In this regard, you can read the particulars at the Student Debt Center. Note, that if you are married and file taxes separately, the government may consider the gross incomes separately for the calculation. The discretionary income isĮxample 2: Jack has a total income of $70,000. Subtract the calculated deduction from your total gross income.Īs the last step, the authorities subtract the above-estimated deductions (expenses) from the household's total income.Įxample 1: Magda has a total income of $80,000.These amounts are the deductions that correspond to the justified expenses for the family with a given number of persons. Note, that, for the Income-Contingent Repayment Plan (ICR), the government applied 100% instead of 150% for the estimation.Įxample 1: Magda, with poverty line number 2 in Texas, has $17,240 * 1.5 = $25,860.Įxample 2: Jack, with poverty line number 5 in Alaska, has $35,280 * 1.5 = $52,920. ![]() To estimate the average level of expenses, the authorities set up a simple formula that you can easily apply to the previously determined poverty line figures.
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