Metro 2 Credit Reporting for Student Loan Servicers
Accurate student loan reporting through deferment, forbearance, repayment, and forgiveness. Full compliance with ED requirements.
Challenges for Student Loan Servicers
Complex Status Codes
Student loans have unique statuses like deferment, forbearance, and income-driven repayment.
Federal Program Requirements
ED guidelines require specific reporting for federal student loans.
Forgiveness Tracking
PSLF, IDR forgiveness, and discharge must be reported accurately.
Consolidation Complexity
Loan consolidation requires closing old loans and opening new ones correctly.
How Metro2 Helps
Status Code Library
Pre-built status code mappings for all student loan scenarios.
ED Compliance
Reporting aligned with Department of Education requirements.
Forgiveness Workflows
Guided workflows for PSLF, IDR forgiveness, and discharge reporting.
Consolidation Handling
Proper reporting of consolidated and transferred loans.
Features for Student Loan Servicers
1Deferment/Forbearance Tracking
Track and report in-school, economic hardship, and other deferment types.
2IDR Plan Support
Report income-driven repayment plans with correct payment amounts.
3PSLF Tracking
Track qualifying payments toward Public Service Loan Forgiveness.
4Discharge Reporting
Properly report disability discharge, closed school, and other discharges.
Who Uses Metro2
Federal Loan Servicers
Servicers contracted by ED to service federal student loan portfolios.
Private Student Lenders
Banks and fintech lenders offering private student loans.
Refinance Lenders
Companies offering student loan refinancing and consolidation.
Guaranty Agencies
State and nonprofit guarantors of federal student loans.
Compliance & Regulations
ED Reporting Standards
Aligned with Department of Education credit reporting guidelines.
FCRA Requirements
Full FCRA compliance for student loan furnishers.
CFPB Student Loan Rules
Current with CFPB guidance on student loan servicing and reporting.
Frequently Asked Questions
How do I report in-school deferment?
Use status code 11 (Current) with Special Comment code D (In-School Deferment). The account shows current but indicates the borrower is not yet in repayment.
What about income-driven repayment with $0 payment?
Report as current (status 11) with the scheduled payment as $0. Use Special Comment code appropriate for the IDR plan. This counts as a qualifying payment.
How do I report PSLF forgiveness?
When PSLF is granted, report with status code 13 (Paid/Closed) and Special Comment code DF (Discharged/Forgiven). Set balance to zero.
What if a loan is transferred to another servicer?
Report the loan as transferred (status 05) with Special Comment code T (Transferred). The new servicer will begin reporting under their furnisher ID.
Related Industries
Simplify Student Loan Reporting
Navigate student loan complexity with confidence.