Financial freedom can help reduce your stress levels immensely. That doesn’t mean you need to be living a life of luxury, but you do need to ensure that your finances are under control. According to Will Smith, “Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t […]
Spring Break is here and I am excited! Are you? Even though it has felt like spring for most of the winter, finally time off from classes is here. Are you looking to save money on activities, spend time outdoors, or find indoor activities when the weather isn’t stunning? The Greater Lafayette Area is brimming with outdoor activities during the summer from parks to trails to outdoor performances. You can visit the Lafayette-West Lafayette website here to get more information on all the outdoor activities this summer. I’ve gone ahead and summarized some of the activities below.
Lafayette/West Lafayette/Tippecanoe County Parks
Lafayette alone boasts 17 parks. Some of these parks have trails, some parks have pools, most of them have picnic shelters, and some of them are just soccer fields with a concession stand. Not to mention there are 12 more parks just across the river in West Lafayette! There are 3 sizeable parks with hiking trails in West Lafayette (the Celery Bog Nature Area only is 195 acres!) for hikers and casual nature lovers to enjoy. But in my opinion, the most diverse parks lie outside of city limits in Tippecanoe County. The Tippecanoe Battlefield in Battle Ground, Indiana, features a lot of history, including a monument in honor of the Battle of Tippecanoe; it’s also the start of the Wabash Heritage Trail.
Located in Battle Ground, this park is a sanctuary for, you guessed it, wolves. It’s also home to coyotes, foxes, and bison. They have limited hours (1PM – 5PM Tuesday through Sunday) but it only costs $8.00 for an adult, $6.00 for children 6-13, and free for children under 5 to get into the park. There’s a BUNCH of fascinating events happening over the summer also, including Howl Nights (which are awesome) every Friday and Saturday where guests have the opportunity to see the wolves in the evening and hear them howl, something you can’t experience during normal business hours.
Outdoor Art Trail
If you’re into 3-D art, this is the walking tour for you. Scattered across both Lafayette and West Lafayette are dozens of outdoor art pieces that you can walk around and see. There’s even a handy online map for routing out your own personal trail for the day. More information on the art pieces (like Candy Change’s “Before I Die” murals here in West Lafayette) can be found online to give you some background on what you’re going to go see.
Prophetstown State Park
Not only is this one of Indiana’s newest state parks, it’s also full of fun activities to do this summer. You can hike, ride your bike down the bike trails, camp, or even swim for a small fee in the Family Aquatic Center. Also close nearby is the Farm at Prophetstown, where you can take a tour of a horse-powered farm and learn about agriculture.
…but what if it’s raining?
There’s still plenty to do around the Lafayette area indoors too!
-Check out the area’s nightlife. Whether you’re a pub or a coffeehouse kind of person there’s something for you. Most places offer live entertainment on Friday or Saturday nights too.
– Love all things vintage? Head to downtown Lafayette and check out all the antique stores on the “Antique Trail”. (Or pop over to the Tippecanoe Mall to completely avoid the rain and shop both vintage and major retailers – the vintage store Hot House Market!)
What are some of your favorite things to do in the Greater Lafayette Area during the summer? Let us know in the comments below!
Purdue Dining Courts will be CLOSED during break, so here is our Top 10 list of ways to feed yourself if you are eating your lunch out.
I love having other people make me food, but I hate the price that comes with it. When I go out to eat I want good food and a lot of it, but I like to keep the price as low as possible. I’m sure all of you college students can relate to not wanting to pay a lot for food but still getting to enjoy your food. My Top Ten restaurants in the West Lafayette area list is focused on what I enjoy: massive quantities of delicious food for cheap.
1-4: Giant Burrito Distributors
Here in West Lafayette alone we have 4 burrito restaurants (ranked in order of my personal favorites) Qdoba, Moe’s, Chipotle, and La Fiesta Burrito. The best thing about a burrito restaurant is that you get A LOT of food for a pretty good price. The big bonus at Moe’s and La Fiesta Burrito is the unlimited free chips and salsa with your purchase. Qdoba and Chipotle offer chips and salsa as separate side items, but will give you a free small drink with your student ID.
5&6: Sub Shops
There are a lot of sub shops in the area, but I only really like two of them: Subway and Jimmy John’s.
