Deceptive ISA Practices Sample Clauses

Deceptive ISA Practices. ISA providers frequently market ISAs as low-cost financial products that are not “loans” that do not create “debt” despite functioning essentially as a consumer loan that creates consumer debt. ISA contracts used at the coding bootcamp Lambda School (now rebranded as the Bloom Institute of Technology17), for example, stated “THIS IS NOT A LOAN” below summaries of monthly payments.18 However, ISA borrowers often face the same tax treatment for discharges as federal student loan providers. A federal student loan borrower who discharges their loans at the end of an income-driven repayment plan must report the discharged amount as income for 16 Xxxxxx and Xxxxxx at 12.‌ 17 Bloom Institute of Technology, xxxxx://xxx.xxxxxxxxx.xxx/ (last visited Dec. 16, 2021) 18 Lambda, Income Share Agreement, Lambda School ISA (20200413).pdf (last visited Dec. 16, 2021). tax purposes. Similarly, an ISA borrower who fails to repay the total amount financed must report the difference as income.19 ISA providers can also often easily confuse consumers as to how they calculate an individual’s “income.” A provider can require a borrower to pay a share of unemployment compensation and bury that obligation within the fine print of a contract. Additionally, agreements typically calculate an individual's monthly obligation based on their gross pre-tax income. This is substantially different from federal income-driven repayment loans that consider only discretionary income, a measure that subtracts out a baseline amount of income meant to be allocated toward basic needs. Confusion surrounding the nuances of ISAs could create untenable conditions for consumers through the “stacking” effect of combining private and federal loans and yield exceptionally high monthly payments. When combined with regular federal student loans, XXX’s can burden student borrowers with monthly payments as high as 40 percent of pre- tax income for student borrowers who lack the basic protections federal law gives to federal loan borrowers.20 ISA providers frequently make use of calculators, “comparison tools,” and “future earnings” statistics to market their products. These are easily manipulated or flawed.21 Service providers’ calculators often do not include a clear APR calculation or disclosure of potential prepayment penalties. However, this is not immediately clear to consumers. 19 Purdue Univ., ISA Sample Contract (Academic Year), xxxxx://xxx.xxxxxx.xxx/backaboiler/disclosure/contract.html (last visited Nov...
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Related to Deceptive ISA Practices

  • Deceptive Trade Practices; Unfair Business Practices 1) Vendor represents and warrants that neither Vendor nor any of its Subcontractors has been (i) found liable in any administrative hearing, litigation or other proceeding of Deceptive Trade Practices violations as defined under Chapter 17, Texas Business & Commerce Code, or (ii) has outstanding allegations of any Deceptive Trade Practice pending in any administrative hearing, litigation or other proceeding.

  • Unfair Labor Practices The Grantee shall comply with the Employers Engaging in Unfair Labor Practices Act, 1980 PA 278, as amended, MCL 423.321 et seq.

  • Unfair Labor Practice Under MCL 423.324, the State may void any Contract with a Contractor or subcontractor who appears on the Unfair Labor Practice register compiled under MCL 423.322.

  • FAIR PRACTICES 1. As sole bargaining agent the Association shall continue its policy of accepting into membership all eligible persons in the unit without regard to age, race, color, creed and religious creed, national origin, sex, marital status, sexual orientation, veteran’s status, handicap, genetic information, ancestry, or membership or non-membership in any political or ideological organization. The Association shall represent equally all members of the bargaining unit without regard to membership or participation in the activities of any employee organization.

  • Collusive practices We hereby certify and confirm that the tender is genuine, non-collusive and made with the intention of accepting the contract if awarded. To this effect we have signed the “Certificate of Independent tender Determination” attached below.

  • Data Practices The Parties acknowledge that this Agreement is subject to the requirements of Minnesota’s Government Data Practices Act, Minnesota Statutes, Section 13.01

  • Work Practices Employees must be willing and able to comply with the following work practices.

  • Good industry practices 12.1.1. SAP warrants that: a) its Services will be performed in a professional xxxxxxx-like manner by Consultants with the skills reasonably required for the Services; and

  • Good Industry Practice 9.1.4 all applicable Standards; and

  • Regulation 274 - Hiring Practices The parties agree that it is critical that the process to gain long-term occasional assignments and permanent positions be fair and transparent.

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