How is interest calculated for payroll deduction if I am working on an 10 or 11-month contract basis?
Since regular interest is charged monthly, you would be charged interest for 12 months. This means that you would accrue interest on the unpaid balance during the month or months you do not receive a paycheck. Return to top Can I continue to make payments after I retire or while I am receiving a disability retirement? No, you cannot continue installment payments after you retire or start receiving a disability retirement allowance. If you are making payments and will retire, you must make your final payment no later than the end of the month of your retirement. The final amount can be paid as a lump sum. If you have not finished your payments by the time you retire, you can receive prorated service credit for the total amount received at retirement.
