How PSLF Buyback Amounts Are Calculated

'+ ''+ '×'; yearOptions(tr.querySelector('.bb-y'),year); body.appendChild(tr); } addRow(2024,6,68000,1); addRow(2025,12,71000,1); addRow(2026,9,74000,1); yearOptions($('bb-s-year'),2024); $('bb-addrow').addEventListener('click',function(){ var rows=body.querySelectorAll('tr'), last=rows[rows.length-1]; var y=last? Math.min(MAX_Y,+last.querySelector('.bb-y').value+1) : 2024; var agi=last? last.querySelector('.bb-agi').value : 60000, fam=last? last.querySelector('.bb-fam').value : 1; addRow(y,12,agi,fam); calc(); }); body.addEventListener('click',function(e){ if(e.target.classList.contains('bb-del')){ if(body.querySelectorAll('tr').length>1){e.target.closest('tr').remove(); calc();} } }); function setMode(m){ mode=m; $('bb-m-short').setAttribute('aria-pressed',m==='short'?'true':'false'); $('bb-m-long').setAttribute('aria-pressed',m==='long'?'true':'false'); $('bb-p-short').hidden=(m!=='short'); $('bb-p-long').hidden=(m!=='long'); $('bb-modehelp').textContent= m==='short' ? 'For a pause shorter than 12 months, the Department of Education uses the income and family size already on file from your IDR payment just before or just after the pause, whichever is lower.' : 'For 12 months or more, the Department of Education asks for your tax return AGI and family size for each calendar year in the pause. Add one row per calendar year and enter how many buyback months fall in that year.'; calc(); } $('bb-m-short').addEventListener('click',function(){setMode('short');}); $('bb-m-long').addEventListener('click',function(){setMode('long');}); function calc(){ var type=$('bb-type').value, area=$('bb-state').value; var std=standard(num($('bb-bal'),0),num($('bb-rate'),0)); var parent= type==='parent'; var ibrPct= type==='new' ? 0.10 : 0.15, hasIbr=!parent, hasPaye=(type==='new'||type==='paye'); var rows=[]; if(mode==='short'){ rows.push({year:+$('bb-s-year').value, months:Math.max(0,Math.min(11,Math.round(num($('bb-s-months'),0)))), agi:Math.max(0,num($('bb-s-agi'),0)), fam:Math.max(1,num($('bb-s-fam'),1))}); } else { body.querySelectorAll('tr').forEach(function(tr){ rows.push({year:+tr.querySelector('.bb-y').value, months:Math.max(0,Math.min(12,Math.round(num(tr.querySelector('.bb-mo'),0)))), agi:Math.max(0,num(tr.querySelector('.bb-agi'),0)), fam:Math.max(1,num(tr.querySelector('.bb-fam'),1))}); }); } var total=0, totalIbr=0, totalTen=0, months=0, zeroMonths=0, capped=false, html=''; var planUse={}, seen={}, dupes=false, icrWon=false; rows.forEach(function(r){ if(seen[r.year]) dupes=true; seen[r.year]=1; var g=guideline(r.year,area,r.fam); var disc150=Math.max(0,r.agi-1.5*g), disc100=Math.max(0,r.agi-g); var ibr= hasIbr ? idr(disc150,ibrPct) : null; var paye= hasPaye ? idr(disc150,0.10) : null; var icr= idr(disc100,0.20); // ICR: 20% of income above 100% of poverty, no Standard cap if(std!==null){ if(ibr!==null&&ibr>std){ibr=std;capped=true;} if(paye!==null&&paye>std){paye=std;capped=true;} } var opts=[]; if(paye!==null) opts.push(['PAYE',paye]); if(ibr!==null) opts.push([ibrPct===0.10?'IBR':'IBR (15%)',ibr]); opts.push(['ICR',icr]); var best=opts[0]; opts.forEach(function(o){ if(o[1]0) planUse[best[0]]=(planUse[best[0]]||0)+r.months; if(best[0]==='ICR' && !parent) icrWon=true; var used=best[1], sub=used*r.months; total+=sub; if(ibr!==null) totalIbr+=ibr*r.months; var ten=idr(disc150,0.10); if(std!==null&&ten>std) ten=std; totalTen+=ten*r.months; months+=r.months; if(used===0) zeroMonths+=r.months; html+=''+esc(r.year)+''+r.months+''+ ''+(ibr!==null?money2(ibr):'Not eligible')+''+ ''+(paye!