Public-domain · open source
OpenJurist

applicable monthly payment

Defined in 1 place of the United States Code.

Except as provided in clause (ii), (iii), or (vi), the term “applicable monthly payment” means, when used with respect to a borrower, the amount equal to—

(I) the applicable base payment of the borrower, divided by 12; minus

(II) $50 for each dependent of the borrower (which, in the case of a married borrower filing a separate Federal income tax return, shall include only each dependent that the borrower claims on that return).

Source