How does a school get set up for the TruFit Loan?

The account executive will complete the school set up form, in conjunction with the school, the form is not to be left for the school to complete.

How will the school know when their set up is complete at Firstmark?

The School Services Team (SST) will e-mail both the school and the Account Executive when the set up is complete, and the Account Executive will also place a courtesy call to the school as follow-up.

Is there a student name look up functionality? For example, can schools lookup a student by their name, as well as SSN?

They can search by SSN, or search for all pending applications, not by name.

How can the school make changes to the loan (i.e. loan period, amount, disbursement dates, etc)?

As long as the loan isn't in the 1 day freeze period, the school can make changes either through Commonline or directly on the Firstmark's system.

Where can the school get a list of their pending disbursements?

The school can run a report off of Firstmark's system that shows all of their pending disbursements.

How does a school certify a loan using the web?

If your school has chosen to use the web to certify Charter One TruFit Student Loan applications, you can do so once you have logged in to FirstDegree and click on the "Certify Loans" link on the menu. Follow the instructions to the "School Certification"' page where relevant information can be filled out. If you choose to deny a note, that option is also available via the web.

How does a school certify a loan using CommonLine?

If your school has chosen to use CommonLine to certify Charter One TruFit Student Loan applications, the process is fairly straightforward. When a borrower is credit approved and their application has been signed by all credit applicants, a Certification Request is sent that night. Schools can use their CommonLine software to certify the loans electronically.

What if e-sign fails?

Typically, if the borrower or co-borrower fails authentication, they will be routed to print, sign & mail in the application.

If a school decides to use CommonLine as their means to certify, does this mean they will not be able to manually override online on Firstmark?

Correct, they cannot certify on Firstmark, but they can deny the loans on Firstmark

What is the web address to apply for the TruFit Loan?

www.charterone.com/truefitstudentloan

If the student applies and gets denied, can they add a co-signer to their loan application?

Yes, the borrower can apply with a co-signer.

For those schools certifying via the web (not utilizing the CommonLine feature) is there a batch hold/release process for the loans?

No, release and hold changes are initiated individually.

How will schools with foreign student borrowers who don't have a valid SSN be assigned an administrative ID Number?

It is required that foreign students complete a paper application after completion of the paper application and receipt by Firstmark, the Firstmark loan origination system will assign an administrative ID number. For subsequent loans the student borrower must have a valid Social Security Number in order to receive subsequent loans, or provide evidence that one cannot be obtained.

Is a student eligible for this loan if he/she is less than half-time?

No, the student must be enrolled at least half-time.

Is the borrower required to make any payments on this loan while they are enrolled in school?

No. There are no payments required while the borrower is enrolled at least half-time. However, there are no pre-payment penalties, so the borrower can make payments at any time.

What is the repayment term on this loan and is there a minimum monthly payment?

The repayment term is 15 years, and the minimum monthly payment is $50.

Are there deferment/forbearance options available on this loan?

Yes. The borrower can request an in school deferment for up to 8 years as long as the borrower is enrolled at least half-time at an approved school. There are forbearance options as well for residency/internship, military duty, and economic hardship.

Are there any special benefits available with this loan?

A borrower can qualify for a .50% interest rate reduction for ACH from any Charter One account.

Where can borrowers send paper applications or correspondence to Firstmark?

As a school if I have questions about the TruFit Student Loan who should I contact?

Schools can contact their dedicated Account Executive or the School Services Team at 1-888-333-0169 and schoolservices@charterone.com.