What Do You Know About Loan Repayment Module? Trivia Quiz

20 Questions | By Defaultpreventio | Last updated: Mar 21, 2022 | Total Attempts: 85

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What Do You Know About Loan Repayment Module? Trivia Quiz - Quiz

What Do You Know About Loan Repayment Module? There are different modules that are used for different loan takers, and they are determined by the level of creditworthiness that one has. Do you think you know how to choose the right loan repayment module? Take up this quiz and see what’s new for you to learn about the different modules.

Questions and Answers

1.

A student can change his/her repayment plan annually.
- A.
  
  True
- B.
  
  False
2.

The following repayment plans can be granted and applied over the telephone with the servicer.
- A.
  
  Graduated Repayment Plan
- B.
  
  Extended Repayment Plan
- C.
  
  Income-Based Repayment Plan
3.

The Standard Repayment Plan requires a $______ minimum monthly payment.
4.

The Extended Repayment Plan requires a minimum total of $__________ in federal student loans.
5.

The government will pay any unpaid interest for the first three years on a subsidized federal student loan when the borrower has applied the following to his/her federal student loan:
- A.
  
  Forbearance
- B.
  
  Deferment [DUEM & DHAR]
- C.
  
  Income-Based Repayment
6.

A student has to be a graduate student to qualify for the Graduated Repayment Plan.
- A.
  
  True
- B.
  
  False
7.

DERP stands for...
- A.
  
  Deferment Economic Repayment Plan
- B.
  
  Date Enter Repayment
- C.
  
  Deferment Ends Repayment Plan Starts
8.

The Federal government pays unpaid interest on the subsidized loan during...
- A.
  
  In-School
- B.
  
  Grace Period
- C.
  
  Deferment
9.

Joe Bob withdraws from school. He returns to school four months later. Joe Bob graduates. How many months of grace does Joe Bob have until he is required to begin repayment?
- A.
  
  He begins repayment immediately
- B.
  
  Two months
- C.
  
  Six months
10.

If a student files joint taxes and is applying for the Income-Based Repayment Plan, s/he will need to provide the completed IBR Application and his/her taxes only.
- A.
  
  True
- B.
  
  False
11.

If a student is nearing the expiration of the IBR applied to his/her account and receives a letter from the servicer stating the IBR will expire in 45 days and a new plan is required, if the student doesn't respond to the letter which payment plan with the servicer apply to the account?
- A.
  
  Standard Repayment Plan
- B.
  
  Graduated Repayment Plan
- C.
  
  Extended Repayment Plan
12.

A student in jail can apply for the Unemployment Deferment.
- A.
  
  True
- B.
  
  False
13.

A student in jail can apply for the Income-Based Repayment Plan.
- A.
  
  True
- B.
  
  False
14.

Direct Loans is the only servicer currently to process Loan Consolidations.
- A.
  
  True
- B.
  
  False
15.

Federal Student Loan Consolidation can take up to 120 days to process.
- A.
  
  True
- B.
  
  False
16.

Check the benefits of Income-Based Repayment Plan Program.
- A.
  
  Student may qualify for a zero dollar payment
- B.
  
  Renews all forbearance and deferment time
- C.
  
  Student can apply for the IBR Program up to 25 years
17.

A student can consolidate a minimum of one federal student loan.
- A.
  
  True
- B.
  
  False
18.

The National Student Loan Database System (NSLDS) allows borrowers to view...
- A.
  
  A summary of awareded Private and Federal Student Loans
- B.
  
  A summary of awarded Federal Student Loans and Grants
- C.
  
  A summary of outstanding balance of tutition owed directly to school
19.

Borrower will receive a penality fee when submitting a monthly payment earlier than scheduled or for an amount greater than owed.
- A.
  
  True
- B.
  
  False
20.

An Unsubsidized loan will accrue interest in the following stages...
- A.
  
  From time loan is disbursbed to School
- B.
  
  In school
- C.
  
  During Grace
- D.
  
  In Forbearance
- E.
  
  In Deferment
- F.
  
  During Repayment