Common use of Annual Adjustment of Monthly Payments Clause in Contracts

Annual Adjustment of Monthly Payments. We will re-estimate your Monthly Payment effective each June 1. You have two options: (i) On or before April 30 each calendar year of your Payment Term, you can provide us with Informal Earned Income Documentation for each source of Earned Income for the current calendar year and we will use this to re-estimate your Monthly Payments. (ii) Alternatively, if you choose not to provide us with new documentation and you are not in deferment, we will assume your Earned Income has increased by ten (10) percent and adjust your Monthly Payments accordingly, beginning with the payment due June 1. Since this is an estimate of your current Earned Income, it may result in Monthly Payments that are either higher or lower than what you actually owe. Any over- or under-payments will be reconciled the following calendar year as described in Section 6(d).

Annual Adjustment of Monthly Payments. We will re-estimate calculate your Monthly Payment effective each June 1. You have two options: (i) On or before April 30 each calendar year of your Payment Term, you can provide us with Informal Earned Income Documentation for each source of Earned Income for the current calendar year and we will use this to re-estimate your Monthly Payments. (ii) Alternatively, if you choose do not to provide us with new documentation and you are not in deferment, we will assume your Earned Income has increased by ten (10) percent and adjust your Monthly Payments accordingly, beginning with the payment due June 1. Since this is an estimate of your current Earned Income, it may result in Monthly Payments that are either higher or lower than what you actually owe. Any over- overpayments or under-payments underpayments will be reconciled the following calendar year as described in Section 6(d).

Annual Adjustment of Monthly Payments. We will re-estimate your Monthly Payment effective each June July 1. You have two options: (i) On or before April 30 each calendar year of your Payment Term, you can provide us with Informal Earned Income Documentation for each source of Earned Income for the current calendar year and we will use this to re-estimate your Monthly Payments. (ii) Alternatively, if you choose not to provide us with new documentation and you are not in deferment, we will assume your Earned Income has increased by ten (10) percent and adjust your Monthly Payments accordingly, beginning with the payment due June July 1. Since this is an estimate of your current Earned Income, it may result in Monthly Payments that are either higher or lower than what you actually owe. Any over- or under-payments will be reconciled the following calendar year as described in Section 6(d3(d).