The College Cost Reduction and Access Act of 2007 (H.R. 2669) will provide the single largest increase in college aid since the GI bill. And it will do so at no new cost to taxpayers, by cutting excess subsidies paid by the federal government to lenders in the student loan industry.
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Discretionary monthly income is your monthly income minus an amount that equals 150% of the poverty line for your family size. For example, if your monthly income is $3,000 and you are single, your discretionary monthly income is $1,724 (Income ($3,000) – 150% poverty line ($1,276) = Discretionary Income ($1,724)).