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 charge interest). 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 $ 15,730.00 ISA 10.00% income share, 47 monthly payments Monthly Payments Total Payments <$60,000 $0 $0 $ 60,000 $ 500 $ 22,022 $ 80,000 $ 667 $ 22,022 $ 100,000 $ 833 $ 22,022 $ 120,000 $ 1,000 $ 22,022 About this illustration The illustration assumes that you make 47 monthly payments tied to earned income and that your income is fixed. If 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. Your actual payments may be a blend of the payments displayed since your earnings may fluctuate over time. Remember that your earned income will depend on many factors, including your credentials, occupation, industry, and the area of the country in which you work. 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 charge interest). 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 $ 15,730.00 15,980.00 ISA 10.00% income share, 47 48 monthly payments Monthly Payments Total Payments <$60,000 $0 $0 $ 60,000 $ 500 $ 22,022 22,372 $ 80,000 $ 667 $ 22,022 22,372 $ 100,000 $ 833 $ 22,022 22,372 $ 120,000 $ 1,000 $ 22,022 22,372 About this illustration The illustration assumes that you make 47 48 monthly payments tied to earned income and that your income is fixed. If 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. Your actual payments may be a blend of the payments displayed since your earnings may fluctuate over time. Remember that your earned income will depend on many factors, including your credentials, occupation, industry, and the area of the country in which you work. All payments have been rounded to the nearest dollar.