Eligibility for LRAP loans, as well as the amount of the LRAP loans, depends also on an applicant's annualized full-time income. Annualized full-time income is the equivalent of the gross income reported in the Financial Statement and Personal Information section of the LRAP application. To be eligible for an LRAP loan, an applicant's annualized full-time income (after adjustments as set forth below) must be less than $80,000. A married participant's annualized full-time income will not be adjusted unless his or her spouse has a higher income, in which case the participant's eligible income will be calculated based on half of the joint income of the couple. In determining joint income, educational loan payments by the spouse will be subtracted in determining the spouse's annual income. For purposes of entrance into and participation in LRAP, those with dependent children, as determined under federal income tax guidelines, shall receive a credit in the form of a downward adjustment of their annualized full-time income, by $6,000 for one dependent child and by $4,000 for each additional dependent child. Each applicant is allowed to accumulate $10,000 per year of assets (exclusive of retirement funds and home equity) without those assets affecting eligibility for LRAP loans, as well as the amount of the loans. A married participant is allowed to accumulate $20,000 per year of assets (exclusive of retirement funds and home equity). For example, if an applicant graduated in 2011, by the 2013 LRAP application the applicant may accumulate $20,000 if single or $40,000 if married. Any funds over these amounts will constitute income for the purposes of determining LRAP eligibility and a participant's required contribution. In the case in which the applicant and his/her spouse are both eligible for assistance, the income for each will be calculated as half of the couple's combined income, UCLA Law educational loan repayments will not be deducted from the spouse's income, each may deduct half of the dependent allowance, and each may take the full asset exclusion.