What if my income is highly variable?

Zomia works with each of its students to determine an appropriate repayment schedule. For graduates with steady incomes, this is a relatively straightforward task. Yet for the self-employed or those working in jobs with highly variable income, it can be challenging. Beginning six months after graduation, we assess average monthly income and work to establish a repayment plan. We do our best to achieve repayments that are 15% of income, yet because there are no direct penalties imposed for underpayment, borrowers are not hurt if variable incomes lead to underpayment on occasion. If our estimates prove to be inaccurate, a borrower can request a repayment schedule adjustment at any time. Such requests trigger a reassessment of income and, if appropriate, adjustments to the repayment plan.