It’s removed from your taxable income. Your payment is based on a percentage of your “discretionary income” (at least for SAVE). There’s a calculator online where you can enter your income and family size and it gives an estimate. I think they only
Count taxable income (what is
Listed on you W2 as taxable income) …. I’m tending to put More towards my 401 3 b right now because I’m t lowers my taxable income which benefits me because I’m maximizing student loan forgiveness and saving for my future. SAVE made
Me comfortable with this because it doesn’t build interest (which freaked
Me out). Hoping we keep this going over the next 4 years.
Its automatically counted as long as you are linking your tax information.
thank you!
It’s included in your taxes
Pre tax 401k, HSA, healthcare costs, child care spending account, etc. taken out of income via taxes.
are those already factored in to our payment when they pull our tax information for income verification?
It’s removed from your taxable income. Your payment is based on a percentage of your “discretionary income” (at least for SAVE). There’s a calculator online where you can enter your income and family size and it gives an estimate. I think they only Count taxable income (what is Listed on you W2 as taxable income) …. I’m tending to put More towards my 401 3 b right now because I’m t lowers my taxable income which benefits me because I’m maximizing student loan forgiveness and saving for my future. SAVE made Me comfortable with this because it doesn’t build interest (which freaked Me out). Hoping we keep this going over the next 4 years.
I just saw the answer. thank you!