Mentor Phone Script v2


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My name is (your name), I’m a Student Loan Advisor and I’m following up with you regarding to an inquiry that you had made to our office for more information on Student Loan Forgiveness.

I wanted to see if you were interested in completing your application before the current administration is replaced as it may impact the guidelines and the ability to enroll in these Federal programs?


Hi this is [Your Name] with Mentor. [Allow the transfer rep to introduce the client. Take notes of clients name & wait for the hand off to be completed]


Hi this is [Your Name] with Mentor, are you calling regarding a notice you received in the mail?

Could you please provide me with the Reference Number so I can pull your file? It should be on the top right hand corner of the mail piece.


Hi this is [Your Name] with Mentor. How can I assist you today?


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Introduction


Again this is (your name) with Mentor and I will be your assigned account manager throughout this process. Before getting started I must notify you all calls are monitored and recorded for compliance purposes.

Do you have a pen and paper available so you can take down the information as we go through it?

I would like to begin by giving you my direct line and case ID number in case you need to reach me going forward. Your case ID number is (CRM App #) and my line where I can be reached is 888-891-5889.

Also I have your email address here as (username@server.domain)

is that correct?

I am sending you a welcome email with my information as well as some background on the government programs. Feel free to look through that as we work to get you approved.

~ Send Welcome Email from CRM ~


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Verification


Before we get started I want to verify a couple of things with you.

What do you believe your student loan balance is at this time?

All of these loans are federal and not private, correct?

Perfect, that means you should be eligible for Federal Assistance.

Are you currently working, and if so what is your occupation?

If Working:
Is that what you went to school for?

What is the current status of your loans?

Okay (Client Name) I am required to follow a specific process in order to determine your eligibility for the federal forgiveness programs. I will need to ask you some questions regarding your situation in order to stay compliant and see if you can be approved.



First off congratulations on graduating a lot of people I speak with were not able to finish school so that's a huge win for you. Now is this something you are looking to get under control before your grace period ends and the interest starts accruing?

Do you know what your monthly payment is going to be when your grace period ends?

Would that payment create a hardship for you?

So I can clarify for processing, what type of hardship do you believe this would create for you?

(Clients Name) Take a minute and give me an understanding of the hardship that has been created as I prepare your case for processing.

What is your goal with this debt (Clients Name) and what I mean by that is what are you trying to accomplish?
(lower payments, forgiveness, exit strategy, fresh start, etc.)


What is the amount of your monthly payment?

How long have you been making that payment for?

Do you feel like your payments are actually knocking down the principal balance, or do you feel as if you are iust paying on interest?

Take a minute and give me an understanding of the hardship that has been created as I prepare your case for processing.

What is your goal with this debt meaning what are you trying to accomplish?
(lower payments, forgiveness, exit strategy, fresh start, etc.)


Are your loans currently in this status because the payments are not affordable at this time, or is there another reason?

No problem, now I am sure your loan servicer notified you that the interest is continuing to accrue so the balance is going in the opposite direction correct?

The majority of the clients we speak with are in a similar situation, the good news is the government programs work in the favor of those in a financial hardship.

What are your payments supposed to be at this time?

(Clients Name), take a minute and give me an understanding of the hardship that has been created as I prepare this case for processing.

What is your goal with this debt, and what I mean by that is, what are you trying to accomplish?
(lower payments. forgiveness, exit strateg, fresh start, etc.)


We understand you are in your current situation due to the fact the payments are not affordable at this time; however the more hardship you show the better chance you have to qualify.

What are your payments supposed to be at this time?

Has your servicer notified you that you are currently in default?

Have they threatened you with any sort of wage/tax garnishment?

Unfortunately your loan servicer reserves the right to garnish up to 25% of your wages if your loans hit collections. Since your case is a lot more urgent I will go ahead and place your file in a priority status which means if you are approved we will go ahead and get you enrolled immediately to prevent any future garnishment.

Take a minute and give me an understanding of the hardship that has been created as I prepare this case for processing.

What is your goal with this debt (Clients Name), and what I mean by that is, what are you trying to accomplish?
(lower payments, forgiveness, exit strategy, fresh start, etc)

~ Recap Their Situation To Make Sure You Have Everything Correct For Processing ~


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The William D. Ford Act


Before we go any further (Clients Name), are you aware of the how the government forgiveness programs work or would you like me to cover that with you?

Yes:
In 2007 when the U.S. economy took a dive, Congress passed a bill called the William D. Ford Act. It is designed for anyone who is in a proven hardship and carries federal student loans. The way it works is the federal government will give you a brand new monthly payment based strictly upon your income and your household size therefore it will be a low and affordable payment. They will also give you a term.

