Common use of Payment Illustration Clause in Contracts

Payment Illustration. An ISA is different from a loan (which has principal and interest payments) or a conventional tuition payment plan (which requires payment in full and may include interest charges). An ISA requires you to pay a fixed percentage of your earned income each month for a fixed period of time. The table below compares illustrative monthly and total ISA payments for different levels of earned income. Annual Earned Income $ 23,000.00 ISA 17.00% income share, Up to 24 monthly payments Monthly Payment Number of Payments Total Payment $65,000 $ 921 24 $22,100 $85,000 $1,204 24 $28,900 $105,000 $1,488 24 $34,500 $125,000 $1,771 20 $34,500 $135,000 $1,913 19 $34,500 • This illustration assumes that you make up to 24 monthly payments tied to gross earned income and that your income is constant. • When you return to school or when your monthly earned income is less than $ 5,000.00 (equivalent to $ 60,000/year), your account will be placed in a deferment status, and you will not make payments for every month your income is below this threshold. • If your cumulative payments reach the Payment Cap, then you will make no further payments, and your account will be closed in good standing. • Since your earnings may change over time, your actual payments may also vary over time, so this illustration may not apply to your specific circumstances. • All payments have been rounded to the nearest dollar.

Payment Illustration. An ISA is different from a loan (which has principal and interest payments) or a conventional tuition payment plan (which requires payment in full and may include interest charges). An ISA requires you to pay make a fixed percentage of payment calculated based upon your earned income each month for a fixed period of time. The table below compares illustrative monthly and total ISA payments for different levels of earned income. Annual Earned Income $ 23,000.00 $6,500.00 ISA 17.008.00% income share, Up to 24 48 monthly payments Monthly Payment Number of Payments Total Payment <$65,000 $ 921 24 40,000 $22,100 0 0 $85,000 0 $1,204 24 40,000 $28,900 267 44 $105,000 11,700 $1,488 24 60,000 $34,500 400 30 $125,000 11,700 $1,771 20 80,000 $34,500 533 22 $135,000 11,700 $1,913 19 100,000 $34,500 667 18 $11,700 • This illustration assumes that you make up to 24 48 monthly payments tied to gross earned income and that your income is constant. • When you return to school or when your monthly earned income is less than $ 5,000.00 $3,333.33 (equivalent to $ 60,000$40,000/year), your account will be placed in a deferment status, and you will not make payments for every month your income is below this threshold. • If your cumulative payments reach the Payment Cap, then you will make no further payments, and your account will be closed in good standing. • Since your earnings may change over time, your actual payments may also vary over time, so this illustration may not apply to your specific circumstances. • All payments have been rounded to the nearest dollar.

Payment Illustration. An ISA is different from a loan (which has principal and interest payments) or a conventional tuition payment plan (which requires payment in full and may include interest charges). An ISA requires you to pay make a fixed percentage of payment calculated based upon your earned income each month for a fixed period of time. The table below compares illustrative monthly and total ISA payments for different levels of earned income. Annual Earned Income $ 23,000.00 $6,500.00 ISA 17.008.00% income share, Up to 24 60 monthly payments Monthly Payment Number of Payments Total Payment <$65,000 $ 921 24 40,000 $22,100 0 0 $85,000 0 $1,204 24 40,000 $28,900 267 44 $105,000 11,700 $1,488 24 60,000 $34,500 400 30 $125,000 11,700 $1,771 20 80,000 $34,500 533 22 $135,000 11,700 $1,913 19 100,000 $34,500 667 18 $11,700 • This illustration assumes that you make up to 24 60 monthly payments tied to gross earned income and that your income is constant. • When you return to school or when your monthly earned income is less than $ 5,000.00 $3,333.33 (equivalent to $ 60,000$40,000/year), your account will be placed in a deferment status, and you will not make payments for every month your income is below this threshold. • If your cumulative payments reach the Payment Cap, then you will make no further payments, and your account will be closed in good standing. • Since your earnings may change over time, your actual payments may also vary over time, so this illustration may not apply to your specific circumstances. • All payments have been rounded to the nearest dollar.

Payment Illustration. An ISA is different from a loan (which has principal and interest payments) or a conventional tuition payment plan (which requires payment in full and may include interest charges). An ISA requires you to pay make a fixed percentage of payment calculated based upon your earned income each month for a fixed period of time. The table below compares illustrative monthly and total ISA payments for different levels of earned income. Annual Earned Income $ 23,000.00 $6,500.00 ISA 17.006.00% income share, Up to 24 40 monthly payments Monthly Payment Number of Payments Total Payment <$65,000 $ 921 40,000 $0 0 $0 $40,000 $200 40 $8,000 $60,000 $300 39 $11,700 $80,000 $400 30 $11,700 $100,000 $500 24 $22,100 $85,000 $1,204 24 $28,900 $105,000 $1,488 24 $34,500 $125,000 $1,771 20 $34,500 $135,000 $1,913 19 $34,500 11,700 • This illustration assumes that you make up to 24 40 monthly payments tied to gross earned income and that your income is constant. • When you return to school or when your monthly earned income is less than $ 5,000.00 $3,333.33 (equivalent to $ 60,000$40,000/year), your account will be placed in a deferment status, and you will not make payments for every month your income is below this threshold. • If your cumulative payments reach the Payment Cap, then you will make no further payments, and your account will be closed in good standing. • Since your earnings may change over time, your actual payments may also vary over time, so this illustration may not apply to your specific circumstances. • All payments have been rounded to the nearest dollar.