Welcome to part 2 in our series on federal student loans. If you were here in part one, you were here when we covered three of the more commonly known repayment plans that are based on what you make rather than what you owe. So, we covered the revised pay as you earn, the pay as you earn, and the income-based repayment plan. All three of those plans ask you to pay a percentage of your discretionary income each month. So today, we're going to cover what that discretionary income is and how it is used by your loan servicer to determine what you pay each month towards your loan. Let's get started. Before we get to the calculation to determine your discretionary income, we have to introduce the term federal poverty line. Every year, the Department of Health and Human Services releases a federal poverty line. Based on the number of people in your household, they are going to say, "At this salary or below, if that is your income, you are considered impoverished." For example, in the mainland states (the 48 mainland states) in 2017, the federal poverty line for a one-person household is $12,060. As you add more people to your household, that federal poverty line increases. So, if you want to see what it is for your situation or if you live in Hawaii or Alaska, you can actually follow the link at the end of this video, and it will take you to that page so you can find the federal poverty line for your household. Now that you know that term, we can tell you the calculation for discretionary income, and that is your salary minus one and a half times the federal poverty line for the number of people in your household. Let's look at...
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