Example Calculation
To assist you in understanding the components of the calculation, we have provided the formula for a single and a married loan forgiveness applicant.
Single Applicant Calculation
| Applicant's gross wages | |
|
+ |
Housing allowances from employer |
|
+ |
Other income |
|
+ |
Significant amount of assets |
|
- |
Applicant's non-GSB required annual educational loan payments for need-based loans |
|
- |
$8,544 for each dependent child |
|
- |
$9,600 maximum based on actual cost for each child care expenses |
|
= |
Applicant's Adjusted Income (A) |
Married Applicant Calculation
We will complete both single and married applicant calculations for all married applicants. If the applicant's own adjusted income is greater than the applicant's joint adjusted income, the greater adjusted income will be used to determine eligibility.
| Applicant's and Spouse's gross wages | |
|
+ |
Housing allowances from employer |
|
+ |
Other income |
|
+ |
Significant amount of assets |
|
- |
Applicant's non-GSB required annual educational loan payments for need-based loans |
|
- |
Spouse's non-GSB required annual educational loan payments for need-based loans |
|
- |
$8,544 for each dependent child |
|
- |
$9,600 maximum based on actual cost for each child care expenses |
|
= |
Total multiplied by .50 |
|
= |
Married Applicant's Adjusted Income (B) |