At the end of each year you make payments, you must inform us if your income changes, whether it is an increase or a reduction. Every April, we offset your monthly payments with your demonstrable annual income, for example through a tax return, from the previous year. Ultimately, if you pay less than you should, your remaining payments for that year will be adjusted for the rest of the year to correct this discrepancy. If you end up paying more than you should, we will send you a cheque within 60 days of receiving your verifiable documents. Q: What happens if my income changes during the year but I forget to update the program? Upon graduation from Purdue, an ISA participant is contractually required to repay an agreed percentage of their income for a given period. After the deadline expires, they will no longer be required to make any further payments, even if the balance of the loan has not been repaid in full. If students who choose this program do not have interest, in the long run, they tend to repay more than they borrowed. Students accepted for the LISA program receive a tuition fee reduction of $10,000 for the academic year ($5,000 per semester). The percentage of income participation you pay after leaving Clarkson and after your overtime is as follows: Other ISA programs offer students the same payment terms, regardless of the main subject. These include programs offered by Colorado Mountain College, Clarkson University, and Norwich University. Students who have less future income in these schools, based on their core subject, may find ISAs more attractive. The effect of these ISA programs is to ensure that higher-paid graduates subsidize the costs of financing the education of low-income students, even if the income level of all program participants is in line with forecasts. LISA will offer you more flexible payment options than traditional credits once completed.
Since payments are always a fixed percentage of income and not a fixed dollar amount, you don`t have to worry about excessive payments in times of economic hardship. . . .