As long as you can make this affordable payment for the term that is given to you, the remaining balance will be forgiven and your debt will be paid in full.

Does that make sense?

OK perfect, as you can see it is extremely beneficial for those who do qualify.


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Qualify


Now when it comes to your new monthly payment the key deciding factors are your family size and income. Almost in all cases the bigger your family size is, the lower your new monthly payments will be. By the way family size is not based on who you claim on your taxes, it is determined by who lived in your household and who you support 6 months out of the year.

Now did you file your taxes in 2015?



Did you file single, married, or head of household?

Now to the best of your knowledge what was your gross income on your 2015 taxes?

If you filed your taxes jointly then the department of education requires that we use both incomes when determining your eligibility. Ok now your family size is not based on who you claim, it is determined on who lived in your household and who you support 6 months out of the year.

What is your family size?

In your family how many people are under the age of 18?

We will be pulling your taxes in just a moment but we just want to be sure you meet the minimum requirements.


Not a problem. If you did not file taxes then we can simply use current pay stubs.

(Now if you are married, the Department of Education requires that income is shown for you and your spouse to determine your monthly payment)

Are you paid by the hour or given a salary?

Do you get paid weekly, bi-weekly, or monthly?

OK, now your family size is not based on who you claim/can claim on your taxes, it is determined by who lives in your household and who you support 6 months out of the year.

Based on that statement, what is your family size?

Perfect, if you are approved then we will need 30 days of consecutive pay stubs.


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Qualified


(Client Name), based upon the information provided, you do meet the minimum requirements for Federal Assistance so the next step is pretty simple.

Everything done here at Mentor is submitted directly thru the Department of Education. When we pull up your Federal Student Loans it will tell me exactly how much you owe, how many different loans you have out, as well as the current status of the loans.

We simply run that information through processing along with your current income, household size, and hardship in order to see if you are approved.

Do you have any questions before we do that?


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Loans


Now in order to pull your loans the Department of Education is requiring a re-registration on your account to enhance the security of your information.

They now require that you have a unique username, password, and security/challenge questions to retrieve your loan information.

I have your first and last name as (Clients Name), filing status is (single, married, head of household), family size is (#), and your gross income is ($$$$). (if a woman check/verify if loans are in maiden name)

What City, State and zip code are you in?

What is your date of birth?

Do you remember your 4 digit FA FSA pin or do you need me to pull that up for you?

What is your social?

~ Go to FSA ID Site and Create FSA ID ~


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Create FAFSA ID


OK, do you still have a pen and paper handy?

Your login is going to be (username) and your password will be (password).

Now there are 5 security questions that need to be answered in order to access your account for the 1st time during the re-registration process.


>> What was your high school's mascot?

>> What city were you born in?

>> hat is your mother's maiden name?

>> A significant date in your life?

>> Favorite color?


Lastly, I am required to read this disclosure before I proceed:

Before submitting this information I need to verify all the information you have submitted for your Financial Student Aid ID is true and correct? Do i have your permission to submit this on your behalf? ... GET YES


Give me just one moment while your re-registration processes and your loan information is retrieved.

~ Pull Loans In Crm Loans Tab And Log Into Studentloans.Gov ~


Look I'm only here to see if I can help you so in order for us to determine your eligibility the department of education is requiring that this gets submitted so what would you like for me to do?


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Pull Loans


~ Once The Loans Are Pulled ~

Thank you for your patience, I do see here that you attended (School Name) and you began taking the loans out in (year), does that sound accurate?

Ok I am showing here that you have(# of loans), were you aware of that?

The reason your loan servicer has you broken into several different loans is because it allows them to compound interest on you like a credit card which results in the client paying back an excessive amount.

Now let me ask you, has this affected your credit at all?

Okay now as part of the evaluation, processing will be pulling your credit to determine if we can assist you upon approval. This will give us a clear understanding of how these loans have affected your credit & what options are available to you in the event that you are approved.

If approved, the first thing done in a government program is the Department of Education will pay off every single one of your outstanding federal loans and consolidate them into one new loan. This will not only give you a fresh start but it will also lower the amount of trade lines you have on your credit report which would report as a positive on your credit. If you have already consolidated your loans, then this will allow your loans to enter into a repayment plan under the William D Ford Act. Before moving forward I need a clear yes to run your credit and submit your file to determine your eligibility?

