||Opportunity@Work Talent Equity Fund
|What is my obligation?
||You only pay 6.5% of your monthly income if you earn over $35K per year.
||You pay $330 each month regardless of how much you earn (based a average loan for $15,000 with X% interest for Y years).
|How affordable is this?
||Your payment will never exceed 6.5% of your income. With an expected starting salary of $55K per year following training, this is ~$300/mo.
||You pay $330 each month regardless of how much you earn. That is ~7.2% of your income, for an expected salary of $55K per year.
|How long is my obligation?
||You will make payments for 5 years (60 months) regardless of how much you repay in that timeframe. If you earn under $35K, you will neither be obligated to repay nor will your term period extend.
||Traditional loan obligations vary but can extend indefinitely if principal and interest are not fully paid.
|What is the interest rate?
||There is no interest rate.
||Generally 6%-15%. If payments are deferred during school or during a hardship, interest accrues and the balance you are obligated to repay grows.
|What happens to my payments if I become unemployed?
||We'll never require you to repay if you're earning below $35K nor will interest ever accrue.
||Some loans have forbearance options, but you will continue to owe payments and your loan obligation will grow due to interest accrual.
|Is there a credit score minimum?
||Your credit score will not impact your access to our financing or the terms of your agreement. No cosigner is required.
||Traditional financing programs usually require a minimum credit score of 620. Pricing and terms can change at the discretion of the creditor and a cosigner may be required due to credit history.
|Can I prepay?
||Yes. If you decide to prepay you will pay 1.5X the obligation. Payments you make will pay forward towards future student training.
||Yes. You are required to pay principal + interest.
|Is there a cap on how high my payments will go?
||Yes. Payments are capped at $487.50 per month, the amount obligated of students who earn $90k or more. Payments you make go towards support future students.
||No. Your payments increase when you accrue unpaid interest.