Student loans considered income? (calculation, tuition, refund)

[LaToya S]

Hi,

I am a part time older student on top of working. I get some loans to pay for my tuition, books and there is money left over after that. Would the money that is left over be included in/considered income? Should I include that in my income calculation?

When they review my bank statements the will see the amount left over after tuition deposited to my account.

Would the whole loan be considered income? Is there anywhere to look this stuff up?

Thanks!

[Kiiddesire120]

No

[linamonroll]

The loan disbursement won't be considered income but if you are holding the excess in your bank account, it will be included in the total value of your accounts as an asset and be subject to the .06% x asset total calculation which will be added to your income.

So for example, if you had $5k in excess student loan that was refunded to you by the collage (or sent directly to you by a private loan company) and is now in your savings account, it won't add $5k to your annual income but it will add $5k to your total assets. And .06% of your total assets (including the extra $5k in your savings account) will be added to your annual income. So as long as the extra $5k, in this example, doesn't put you over the overall asset limit when combined with all your other assets, and the extra $3, in this example, (.06% x 5,000) doesn't put you over the income limit, it shouldn't impact you negatively.

Read the assets section (pages 52-53) here to see how assets impact your eligibility: https://www.nyc.gov/assets/hpd/downl...g-handbook.pdf

[LaToya S]

Linamonroll,

Thank you very much - very helpful! I truly appreciate it!