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Earnings Path: Volatile

His story starts when he takes out an ISA with the same terms as Emma to complete a degree in engineering.

Morgan working at a desk

Morgan graduates with flying colors, but unfortunately the economy has crashed just at the wrong time.

Morgan working at a desk
Morgan holding a payment illustration

He spends most of the year looking for opportunities, finally landing a low paying job in the city.

He enjoys the role, gaining valuable career experience while his salary is just below the $40,000 income threshold.

Morgan's mother falls ill Morgan standing, holding a metaphorical payment

By his third year, Morgan's salary has risen to $42,000 and he begins making ISA payments.

Then the unthinkable happens … His mother falls ill and he quits his full time job to be her primary caregiver back in his hometown.

Over the next few years, Morgan does a lot of part time work but doesn’t earn enough to hit the Income Threshold so his payments are paused.

Great news - his mother is doing well! Morgan returns to the city and is able to do freelance work while he hones his skills.

His hard work pays off. Morgan lands a great job earning over $45,000, making ISA payments as his career advances.

Morgan brewing coffee
Morgan riding an airplane
Morgan sitting in an office Morgan sitting in an office

After another successful year, his ISA expires.
At the end of the 10 year Contract Term, the ISA concludes no matter how much has been paid up to that point.

Morgan dancing with joy

Key Benefits

He didn’t have to make ISA payments during times of personal and financial hardship.

He pays less in total than he would under a conventional student loan.

Because ISA payments are scaled to income, Morgan got back on his feet and went on to build his career.

This tool is meant only to provide a brief explanation of how ISAs can work in practice.

As with loans and other financing options, individual ISA contracts will vary and may include additional terms not discussed here such as: prepayment options, emergency forbearance, late payment penalties, among others.

Always review the specific terms of your financing options and choose the one that is the best fit for you.

Morgan Face

Morgan’s Summary

His ISA ended after the duration of the contract ended.

  • Low income earner
  • $10k ISA amount
  • $9.4k repaid over 48 payments



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