Calculation of Your Initial Monthly Payments Sample Clauses

Calculation of Your Initial Monthly Payments. Not later than one month before your first scheduled payment is due, you agree to provide us with one of the following kinds of documentation, dated not earlier than thirty (30) days before the date you provide it to us: (i) A copy of any pay stub or letter from your employer containing your salary information, a self-employment contract, a consulting agreement, a good faith estimate of your self- employment income for the current calendar year (along with documentation of the basis for your estimate), or another verifiable source acceptable to us (collectively, “Informal Earned Income Documentation”) for each source of Earned Income; or (ii) Documentation acceptable to us demonstrating a circumstance that qualifies you for a deferment as described in Section 6(g) (“Documentation for Deferment”).

Calculation of Your Initial Monthly Payments. Not later than one month before your first scheduled payment is due, you agree to provide us with one of the following kinds of documentation, dated not earlier than thirty (30) days before the date you provide it to us: (i) A copy of any pay stub or letter from your employer containing your salary information, a self-employment contract, a consulting agreement, a good faith estimate of your self-employment income for the current calendar year (along with documentation of the basis for your estimate), or another verifiable source acceptable to us (collectively, “Informal Earned Income Documentation”) for each source of Earned Income; or (ii) Documentation acceptable to us demonstrating a circumstance that qualifies you for a deferment as described in Section 6(g) (“Documentation for Deferment”). (iii) If you do not provide your Informal Earned Income Documentation or Documentation for Deferment at least one (1) month prior to your first scheduled payment, we will calculate your initial monthly payments based on the average full-time income for occupations directly related to your major or program (as reported by graduates to the Purdue Center for Career Opportunities). (iv) Service Members Civil Relief Act Limitation on Monthly Payments. If you are a “Servicemember” of the U.S. uniformed military services and, after you enter into this ISA, you enter “military service,” as those terms are defined in the Servicemembers Civil Relief Act (SCRA) at 50 U.S.C. § 3911, your monthly payment will be limited to the lesser of (i) your ISA payment as calculated based on your Informal Earned Income Documentation, or (ii) the maximum payment that would be due for a loan charging six percent (6%) interest, calculated based on the funding amount of your ISA. This limitation is intended to comply with 50 U.S.C. § 3937 of the SCRA. In order for this limitation to apply, you must provide us with (i) written notice of your request, and (ii) a copy of the military orders calling you to military service. For purposes of determining whether you qualify for this limitation, the terms “servicemember” and “military service” will have the meanings defined in the SCRA.

Calculation of Your Initial Monthly Payments. Not later than one month before your first scheduled payment is due, you agree to provide us with one of the following kinds of documentation, dated not earlier than thirty (30) days before the date you provide it to us: 3.3.i. All information and documentation essential to calculate your Income, and as detailed in the Information and Documentation Requirements attached hereto as Appendix 1 (ʻDocumentation for Income Calculationʼ); or 3.3.ii. Documentation acceptable to us demonstrating a circumstance that qualifies you for a deferment as described in Section 3.6. Unless you provide us with a change in your Income as described below, we will assume your Income is as calculated according to the latest documentation or updates you have provided and charge your Monthly Payments accordingly. If the Student does not provide to Masterschool with the expected Income as part of the information and the documentation obligations under this Agreement or with any documentation for deferment (if applicable), Masterschool will assume the Income is twice the Minimum Income Threshold. Since this is an estimate of the Studentʼs current Income, it may result in Monthly Payments that are either higher or lower than what the Student actually earns. Any overpayments or underpayments will be reconciled the following calendar year.