Both have great aspects about them:
Subway: $5 foot-long months, huge variety of sandwich combinations, and unlimited topping choices. Be sure to get 10% off your sandwich with your student ID!
Jimmy John’s: that SMELL, delicious giant pickles, classic sandwiches, and their freaky fast service.
Subs are a pretty generic food option; but, there are lots of sub choices, lots of flavor, and lots of food. As college students, we are focused on getting the most bang for our buck, and you definitely get this at either of these delicious sub shops.
7: Dairy Queen & Panda Express
DQ – Right in the Chauncey Mall and great for more than just ice cream. My personal favorite is their $5 Buck Lunch with a burger, fries, drink and, of course, ice cream sundae. It’s not a $5 deal but the Flamethrower Burger is huge and incredibly delicious.
Panda – Something I never tried until I went to college (true story). Now I can’t get enough of their orange chicken. If you’ve never had it, do yourself a favor and stop by this week.
8: Von’s Dough Shack
Located right next to Von’s Book Store, this tiny shack serves up HUGE calzones. They have 40 different options listed on their menu and a variety of sides to choose from. The last time I ate lunch there, I was so full I didn’t eat supper that night. Now, that’s a restaurant that’s worth paying for.
9: Packing Your Lunch
It’s not very cool, but it is economical, and it’s what I do almost every day. Packing your lunch costs you what you would usually pay in groceries, a few extra minutes in the kitchen, and possibly the price of a lunch box and/or portable food containers. The start-off cost is more than ten dollars, sometimes, but if you divide it over every day that you pack your lunch, you are saving a TON of money. This is even easier if you have leftovers from dinner the night before. Just reheat the next day and you just made the effort/ cost of one meal into two.
10: KFC Buffet
The lunch buffet on Mondays is even cheaper than the rest of the week! Plus, it’s an all-you-can-eat buffet; you can literally eat until you are completely stuffed. The Colonel’s chicken really is the best too. One sneaky student even pointed out that you could potentially sit there all day and eat while studying… Just an option to keep in mind…
With less than a week until spring break, now is the time to get into gear if you are planning a trip this break. While there are several websites available that will arrange packages for you, it is possible to get a great experience without having to pay the premium fees associated with those arrangements.
Planning is the most important part of making sure your trip is one of your best college memories. If you plan properly, you can avoid having to spend your way out of an emergency situation.
Things to think about:
1. Plan on a Budget: With a little bit of searching you should be able to estimate the costs of various things from transportation, lodging, food, and what you are planning to do while you’re there. This will help make sure you don’t throw caution and money to the wind when you first arrive and have to sit in your room because you ran out of money day one. Work with your friends you are going with to make sure it is a reasonable amount for everyone.
2. Traveling Companions: Make sure your group has similar expectations. Mixing friends who want to go sight-seeing at historic places with those who want to party will probably result in the group splitting up for most of the trip. If you all agree on the budget beforehand, then everyone can be ready to pay their own way so you don’t have to help cover someone’s expenses unexpectedly.
3. Destination: Beaches and tropical locations are always popular, but don’t be afraid to think outside of the box. Many parts of the country are beautiful this time of year and significantly cheaper than the traditional destinations.
If you’re thinking about international travel, you need to be sure you have your passport. Passports typically take 4-6 weeks to process, unless you want to for expedited service fees to get it sooner. (https://travel.state.gov/content/passports/en/passports/information/fees.html)
4. Planning: Depending on the type of trip, work with your friends to create a list of a few can’t-miss activities and places to visit. This can be during the drive or at your destination. Do some internet searches for tourist attractions in the area since you are, after all, a tourist!
5. Travel Method: The spring break road trip is a classic, and will cost you a lot less than airline tickets would. Just be sure the vehicle you take is reliable. Nothing will derail your plans (and budget) quicker than an unexpected car breakdown.
If you do decide to fly, remember that you will need transportation when you arrive! This means either having someone there with a car, renting one, or relying on public transportation and taxis (which can be expensive).
6. Hotels: While you aren’t traveling to see the walls of your hotel room, where you stay can have a huge impact on your trip. If you’re looking to save money on eating, rooms with a kitchen (while usually more expensive) can save you from eating out for every meal.
When booking your rooms be sure to compare rates not just between hotels, but between booking methods. If you call their front desk, that’s not always a guaranteed best price. There are plenty of websites that may be able to reduce the room rate for you.