==null?money2(paye):'Not eligible')+''+ ''+money2(icr)+''+ ''+money2(used)+' '+(best[0]==='PAYE'&&type==='new'?'IBR/PAYE':best[0])+''+ ''+money2(sub)+''; }); html+='Total'+months+''+money(total)+''; $('bb-outbody').innerHTML=html; $('bb-total').innerHTML=money(total)+' estimated buyback for '+months+' month'+(months===1?'':'s')+''; var pill=$('bb-pill'); pill.className='bb-pill'; var plans=Object.keys(planUse); var planName= plans.length===1 ? plans[0] : 'the lowest plan each year'; if(planName==='PAYE' && type==='new') planName='IBR / PAYE (10%)'; else if(planName==='IBR') planName='IBR / PAYE (10%)'; else if(planName==='PAYE') planName='PAYE (10%)'; else if(planName==='ICR') planName='ICR (20%)'; if(total===0 && months>0){ pill.classList.add('bb-zero'); pill.textContent='$0 buyback'; } else { pill.textContent='Priced at '+planName; } var lead=''; if(months===0){ lead='Enter at least one month to see an estimate.'; } else if(total===0){ lead='Your income was low enough that your IDR payment for these months is $0. Under the PSLF rules, months that would have had a $0 IDR payment can count without a buyback payment.'; } else { lead='That’s about '+money(total/months)+' per month on average. The full amount is due as a lump sum within 90 days of your buyback agreement.'; } $('bb-lead').textContent=lead; var notes=[]; if(parent) notes.push('Parent PLUS loans and consolidation loans that repaid one can only use ICR, so ICR is the only formula here. ICR can also be the lower of 20% of income above the poverty line or a 12-year fixed payment adjusted by an income factor. This calculator uses the 20% figure, so your actual price may be lower.'); if(icrWon) notes.push('ICR came out lowest in at least one year, which usually happens only at higher incomes with a high 10-year Standard payment. ICR has no Standard payment cap.'); if(type==='paye' && totalIbr>total+1) notes.push('PAYE saves you about '+money(totalIbr-total)+' here compared with old IBR at 15% ('+money(totalIbr)+').'); if(type==='old') notes.push('Without PAYE access, old IBR at 15% (or ICR, if lower) is used. If you do meet the PAYE new-borrower rules, the same months would cost about '+money(totalTen)+' at PAYE’s 10%.'); if(capped) notes.push('At least one year hit the 10-year Standard payment cap, so the monthly amount was lowered to '+money2(std)+'.'); if(zeroMonths>0 && total>0) notes.push(zeroMonths+' month'+(zeroMonths===1?'':'s')+' came out to a $0 payment and cost nothing to buy back.'); if(mode==='long' && months>0 && months<12) notes.push('Your rows add up to fewer than 12 months. For a pause under 12 months, switch to the Under 12 Months option, which uses the income already on file.'); if(mode==='long' && dupes) notes.push('The same calendar year appears more than once. Use one row per year unless you had separate pauses with different family sizes.'); if(rows.some(function(r){return r.year===MAX_Y;})) notes.push('For '+MAX_Y+' months, the Department of Education may use your current IDR payment or your '+MAX_Y+' tax return, depending on when your request is processed.'); notes.push('Married and filing jointly? Enter joint AGI and count your spouse in family size. If your spouse also has federal loans, the payment is split between you, so your share will be lower than shown.'); $('bb-notes').innerHTML=notes.map(function(n){return ''+esc(n)+'';}).join(''); var rowsMonths=0; body.querySelectorAll('.bb-mo').forEach(function(i){rowsMonths+=Math.max(0,Math.round(+i.value||0));}); $('bb-monthsum').textContent='Total months entered: '+rowsMonths+'.'; } ['input','change'].forEach(function(ev){root.addEventListener(ev,function(e){ if(e.target.matches('input,select')) calc(); });}); setMode('long'); })();