Trivia Questions Quiz On Total And Permanent Disability Discharge
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A Perkins school employee can view a borrower's discharge status information by registering an account on www.disabilitydischarge.com.
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True
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False
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Below is the Trivia Questions Quiz on Total and Permanent Disability Discharge. People who work on a daily basis are expected to carry out some tasks when it comes to the government, and in case of an injury that leads to one’s inability to work or generate income, there are some things that one can forgo. Do you know some See moreof the things that may constitute a permanent disability discharge?
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- 2.
What is IA? *Hint* This is something included in a loan assignment manifest.
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Institutional Agreement
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Indemnity Agreement
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Independent Assignment
Correct Answer
A. Indemnity AgreementExplanation
An indemnity agreement is a type of agreement that protects one party from financial loss or damage by shifting the responsibility of any potential losses to another party. In the context of a loan assignment manifest, an indemnity agreement could be included to ensure that the party assigning the loan is protected from any potential liabilities or losses that may arise from the assignment. This agreement would provide the necessary legal protection and assurance to the party assigning the loan, making it the most suitable answer in this context.Rate this question:
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- 3.
What can an IA be sent in place of?
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MPN/Promissory Note
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Manifest
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Discharge approval notice
Correct Answer
A. MPN/Promissory NoteExplanation
An Indemnity Agreement is a paper from the preparer's legal department that provides information to authenticate what would otherwise be listed on another document such as an MPN or Promissory Note. An IA is included in a manifest when replacing an original document that was missing, damaged, or needing alterations.Rate this question:
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- 4.
The borrower's account balance will not reflect a zero balance until the three year monitoring period is complete.
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True
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False
Correct Answer
A. FalseExplanation
This is only true if the borrower is in the conditional discharge monitoring period (post-July regulations).Rate this question:
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- 5.
An MPN isn't required on loan assignments from TIVAS or DMCS.
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True
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False
Correct Answer
A. TrueExplanation
An MPN or IA is never required on loan assignments from TIVAS or DMCS. The purpose of these two documents is to provide proof of which entity owns the loans so when the account is forwarded from the owner, there’s no need for additional proof.Rate this question:
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- 6.
To find out if we sent out a TPD Mortgage Letter previously requested, we should check the history notes in T-Pro.
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True
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False
Correct Answer
A. FalseExplanation
We will only see these notes on NDS (ED system) because it is not a TPD dept. that sends those out.Rate this question:
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- 7.
A borrower stated that the doctor that signed his application has since passed away. The borrower is going through his pre-medical review currently. Will this affect his discharge eligibility?
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No. We will just get a list from the borrower of other doctors he or she has seen so we can call them and get the information we need.
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No, their application will not be negatively impacted. We only require that the doctor’s status and license be active as of the date of disability.
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Yes, the borrower would be ineligible for discharge because the doctor's license is no longer valid.
Correct Answer
A. No, their application will not be negatively impacted. We only require that the doctor’s status and license be active as of the date of disability.Explanation
The borrower's discharge eligibility will not be affected because the only requirement is that the doctor's status and license be active as of the date of disability. The fact that the doctor has passed away does not impact this requirement.Rate this question:
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- 8.
One a borrower registers a new user account on www.disabilitydischarge.com, he/she will have immediate access to their loan assignment(s) status.
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True
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False
Correct Answer
A. FalseExplanation
New user accounts have to be validated prior to gaining access to private information. An email will be sent approximately 2-3 business days after registration to confirm or decline access.Rate this question:
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- 9.
A school representative wants to submit a Perkins loan assignment but doesn't know what to do. What should you advise him/her?
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I'm sorry but we don't have any account listed under that social security number. Please tell the borrower to apply with their loan holder.
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Just mail us the borrower's application.
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Please visit the For Loan Holders section on www.disabilitydischarge.com to view and print a list of instructions.
Correct Answer
A. Please visit the For Loan Holders section on www.disabilitydischarge.com to view and print a list of instructions.Explanation
The correct answer advises the school representative to visit the For Loan Holders section on www.disabilitydischarge.com to view and print a list of instructions. This suggests that the representative can find the necessary information and guidance regarding the Perkins loan assignment on the mentioned website.Rate this question:
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- 10.
After FSA approves discharge, we must first complete an _____ _____ before updating the account to reflect Monitoring Period status.
