Your payment responsibility will begin after you complete the CTR and begin teaching in September of 2019. You will make payments for the next five years of employment. The annual payments will be 4.5% of your annual income. 1/12 of the annual payment will be made each month.
If you are unemployed or earning less than $25,000 per year you will pay nothing that year. If you return to graduate school and are earning less than $25,000, you will pay nothing that year. If you are at home because of family commitments and earning less than $25,000 per year, you pay nothing that year. You are allowed up to three such non-paying years. The non-payment period does not count as one of the five years of employment. In addition if you earn more than $ 75,000 per year you will pay nothing on the amount in excess of $75,000.