- Receive clear YES from client -





~ If They Filed Taxes ~

What we need to do now is verify your income to determine what you qualify for. When pulling taxes it is extremely case sensitive so we need the exact address that you filed your taxes under.

When you filed your 2015 taxes what address did you file under?

I am showing your gross income for 2015 was ($)



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Processing


Now that we have verified your hardship and income, I have all the information I need to run your credit and submit your application process for approval. Before I do that I want to recap your situation and make sure everything is accurate:

• You owe ($) in federal student loans with a family size of (#).

• Family size of (#)

• Gross Yearly Income ($)

• Recap on Hardship

Before I run this thru processing I want to verify that you are solely responsible for the repayment of your student loans?

Ok Perfect. Do you have access to your email whether it is over your phone or any other device?

Reason being, if you are approved we will be sending you the legal documents immediately via email and I have to be sure to confirm everything with you regarding your enrollment. Lastly it takes about two minutes to run thru our processing department to determine if you are approved, do you mind if I place you on hold?

I'll be right back and we'll see what we can do to help you out today.

~ Client On Hold For At Least Two Minutes ~

***Save Loan Program in the Loans Tab of CRM***


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After Hold



Hello (client name), do you still have your pen and paper available?

Ok excellent, I want to be sure you can write this down. Based upon your income and household size, processing was able to get you approved for a government program at a total monthly payment of ($39 + student loan payment) for (term) months.


Just to confirm, Would that payment be within your reach?



Hello (client name), do you still have your pen and paper available?

Ok excellent, I want to be sure you can write this down. Based upon your income and household size, processing was able to get you approved for a government program. The first payment you make is $595. After that your monthly payment will just be ($39+student loan payment) for (term).

Ok. There are three requirements that must be met in order to get enrolled. For compliance reasons I have to be sure you meet them.

First off do you have a valid state ID or Driver’s license?

Second, they do require that we have two references on file which are only contacted if you stop making payments and no one can get a hold of you (any friends or relatives)?

Lastly the payments are required to be automatically withdrawn on a month to month basis.

Do you have any questions regarding this?


Hello (client name), do you still have your pen and paper available?

Ok excellent, I want to be sure you can write this down. Based upon your income and household size, processing was able to get you approved for a government program.. Your monthly payment will just be (student loan payment) for (term).

Ok. There are three requirements that must be met in order to get enrolled. For compliance reasons I have to be sure you meet them.

First off do you have a valid state ID or Driver’s license?

Second, they do require that we have two references on file which are only contacted if you stop making payments and no one can get a hold of you (any friends or relatives)?

Lastly the payments are required to be automatically withdrawn on a month to month basis.

Do you have any questions regarding this?


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Enrollment



Now in order for us to get you enrolled into the program we have to first consolidate your loans into one new loan. This will pay off all of your current loans and provide you with a fresh start.

Once your loans are consolidated we are required to resubmit your income driven program every year to determine your new monthly payment which is based upon your income and household size.

We start the process with a 3 year period where we monitor your loans and build your case for forgiveness to ensure that all guidelines and regulations are being followed to make sure you get the forgiveness you're entitled to.

Now typically we charge $1300 for the consolidation and then we provide 2 years of recertification at no additional charge. Most clients we deal with don't have the ability to afford that amount in full so for those in a proven hardship we do provide financing.


Now in order for us to get you enrolled in the program we have to get your loans consolidated through the Department Of Education under the William D Ford Act.

With a standard program your payment will be set for the term provided and if you choose to switch your program to an income driven program then you can call us to help you switch into what would be most beneficial for you.

Now in order to consolidate your loan the first payment for our processing would be $1300, now most client we deal with don't have the ability to afford the first payment in full so there is also a financing option


Now in order for us to get you enrolled into the program we have to first consolidate your loans into one new loan. This will pay off all of your current loans and provide you with a fresh start.

Once your loans are consolidated we are required to resubmit your income driven program every year to determine your new monthly payment which is based upon your income and household size. We start the process with a 3 year period where we monitor your loans and build your case for forgiveness to ensure that all guidelines and regulations are being followed to make sure you get the forgiveness you're entitled to.

Now typically we charge $1297 for the consolidation and then we provide 2 years of recertification at no additional charge. Most clients we deal with don't have the ability to afford that amount in full so for those in a proven hardship we do offer payment plans.


Does this all make sense so far?


Now in order for us to get you enrolled into the program we have to first consolidate your loans into one new loan. This will pay off all of your current loans and provide you with a fresh start. The fee for our services $595 which goes towards the enrollment and will be placed into a trust account. These funds will not be released to us until your new federal repayment plan is accepted.


