How do you track my income and make any adjustments to payments?
We use a combination of Bankflip and Income reports to track and update your payments throughout your ISA. This ensures that you’re always paying the right amount, based on your actual income.
1️⃣ Automatic Tracking via Bankflip
When you sign your ISA, you’ll need to connect to Bankflip (bankflip.io) within 14 days. This allows us to track securely your income via social security data, so we can adjust your payments automatically and save you the hassle of manual reporting every month.
2️⃣ Income Report Updates
While Bankflip handles most updates, we’ll also send you income report requests at key points to confirm your earnings. This will normally happen 3 months after your first full repayment, and then repeated every 3 months to check whether anything has changed.
🚨 What happens if you don’t respond to an income report request within 10 days?
If we don’t hear from you (and information has not yet updated in Bankflip) - we’ll automatically increase your assumed income based on a standard scale, starting at 1.25x the Minimum Income Threshold and increasing over time to a maximum of 2x the Minimum Income Threshold. This means your payments will go up automatically unless you provide updated proof of income.
3️⃣ What documents do you need to provide when requested?
If we request an income update, we’ll ask you to submit one or more of the following:
📌 If you’re employed:
- Recent employment contract
- Latest payslip
- Any service agreements (if you freelance or earn from contracts)
📌 If you’re unemployed:
- Official confirmation from Social Security showing no employment records (if not visible on Bankflip)
- Proof that you’re not registered as self-employed
- If previously self-employed: A report showing you’ve stopped making contributions
⚠️ Important: You must submit these documents via the StudentFinance platform within 10 business days of our request.
4️⃣ What if my income is below the Minimum Income Threshold?
If your income is below the threshold and you need to pause payments, you’ll need to provide proof - this could include:
✔ Payslips 📄
✔ Income and expenditure details 💰, validated by Bank statements 🏦
💡 Once approved, your repayments will pause, but the €10 monthly admin charge will still apply to keep your ISA active and in good standing
5️⃣ Final Reminder: Set Up Bankflip & Direct Debit with 14 Days of signing your contract 🙏
To activate your ISA, you must:
✅ Connect Bankflip within 14 days (so we can track your income)
✅ Set up your direct debit (to cover ISA payments & admin charges)
🚨 If these aren’t in place within 14 days, we won’t pay your tuition fee to your education provider and you may not be able to start / complete your programme.