Correct Answer
NSLDS checkExplanation
After FSA approves discharge, we must first complete an NSLDS check before updating the account to reflect Monitoring Period status. An NSLDS check refers to the process of verifying the borrower's eligibility for discharge by checking the National Student Loan Data System (NSLDS) database. This check ensures that the borrower meets the criteria for discharge before updating their account status to reflect the Monitoring Period.Rate this question:
- 11.
When do loans from a manual guarantor or Perkins assignment convert to NDS?
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As soon as we receive the assignment
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After Pre-Medical Review is complete
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After Medical Review is complete
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Never, only the loan holder owns the loan(s)
Correct Answer
A. After Pre-Medical Review is complete -
- 12.
A borrower received a letter from us that says they may have other student loans eligible for discharge. Does this mean we do not have all of their loans under TPD?
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We do not have all their loans, refer them to their loan holder
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We do not have all their loans, refer them to NSLDS for more information
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This letter just lists all loans listed on NSLDS regardless of whether it is an active loan or not.
Correct Answer
A. This letter just lists all loans listed on NSLDS regardless of whether it is an active loan or not.Explanation
The correct answer suggests that the letter received by the borrower simply lists all loans listed on NSLDS, regardless of whether they are active or not. This means that the letter does not indicate whether all of the borrower's loans are under TPD. Therefore, the borrower should be referred to their loan holder or NSLDS for more information about their loans.Rate this question:
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- 13.
3rd Party states borrower is deceased, what do you do? Check All that Apply.
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Notate the account that you received a death notification
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Apply a 3DN code in Nservice (ED system)
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Request a certified copy of the death certificate
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Send an e-mail to CICTPD that you received a death notification
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Request a letter from the 3rd party with all information: place, time and date of death
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Request an original death certificate
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All of the above
Correct Answer(s)
A. Notate the account that you received a death notification
A. Request a certified copy of the death certificate
A. Send an e-mail to CICTPD that you received a death notification
A. Request an original death certificateExplanation
When a 3rd party states that the borrower is deceased, it is important to take several steps. First, notate the account to document that a death notification has been received. This helps keep a record of the information. Next, it is necessary to request a certified copy of the death certificate. This official document provides proof of the borrower's death. Additionally, sending an email to CICTPD (presumably a relevant department or team) to notify them of the death notification is important for further action and coordination. Finally, requesting an original death certificate can also be necessary to ensure accuracy and authenticity. Therefore, all of the above steps should be taken in this situation.Rate this question:
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- 14.
What do you do? Account Status: FSA Queue Approval due to Income Verification Pass. This is a Pre-7/1/10 Application, Disability Date 5/12/2008. We show income verification received for 2008, 2009, and 2010.
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Advise borrower income verification passed and we are waiting on final approval from FSA
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Advise borrower still need income verification from 1/1/11-5/12/11, once received will submit to FSA for final approval
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Advise borrower account looks good and will get letter if more income verification is needed
Correct Answer
A. Advise borrower still need income verification from 1/1/11-5/12/11, once received will submit to FSA for final approvalExplanation
The correct answer is "Advise borrower still need income verification from 1/1/11-5/12/11, once received will submit to FSA for final approval." This is because the account status mentions that income verification has been received for 2008, 2009, and 2010, but there is no mention of income verification for the period from 1/1/11-5/12/11. Therefore, the borrower still needs to provide income verification for this period before the final approval can be obtained from FSA.Rate this question:
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- 15.
If the benefiting student for a Plus loan becomes disabled, the parent can apply for TPD Discharge.
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True
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False
Correct Answer
A. FalseExplanation
The statement is false because if the benefiting student for a Plus loan becomes disabled, the parent cannot apply for TPD Discharge. TPD Discharge, or Total and Permanent Disability Discharge, is a program that allows individuals with disabilities to have their federal student loans forgiven. However, in the case of a Plus loan, only the student can apply for TPD Discharge if they become disabled, not the parent.Rate this question:
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- 16.
If a Parent Plus loan Endorser applied for total and permanent disability discharge and was approved, the loan is forgiven.
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True
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False
Correct Answer
A. FalseExplanation
The statement is false because if a Parent Plus loan Endorser applies for total and permanent disability discharge and is approved, the loan is not automatically forgiven. Instead, the loan is discharged, meaning the borrower is no longer required to make payments on the loan. However, the discharged amount may be considered taxable income.Rate this question:
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- 17.
