Learners are required to keep their servicer account up-to-date with their income and job status on a monthly basis once their ISA enters repayment status. An ISA enters repayment status when a learner either graduates or withdraws/is withdrawn from their BloomTech program.
Learners must inform their ISA servicer of their employment status no later than five days after starting work, regardless of whether or not they are in a position paying at least the minimum monthly income required to make monthly payments under the agreement. Learners must also inform their ISA servicer of their earned income every month, or as requested by BloomTech, thereafter.
Each year, there is a tax reconciliation process performed to verify the learners' reported income. This is to ensure that learners are not over- or underpaying what they owe per their financing agreement.
Learners must submit to BloomTech and/or their servicer the following documentation evidencing their earned income:
- Before their first monthly payment and every time their earned income increases or decreases, a pay stub, a letter from their employer, independent-contractor agreement, or other evidence of their monthly income.
- By April 30th each year, a year-end pay stub, form W-2, form 1099, schedule K-1, or other official documentation showing their sources of earned income and the dates of their employment for the previous calendar year.
- If BloomTech requests it, a completed and signed IRS form 4506-T (or any successor form) designating BloomTech as the recipient of their tax return information for returns covering any months for which they are required to make a monthly payment, dated no earlier than 30 days before the date they provide it BloomTech.