Got My Letter from Aidvantage Showing How My Payment Was Calculated (And $ Values Were Blank)
Quick Backstory: I recertified and while my AGI went up $8800/year, my SL payments have gone up almost $468/month. The change represents 64% of my AGI increase ($110K > $119K). I asked about the calculations for my monthly payment and was told they need to open a ticket and will send me a response showing how it was calculated. Yesterday I received that letter and it's pretty good.
First, both dollar values are blank. They do not identify what they claim is the applicable Fed Poverty Level or the income on which my payment is based (AGI - 150%FPL). If you don't provide numbers, I guess you can't be wrong!
Second, even if you exclude the FPL deduction entirety, it's still $200 more than it should be under their math. It's even more than my Gross Income × 10 ÷12
My Math:
AGI of $119K - FPL of $23,477 = $95523
$95523 x .10 = $9,952.30 ÷ 12 = $796, which is about $60 more a month than I had been paying, and represents about 10% of my increased AGI. A $60/month increase would make sense, but not $468.
I contacted Aidvantage and they insist the new calculations are correct, but would also not provide me with any of the numbers they were relying on. They did do an estimate based on $119K and they said the estimated payment is $1198/month. They do try to push me into PAYE and said payment would only be $700/month under that plan.
Seriously, am I missing something in my calculations that would explain this increase?
Edit: I added the call I had with Aidvantage.