; or (B) has no outstanding balance on a student loan made, insured, or guaranteed under part B or D on the date the borrower receives a loan made under part D on or after July 1, 2018. (3) Excepted plus loan; excepted consolidation loan The terms excepted plus loan and excepted consolidation loan have the meanings given such terms in section 493C. (4) Income-based calculation The term income-based calculation means 15 percent of the result obtained by calculating, on at least an annual basis, the amount by which— (A) the borrower's, and the borrower's spouse's (if applicable), adjusted gross income; exceeds, as defined by the Secretary