods
    • A. 

      Forbearance

    • B. 

      Deferment

    • C. 

      Forbearance & Deferment

  • 4. 
    FINANCIAL AID The Life Cycle of a Student Loan:
    1. Identify Need 
    2. Approval & Certification
    3. Disbursement
    4. In School
    5. ?????
    6. Repayment
    7. Paid in Full
    What is Phase Five?
    • A. 

      Graduate

    • B. 

      Grace

    • C. 

      Apply for Deferment

  • 5. 
    FINANCIAL AID What types of loans accumulate interest?
    • A. 

      Subsidized

    • B. 

      Unsubsidized

    • C. 

      Parent Plus

    • D. 

      All of the above

  • 6. 
    FINANCIAL AID Perkins is a type of  _________ loan.
    • A. 

      Private

    • B. 

      Federal

    • C. 

      Employer Direct Bill

    • D. 

      Parent Plus

  • 7. 
    FINANCIAL AID Once a student graduates, leaves school, or drops below half-time, student will receive a grace period of _______ months before entering repayment on their Stafford Loans.
  • 8. 
    FINANCIAL AID When does the new Cohort Year begin and end?
    • A. 

      January 1 - December 31

    • B. 

      July 1 - June 30

    • C. 

      August 1 - July 30

    • D. 

      October 1 - September 30

  • 9. 
    FINANCIAL AID At what point is a student assigned to a Cohort Year?
    • A. 

      The date student begins first day of school

    • B. 

      The date the loan is disbursed

    • C. 

      The date the student enters repayment

    • D. 

      The date the student is approved for deferment

  • 10. 
    FINANCIAL AID A PUT loan began as a commercial loan and was sold or “PUT,” to the Department of Education.
    • A. 

      True

    • B. 

      False

  • 11. 
    FINANCIAL AID Loan rehabilitation is an option for students with defaulted loans. The student must make ________ consecutive monthly payments before the student will have his/her loans repurchased by an eligible lending institute and be eligible for additional federal funding.
    • A. 

      12

    • B. 

      9

    • C. 

      6

    • D. 

      3

  • 12. 
    CURES Shonna is 89 days delinquent. She would like to make a payment today to bring her account current.
    • A. 

      Cure

    • B. 

      Already Cured

    • C. 

      Not a Cure

  • 13. 
    CURES Sean currently has a forbearance applied to his account. Sean is receiving food stamps. He qualifies for the Economic Hardship Deferment.  
    • A. 

      Cure

    • B. 

      Already Cured

    • C. 

      Not a Cure

  • 14. 
    CURES Sophia recently dropped below half-time at school and is now two months into her grace period. Sophia currently receives Cash Aid. Sophia qualifies for an Economic Hardship Deferment.
    • A. 

      Cure

    • B. 

      Already Cured

    • C. 

      Not a Cure

  • 15. 
    CURES Wendy's account is 18 days delinquent. She expresses she will make a payment next Friday to bring her account current.
    • A. 

      Cure

    • B. 

      Already Cured

    • C. 

      Not a Cure

  • 16. 
    CURES Emma is 212 days delinquent. She qualifies for an unemployment deferment and a verbal forbearance is applied to her account.
    • A. 

      Cure

    • B. 

      Already Cured

    • C. 

      Not a Cure

  • 17. 
    CURES Chris is currently in school. He is expected to complete his certification in five months. He tells you that he remembers his payment will be $50 per month when he has to start repaying his loans. He's not interested in hearing his options at this time as he's on his way to buy a new pair of shoes.
    • A. 

      Cure

    • B. 

      Already Cured

    • C. 

      Not a Cure

  • 18. 
    CURES Ava has been making regularly scheduled payments on auto pay since she entered into repayment, however she would like to change to a different repayment plan today and she is eligible for the Income-Based Repayment Plan.
    • A. 

      Cure

    • B. 

      Already Cured

    • C. 

      Not a Cure

  • 19. 
    CURES It is Saturday and servicers are closed. Jerome is 293 days delinquent. After counseling Jerome on his options, a written forbearance is requested from the Processing Team to mail out the written forbearance form.
    • A. 

      Cure

    • B. 

      Already Cured

    • C. 

      Not a Cure

  • 20. 
    FORBEARANCE & DEFERMENT How many months at a time can a student request a forbearance?
    • A. 

      1 month

    • B. 

      6 months

    • C. 

      12 months

    • D. 

      All of the above

  • 21. 
    FORBEARANCE & DEFERMENT A student may __________  his/her monthly payment for a specific period with a forbearance.
    • A. 

      Stop

    • B. 

      Postpone

    • C. 

      Continue

  • 22. 
    FORBEARANCE & DEFERMENT (Check ALL that apply) Check all of the REQUIRED details on supporting documentation:
    • A. 

      Student First and Last Name

    • B. 

      Student Date of Birth

    • C. 

      Eligibility

    • D. 

      Benefit/Award start date

    • E. 

      Benefit/Award end date

  • 23. 
    FORBEARANCE & DEFERMENTS A student with a Federal Commercial student loan is allotted a total of  ______ months of forbearance during the life of his/her student loan. 
  • 24. 
    FORBEARANCE & DEFERMENT Marvin works 35 hours per week. He is single with two sons. His montly gross income is $2,183. Are there any options for Marvin?
    • A. 

      DUEM, 6 months postponed payments

    • B. 

      DHAR, 6 months postponed payments

    • C. 

      DHAR, 12 months postponed payments

    • D. 

      Does not qualify for deferment

  • 25. 
    FORBEARANCE & DEFERMENT Forbearance is required to be placed on a student's account prior to applying an approved deferment to the loan account.
    • A. 

      True

    • B. 

      False

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