7. Food: You may think that you are destined for fast food, restaurants, and gas station food, but with preparation you can save a few dollars on food and still eat well. If you have a long trip, you’ll need to eat in the vehicle. Grocery stores are full of food to eat on the go, but don’t buy anything that needs refrigerated. You can’t refrigerate anything so it needs to be okay without and that leftovers are mostly a no-go. Don’t worry too much about bringing food to last the trip because your destination will have grocery stores (the locals do have to eat). Be sure to pick out foods that fit your situation. If you’re relying on a microwave for cooking tailor your choices toward that.
Nathan Carmany, a Purdue Alumnus, is a Certified Financial Planner for Watermark Wealth Management
The spring semester is underway. Companies are recruiting and having conversations with
your professors about ideal candidates. You attend networking events, purchase new interview clothes, and hopefully land the perfect position for the summer. To stay ahead of your finances, you need to make a conscious plan for your earnings.
PAY HIGH INTEREST RATE CREDIT CARDS
The average balance for a college student in 2013 was $499. The average interest for student credit card interest is 13.42% stated as an APR, however, the effective rate after compounding daily is actually 14.34%. What better way to cut expenses than eliminating high interest obligations?
CREATE A SPENDING PLAN
Consider creating a spending plan for the summer and school year to stretch the duration of the funds. Paul Arden stated, “Don’t look for the next opportunity. The one you have in hand is the opportunity.” Think about what opportunities you may put into your own hand with a well thought out spending plan.
PAY FOR YOUR SUMMER CLASSES
Don’t overlook that your credits for the summer internship can cost money. Why not use some of the funds to possibly pay for those? Reduction of your total amount borrowed before interest is capitalized and recommended for faster loan payoff.
PREFUND YOUR LIVING EXPENSES
Seniors, set aside as much as you can. When you find your first apartment or home, somewhere the move will create an unplanned expense. Inevitably it happens, an extra day rental on the moving truck, needing kitchen utensils, towels, or boxes. The money will help cushion for the unplanned expense. Do not forget about the extra cost of hooking up utilities, cable, or the internet.
BUILD AN EMERGENCY FUND
Traditional financial planning calls for 3-6 months of living expenses set aside for an emergency fund. Most people will experience at least one significant financial emergency in a three to five year period. It can be difficult for college students to save a full 6 months of living expenses, but setting aside a modest amount may prevent you from making a call to your parents when something comes up. Like my grandmother taught me, place the money in a zip lock bag and freeze it in a container of water, then see how easy it is to impulse spend!
CONTRIBUTE TO A ROTH
The sooner retirement savings start; the less you have to save over the rest of your life. The compounding of gains and interest early on are difficult to make up if you delay contributing until later in life. By saving it in a Roth IRA, the earnings are tax free after age 59.5, as long a Roth account was opened 5 years ago or longer. That 5 year clock begins with the first contribution to your Roth. If you need access to the money, contributions are removed first without any penalty.
PAY DOWN STUDENT LOANS
Hopefully, you have been informed about the inability for most borrowers to ever declare this type of debt in bankruptcy and that prolonged periods of missed payments will lead to wage garnishment, a much larger loan balance, and the destruction of your credit score. The grace period on most student loans expires 6 months after graduation. Interest is capitalized (meaning that it is added to the loan balance) at that point unless you qualify under a different exemption. Paying down unsubsidized loans (make sure your loan servicer allocate it properly) with your earnings before the end of the grace period is a great way to cut the overall cost of the loan.
Think about your upcoming needs for the summer, school year, or beyond graduation. Pick one of the ideas to best suit your needs and work on an implementation plan. No matter which idea you execute, a well thought out plan will serve you well.
Emergency savings aren’t for fun. When you don’t need it, you look at a nice sum in the bank that you could be using for something fun. When you do need it, you’re going through some sort of financial crisis and probably won’t be patting yourself on the back for being prepared.
As a college student you might not have a lot of spare money sitting around, but having some cash set aside is a lot more pleasant than having to ask the Bank of Mom & Dad for funds because you weren’t prepared. Even if you need to ask for some help, you can save a lot of pride if you let them know you’re able to contribute toward whatever emergency you have.
