Student Loan Questions.....please don't move this.....

[tatt2monster]

.....the student loan forum seems to be for post discharge defaulting, I have been unable to locate pre filing issues.

My questions are about whether or not to include the entire loan amount as income or just the amount that the school has refunded to me. I don't ever see the entire loan amount, it goes directly to the school for tuition and books, I only get what is left over. I already know to include the loans as debts even though they are not dischargeable and I know that filing chap 7 will not disqualify me from future loans-I'm a current student and they will be in deferral status for quite some time. So right now I'm only concerned about proving out my last 6 months of income.

Thanks.

[dingdong]

Loans aren't income. Loans are loans/debt.

[tatt2monster]

<feeling my bloodpressure rising> then why would the trustee consider a refund based on a loan to be income??!?!?! this is really frustrating to me.

[dingdong]

Are you sure your financial aid award was all loans? Was some of it grants, like a Federal Pell grant, or some other type of grant or scholarship?

Did you supply your loan documentation to the TT and your financial aid award letter?

I am not sure, but I thought that loans were just that, loans, and not considered income.

If loans were considered income, then cash advances would have to be considered income as well as an installment loan ( which is what a SL is) would be considered income, but you have to pay them back, so they are loans?

Weird, I don't know, perhaps a guru can chime in and give you better advice.

[frustrated7]

I was concerned about that before filing too. My student loans went to the school, who took their expenses before sending me the remainder of the money from the loan as a direct deposit. Our attorney said that loans DO NOT count as income, it's a loan that must be repaid and will not be counted as income. It didn't even come up at our 341 about those deposits from the school.