What are the differences between ISA and student loans?
Income Share Agreements (ISAs) are repayment plans where you pay a percentage of your income after graduation, while student loans require fixed monthly payments regardless of your income.
Which option is better for me?
It depends on your career plans and financial situation. ISAs can be beneficial if you expect to earn a lower income initially, while student loans might be better if you anticipate a higher salary.
Are there any risks associated with ISAs?
Yes, ISAs can lead to higher total payments if your income increases significantly, and they may have terms that could affect your financial planning.
Can I switch from an ISA to a student loan?
Switching from an ISA to a student loan is generally not possible, as they are different financial products with distinct terms.
What should I consider before choosing between them?
Consider your expected income, career path, repayment flexibility, and the total cost of each option over time.
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