So how much money should a student save for emergencies? There’s no answer to cover everyone other than “it depends”. The best advice is to anticipate what types of emergencies you may need it for. Things like blowing the transmission in your car, unplanned travel to be with a friend, embarrassing personal health situations, or minor legal issues (like tickets) can all be things that you might feel weird asking your parents to help cover. Even asking for help with reasonable things like food and rent can be uncomfortable if they know that you blew the money you were supposed to use.
A good goal is to save around $500 somewhere where you can’t spend it easily, but can access it when you absolutely need it. That might not cover everything, but it’s a good start on most minor situations you will find yourself in.
How do you get that $500 saved up? Here are three ideas:
- If you work, funnel a little bit off each paycheck or from your tips to slowly build it up. Just be sure to keep the money safe from yourself so you don’t use it for impulse purchases. If you treat your emergency fund like a bill and pay yourself first, you won’t miss the money.
- When your disbursement comes from extra scholarship, grant, and loan money, take out the $500 then and set it aside.
- Save up those mini-windfalls you might get from birthdays, tax returns, and holidays.
It might seem like $500 is a lot to save. But it will feel like even more when you have to pay it in a pinch and don’t have it. Whatever your goal is, set it and get after it. Consider making a pledge to save with America Saves Week as extra motivation to get started.
Emergency savings are for emergencies!
In 2012, 71 percent of students who graduated 4-year colleges took out student loans. Debt isn’t fun, but education is one of the better reasons to take on debt. While you may not enjoy paying back student loans there are some steps you can take to save yourself some money and make your payments hurt a little bit less.
- Prioritize high-interest debt: While Federal Direct student loans are capped at 6.8%, private loans are not. Even worse interest rates? Credit cards. If you have credit card debt, prioritize paying it off before your student loans. 6.8% interest is no fun, but credit card interest rates 20% and higher can be crippling.
- Income based repayment: If you qualify for an income-based repayment (IBR) plan, do yourself a favor and apply for one. Generally if your debt is higher than your income you will probably qualify. Even if you are able to make your payments without much issue, an IBR can still save you money. How you may ask? If you keep paying the same amount you did before, you can target your payments toward either your highest interest or smallest loans depending on which repayment style fits you. Not to mention, if you are one of the approximately 50% of people who work in public service, you can qualify for loan forgiveness after 10 years.
Pick your payoff: There are two main methods for paying off debt when you have multiple balances to pay. The snowball and the avalanche method.
The snowball method entails taking the extra money you have and paying off your smallest debts first while paying the minimum on the rest. Then once that is taken care of, you roll that payment into the next smallest and knock off your obligations one-by-one. This is best for those who like the reward of seeing their different loans disappear the quickest and can help you stay on track easier.
The avalanche method is similar to the snowball where you make minimum payments on all loans but one. The difference is that you target the highest interest rates first. While you may not experience the visual rewards of seeing the small debts disappear quicker, you will save the most amount of money in the long run this way.
One way to not repay is by spreading out the extra you pay to all debts and pay a little bit additional on everything each month. This provides neither of the advantages that the avalanche and snowball method have while still costing you the same amount. You get less savings than the avalanche, and less of the reward that the snowball offers.
As you’re filling out your taxes, there are a couple of tax deductions that being a college student may have made you eligible for. If you have received either a form 1098-E from a student loan lender or a form 1098-T from your school, be sure to have these on hand when you complete your taxes before April 15th (or hopefully sooner).
1098-E: Given to you by your educational loan borrower, this Student Loan Interest Statement shows how much interest you paid on your student loans in the prior year. If you have been making student loan payments and paid over $600 in interest, you can expect to receive a 1098-E. You will receive one from each different borrower that you have educational loans through allowing you to deduct up to $2,500!
1098-T: This form is a tuition statement supplied by your university for your taxes. It will show qualified tuition and related expenses, scholarships and grants you have received, whether you have been enrolled at least half time, and if you are a graduate student or not. Entering this information into your taxes can allow you to claim the American Opportunity Credit or the Lifetime Learning Credit. You may not receive a 1098-T if all of your tuition and expenses were paid for via scholarships. To find your Purdue 1098-T, log into your myPurdue account! Full instructions are available here.
Once you file your taxes, be sure to file your FAFSA before March 1st for the Purdue priority filing deadline!
If you’re in college your retirement might seem like a long way off. And it probably is, assuming you aren’t one of the very few people who become a wildly successful professional athlete and strike it rich early.
