What happens if my income changes substantially?

Because repayment amounts are linked to income, Zomia takes various steps to assess and monitor a borrower’s income. In the event of a job loss or dramatic change of income, a deferment can be requested to postpone repayments. Deferments for disability, job loss, or dramatic life changes such as having children are possible—but they do not postpone repayments indefinitely. When granted, deferments shift the repayment period forward. If a graduate is out of work for six months, for example, she can obtain a deferment but effectively extends the duration of her contract by the deferment interval.

A decrease in salary due to a change in employment does not require a deferment. Instead, the graduate must request a repayment schedule adjustment, and the scheduled repayment amounts will be reduced. Similarly, a salary increase must be reported to Zomia, with repayment amounts increasing accordingly. Remember, though: it’s in your interest to pay off your loan as quickly and completely as possible. If you never repay 100% of the loan, we won’t seize your moto (!), but you will sacrifice a number of excellent rewards.