WHAT IS AN ISA?
3 THINGS
Payments don't start until you land a job earning at least $30,000 per year. No downpayment.
PAY $0 TUITION UNTIL YOU ARE HIRED
You will make monthly payments based on a percentage of your income.
PAYMENTS BASED ON HOW MUCH YOU EARN
Payments stop once you reach the payment cap or have made payments for 48 months.
PAYMENTS ARE CAPPED. YOU STOP PAYING.
COMPLETION:
YOUR ISA IS OVER WHEN ONE OF THESE THINGS HAPPEN
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YOU HAVE MADE 48 PAYMENTS
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YOU HAVE PAID A TOTAL OF $15K
IT'S BEEN 8 YEARS SINCE YOU HAVE GRADUATED, EVEN IF YOU HAVE PAID NOTHING
THE NUMBERS
$30,000​
THE ISA DOESN'T START UNTIL YOU ARE
EARNING AT LEAST $30K PER YEAR.
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10%​
YOU WILL PAY 10% OF YOUR INCOME,
NO MORE.
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$15,000​
ISAs ARE CAPPED. YOU WILL NEVER PAY MORE
THAN $15K, NO MATTER HOW HIGH YOUR SALARY.
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$0​
IF YOU HAVE TO STOP WORKING, THE ISA PAUSES.
THERE IS NO INTEREST.
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8 YRS​
ISAs EXPIRE AFTER 8 YEARS,
EVEN IF YOU HAVE PAID NOTHING.
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$8,000​
YOU CAN PAY FOR YOUR TUITION UP FRONT,
INSTEAD OF DOING AN ISA.
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