Unless you are currently swimming in cash as a college student and free of taking out educational loans, it probably isn’t realistic to be saving for retirement until you get your first post-college job. While now may not be the time to start investing into your retirement, here are three tips to remember as you’re setting up your career, and the rest of your life.
Minimize Debt:Saving for retirement is a lot harder if you’re paying several hundred per month against debt. So think twice (or three times) before accepting the full amount for educational loans that are offered to you and ask yourself if you really need all of it. Once you start working, make a plan to pay down your debt as soon as possible.
An increasingly popular choice for graduates today is to head back to the parents’ nest for a year or two to save money for life on your own. Keep in mind that living with your parents only helps if you use it as a springboard to save, not as an opportunity to free up more spending money.
Career and Employer Choices: When you’re looking into employers and eventually weighing (hopefully) several employment offers, consider more factors than just the dollar signs on the salary. Once you’re off your parents’ healthcare plan on, or before, your 26th birthday you’ll need your own plan, which can be costly if your employer doesn’t offer one.
Additional non-salary factors to consider are moving expenses, cost of living, vacation, and retirement options. Retirement plans where your employer matches your contribution guarantees you a 100% return on investment, not an easy feat investing your money elsewhere. Also keep in mind if you are part of the nearly 50% of Americans who think that Social Security payments will be important in your retirement that they currently average about $14,000 per year.
Start Saving Early: Within your first month of getting paid you might find yourself wondering how anyone can spend this much money, and then within a few weeks wonder where it all went.
A great strategy to start saving early on is to have money automatically deposited into a savings account. It is much easier to adjust to having less right from the start than to save what you have left.
To emphasize the importance of saving consider this scenario of two employees at the same company.
Alice is 25 and starts contributing $100 every month ($1,200 per year) toward retirement. Alice plans to retire at 65 so she has 40 years to save. Sheila also contributes $100 every month, but she waits until she is 30 because life was just too hectic to start saving earlier. What’s the difference in retirement savings at 65? Alice will have saved $310,000 compared to Sheila’s $206,000 – or a difference in over $100,000. Why does this happen? The miracle of compound interest that you once learned about in math class.
Five years is the difference between surviving and thriving in retirement. Your youth is an investing advantage you will never get back.
Remember that it is important to save up for both retirement AND a regular savings. The savings account is there for you when you need money for big purchases, to handle emergencies, etc. without having to use credit cards and lose money on the interest.
It is important to avoid a mindset of “I’ll start saving when…” It will never be a better time to start. So take the America Saves Week Pledge and start today.
All information on repayment plans is from this article by David Evans, Ph.D.
Additional info added by Casey Doten, Purdue Financial Aid Administrator
There are two main types of repayment plans you can choose from: traditional and income-driven. For borrowers that will qualify for Public Service Loan Forgiveness (PSLF), income-driven plans may be the better option. Income-driven plans will require an annual verification of income. This fact sheet describes each of the repayment plans as well as pros and cons of each. For more information about each of the repayment plans visit the Federal Student Aid website.
Standard Repayment Plan
The Standard Repayment plan consist of equal monthly payments over a 10-year period of time. This repayment plan is good for those who can handle making their monthly payments and make enough money to afford them. This payment plan is best for those who have minimal other debts and start working right out of school.
The Pros: You’ll pay off your loan faster compared to other plans, and pay less interest as a result.
The Cons: Your monthly payments will be higher than those made through other plans.
Graduated Repayment Plan
The Graduated and Extended Repayment plans could be an option for you if your income is low when you graduate but will increase quickly. Under a graduated plan, payments start out low and increase during the repayment period, usually every two years. This is a good plan if you can’t afford your current payments but know you will make more money in the years to come.
The Pros: Your loan is still paid off within 10 years.
The Cons: You’ll pay more interest over the lifetime of your loan compared to the Standard Plan.
Extended Repayment Plan
An Extended Repayment Plan is an option if your loan amount is more than $30,000 and you want to stretch your repayment to 25 years.
The Pros: Smaller monthly payments (since they’re spread out over as many as 25 years) and more time to pay off your loan.
The Cons: You’ll be saddled with payments for a longer period of time as well as pay more interest.