If you get a call from a client that is reporting that they are filing for Bankruptcy, what do you do?
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Document the notes that the client called in to report bankruptcy
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Thank them for the notification and let them know the account will be handled as normal unless FSA gives further direction
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Advise the borrower that student loans are never included in a bankruptcy
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Complete the bankruptcy email template and send it to [email protected]
Correct Answer(s)
A. Document the notes that the client called in to report bankruptcy
A. Thank them for the notification and let them know the account will be handled as normal unless FSA gives further direction
A. Complete the bankruptcy email template and send it to [email protected]Explanation
The correct answer is to document the notes that the client called in to report bankruptcy, thank them for the notification, and let them know that the account will be handled as normal unless FSA gives further direction. Additionally, it is necessary to complete the bankruptcy email template and send it to [email protected]. This ensures that the client's bankruptcy status is properly recorded and necessary steps are taken to handle their account appropriately.Rate this question:
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- 18.
On a Post-July 1st Application, credit is not reported discharged until after the 3 year conditional discharge monitoring period is done.
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True
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False
Correct Answer
A. FalseExplanation
On a Post-July 1st Application, credit is reported discharged after the 3 year conditional discharge monitoring period is done.Rate this question:
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- 19.
On a Pre-July 1st borrower's credit reporting, anything previously reported negative will not be updated to a satisfactory discharge/closed status until after the 3 yr. monitoring period and permanent discharge have been completed.
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True
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False
Correct Answer
A. TrueExplanation
This statement is true because according to the information provided, any negative credit reporting on a borrower's credit report will not be updated to a satisfactory discharge or closed status until after the 3-year monitoring period and permanent discharge have been completed. This means that even if the borrower has resolved any negative issues, it will not be reflected on their credit report until the specified time period has passed.Rate this question:
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- 20.
A borrower wants to contact FSA directly, what do you tell them?
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Give them the phone number to the Dept. of Education: 1-800-4-FED-AID
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Tell them to go to www.fafsa.ed.gov or e-mail them at [email protected]
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Advise them we are the Servicer for FSA, therefore we handle the calls, there is no other phone number to FSA
Correct Answer
A. Advise them we are the Servicer for FSA, therefore we handle the calls, there is no other phone number to FSAExplanation
The correct answer is to advise the borrower that the Servicer for FSA handles the calls, and there is no other phone number to FSA. This suggests that the borrower should contact the Servicer for any inquiries or assistance regarding FSA.Rate this question:
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- 21.
If a VA borrower (approved for discharge) inquires on how much their refund will be and is requesting a Discharge letter, what do you do?
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Refer them to their loan holder
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Send an e-mail to CICTPD to research the eligible refund amount and to mail letter
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Log into Hummingbird to find their eligible refund amount and print their Discharge Letter
Correct Answer
A. Refer them to their loan holderExplanation
When a VA borrower inquires about their refund and requests a Discharge letter, the best course of action is to refer them to their loan holder. The loan holder is responsible for managing the loan and can provide accurate information about the refund amount and issue the Discharge letter if necessary.Rate this question:
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- 22.
NDS ( Ed Nservice) shows 6 loans, all but only 1 loan has a Lender ID that starts with TP-----, what should you do?
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Check the history notes to see if a TPD application has been received, if not, inform the borrower they need to complete a separate TPD application for the Nelnet Serviced loan because that one is not in the discharge process with our department yet.
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Nothing, the Lender ID does not mean anything for the TPD Department
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Advise the borrower to go to www.nelnet.com to make a payment on their loan
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Advise the borrower that you will submit a research request to see what's going on
Correct Answer
A. Check the history notes to see if a TPD application has been received, if not, inform the borrower they need to complete a separate TPD application for the Nelnet Serviced loan because that one is not in the discharge process with our department yet.Explanation
The correct answer is to check the history notes to see if a TPD application has been received. If a TPD application has not been received, then the borrower needs to complete a separate TPD application for the Nelnet Serviced loan because it is not in the discharge process with the department yet. This is important because the other loans with Lender IDs starting with TP----- may already be in the discharge process, but the Nelnet Serviced loan is not. Therefore, the borrower needs to take separate action for that specific loan.Rate this question:
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Current Version
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Mar 21, 2023Quiz Edited by
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Feb 15, 2011Quiz Created by
Lgraves83
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