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Financing - Trust



With this option there is no money down and no payment for processing for the first 75 days, or until the consolidation process is complete. Once your consolidation is complete your monthly payment will be $39 per month plus your student loan payment which would be a total of {$39 + Student Loan Payment).

So, just to verify there are two separate transactions here. $39 is going towards your enrollment through the finance option and the additional ($$student loan payment$$) is going towards your student loans which gives you the total of (student loan payment+ $39).

Does that make sense?



For compliance reasons I must notify you our cost for the initial enrollment into your new federal repayment program is $1,297.

Due to your current hardship we are willing to offer you a payment plan for your enrollment. The initial $595 is a down payment towards the enrollment and will be placed into a trust account. These funds will not be released to us until your new federal repayment plan is accepted.

The remaining balance will be broken up into 18 payments of $39/month that will start 45 days after the down payment is received. So your payment of $39+Student Loan Payment) is broken up into two separate transactions. $39 is going towards Mentor for 18 months to cover the remaining balance of your enrollment and the (Student Loan Payment) is going towards your federal student loans.

After you’ve made your payment for 18 months you will only be responsible for you student loan payment which currently set to be (student loan payment).



>> Complete Application in CRM

>> Complete Billing info (Bank Account/Credit Card)

>> Complete Client Financing



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Verify Income


After E-sign is complete

If Income Is Needed:

Now you are fully approved for this program, however if the income is not verified the approval will be lost so how soon can you fax/email me your pay stubs, LOE (or first 2 pages of your 1040)?


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Compliance


Before I get you over to compliance I want to say congratulations, our main goal here at Mentor is to provide as much relief as possible.

With that being said if you have any friends or family who are struggling with their federal student loans please give them my direct line and I will be more than happy to assist them in the same manner I did with you.

If I do not answer, it just means I am on the line with another client so have them leave a message and I will get back to them as soon as I can.

~ Read Proper Mandatory Disclosure ~


Consolidation Income Driven Finance

Before I transfer you to compliance I am required to recap the services that are to be rendered and make sure that there is no confusion. Just to verify, you are aware that this a government program that pays off your loans in full and consolidates your loans into one new loan with a new repayment plan that has been determined to be most beneficial for you?

The (program name) repayment plan will have a maximum term of(#) months and your new payment of (amount) per month will go to your new loan servicer, Fed Loan Servicing. Remember with an income driven program it is required by our federal government that you re-certify your new income and household size every year. So the $1300 that was financed will cover the initial consolidation process and 3 years of re-certification to ensure that all regulations, laws, and guidelines are met and that you get the maximum benefit available to you.


Consolidation Standard or Graduated Finance

Before I transfer you to compliance I am required to recap the services that are to be rendered and make sure that there is no confusion. Just to verify, you are aware that this a government program that pays off your loans in full and consolidates your loans into one new loan with a new re-payment plan that has been determined to be most beneficial for you?

The (program name) payment plan will have a maximum term of(#) years and your new payment of (amount) per month will go to your new loan servicer which will be Fed Loan Servicing. So the $1300 that was financed will cover the initial consolidation process and proper switch into the correct repayment plan with your new servicer.


Program Switch Income Driven Finance

Before I transfer you to compliance I am required to recap the services that are to be rendered and make sure that there is no confusion. Just to verify, you are aware that this a government program that was designed to help switch your program into a new re-payment plan under the William D Ford Act.

The (program name) repayment plan will have a maximum term of(#) years and your new payment of (student loan payment) per month will go to your same loan servicer. Remember with an income driven program it is required by our Federal Government that you re-certify your new income and household size every year. So the $1300 that was financed will cover the initial process to certify your loans under the William D Ford Act and 3 years of re-certification. This is to ensure that all regulations, laws, and guidelines are met to get the maximum benefit available to you.


Non Finance

Before I transfer you to compliance I am required to recap the services that are to be rendered and make sure that there is no confusion. Just to verify, you are aware that this a government program that was designed to help switch your program into a new re-payment plan under the William D Ford Act.

The (program name) repayment plan will have a maximum term of (#) years and your new payment of (student loan payment) per month will go to your same loan servicer. In 75 days or once the consolidation is complete the cost for processing will be $1300 which has been broken up into payments for you. Your first payment will be $495 then it will only be $39 a month for 21 months after the initial payment is made. This is to ensure that all laws guidelines and regulations are being followed to make sure you receive what you're legally entitled to with the program chosen.

Do you have any questions comment or concerns that I can cover for you before I transfer you over?