If you qualify for an Income-Driven plan, these are often the most attractive options if you’re willing to recertify your payment each year (it’s not very difficult). However, some of these are contingent on when you took out loans! If you’re interested in student loan forgiveness*, you’ll need to be enrolled in any one of these plans.
Income Based Repayment Plan
If you’re not making enough money to cover all of your monthly expenses the Income Based Repayment (IBR) Plan would be a good option. There are two separate calculations for IBR which are dependent upon when you took out your student loans.
The Pros: The IBR plan takes into account your annual income as well as your family size. Your payment will be 10% of your discretionary income** if you were a new borrower on or after July 1, 2014. Otherwise it will be 15%. Any outstanding balance on your loan will be forgiven after 20 (for undergraduate loans) or 25 (for graduate loans) years.
The Cons: You will have to pay income taxes on any forgiven debt unless you qualify for PSLF (this is true for all loan forgiveness).
Income Contingent Repayment Plan
If you have a federal Direct Loan (other than a PLUS loan), you could opt for the Income Contingent Repayment (ICR) Plan. Your payments could be as low $5 or even $0.
The Pros: Your monthly payment will be the lesser of 20% of your discretionary income or on a repayment plan with a fixed payment over 12 years. You can have your remaining loan balance forgiven after 25 years of regular payments.
The Cons: You’ll pay more over the lifetime of your loan than you would with a 10-year plan, your payment could be lower than the monthly accrued interest and your loan principal will grow. You will have to pay income taxes on any forgiven debt unless you qualify for PSLF.
Income Sensitive Repayment (ISR) Plan
The Income Sensitive Repayment (ISR) Plan is only available for those with Federal Family Education Loan (FFEL) Program. Payments are based on your annual income, family size, and total loan amount. You would pay the loan off in fifteen years.
The Pros: Each lender has their own calculation, but generally it is between 4% and 25% of your monthly gross income, although your payment must be greater than or equal to the interest that accrues.
The Cons: It’s only available for up to five years. After that time, you must switch to another repayment plan. You must reapply annually, and there’s no guarantee that you’ll have continued enrollment in the plan.
Pay as You Earn Repayment Plan
The Pay as You Earn Repayment (PAYE) Plan is another option for those not able to afford their current monthly payments.
The Pros: The PAYE plan takes into account your annual income as well as your family size. Your payment will be 10% of your discretionary income. Any outstanding balance on your loan will be forgiven after 20 years.
The Cons: PAYE is only eligible to those who were new borrowers on or after October 1, 2007 and must have received a disbursement of a Direct Loan on or after October 1, 2011. You will have to pay income taxes on any forgiven debt unless you qualify for PSLF.
Revised Pay as You Earn Repayment Plan
The Revised Pay as You Earn Repayment (REPAYE) Plan is very similar to PAYE. This plan was created to allow more borrowers the opportunity to have their payments lowered to 10% of discretionary income.
The Pros: Not dependent upon when you took out your student loan, the payment will be 10% of your discretionary income. Any outstanding balance on your loan will be forgiven after 20 (for undergraduate loans) or 25 (for graduate loans) years.
The Cons: If you are married, your spouse’s income will be considered whether taxes are filed jointly or separately. You will have to pay income taxes on any forgiven debt unless you qualify for PSLF.
Federal student loans offer various ways for repayment. If you are in a situation (like so many others who have taken out student loans) that is not ideal for standard repayment of your loan, consider these options. There is a lot to consider when you are trying to decide which repayment plan to choose. Using the Federal Student Loan Repayment Estimator can help you make your decision by showing you what your payments would be under each of the plans described above.
*A note about loan forgiveness: There are two different kinds of loan forgiveness, Public Service Loan Forgiveness (PSLF) and loan forgiveness from your income-driven repayment plan ending. While both plans require you to be enrolled in an income-driven plan to reap the benefits there are some key differences:
-PSLF requires being employed at a qualifying employer in public service (non-profits, government, etc.) for 10 years/ 120 qualifying payments before forgiveness takes place. Standard forgiveness is after 20 or 25 years depending on your repayment plan.
-Any loan amounts forgiven under PSLF are tax-free, but not under standard forgiveness! So if you still have a balance on your loans after 20 (or 25) years, you will owe taxes on it as if it is income. While it’s still better than paying the amount back, it’s important to know it will have ramifications.
**Discretionary income = Your income – 150% of the poverty level in your state for your family size