Do student grants and loans count as income?

justruth

As a mature student with 5 years afer this of uni to take on, I had previously discounted buying a house as I would have a minimal income. Financially if I could it would make more sense as I could then let out rooms to other students to cover repayments and gain a little (I hope) in equity over the five years which would make post grad life a lot easier. Also as a mature student I forsee an issue around accomodation outside term times.

Is there some kind of student mortgage available? Do the student loans etc count as income as that could change things?

Advice greatly appreciated.

PS I am an independant student, ie no paternal financial support, and 'single' in that we're very definately not at the moving in together stage yet!

DrFluffy

No they don't count as income

jennifernil

Even though your parents are not actually supporting you, would they be in a position to act as guarantors? The amount you could borrow would then be calculated on their income minus any mortgage they already have.

justruth

Think I'll just have to live without, I don't have that kind of relationship with my parents. Who know's maybe I'll get a stroke of luck between now and then, I'm thinking work my !!!! off and invest wisely, I might still come out of uni on top.

sgx.saint

No they don't count as income

Would a County Court view student loans like this though?

For example, if a student was to receive a CCJ, and the Court requested income details, would the loan count as income?

cupid_s

HSBC were going to count my student grant as income on our joint mortgage application

elisebutt65

Well they count as income when it comes to claiming any benefits - I have to declare everything to get any Housing benefit and it brings my HB down to £25/week, so I don't see why it shouldn't count as income - oit is guaranteed for the next 3 years and then you get a job???

justruth

I guess I'll have to investigate further when I find out where I am going, meanwhile the working my !!!! off and gaining a sizable deposit by next summer seems a good option. Who knows what the housing market is going to do between now and then.

PS thankyou for !!!! my previous profanity, I get a little carried away.

DrFluffy

elisebutt65 wrote:

Well they count as income when it comes to claiming any benefits - I have to declare everything to get any Housing benefit and it brings my HB down to £25/week, so I don't see why it shouldn't count as income - oit is guaranteed for the next 3 years and then you get a job???

It's a loan, not benefit. It has to be paid back (in all but the most extraordinary circustances), so does not count as income.

You can't claim benefits as a full time student either... sO maybe your situation is different?

elisebutt65

DrFluffy wrote:

It's a loan, not benefit. It has to be paid back (in all but the most extraordinary circustances), so does not count as income.

You can't claim benefits as a full time student either... sO maybe your situation is different?

I'm a single mum so qualify for Housing Benefit as my yearly income is so low.

However, I have questioned the loan/income thing and they state that for the purposes of Housing benefit, the loan IS classed as income!!

DrFluffy

sgx.saint wrote:

Would a County Court view student loans like this though?

For example, if a student was to receive a CCJ, and the Court requested income details, would the loan count as income?

No because it's a loan. It's not income. Stop 'claiming' it

Interestingly, when we were mortgage hunting HSBC wouldn't include my loan as income, and the guy printed me off a copy of their regs, and put a not on my file that he had given them to us :mad:

elisebutt65: I didn't think any full time student could claim benefits... My friend is a single mum of 2 trying to get her nursing degree with !!!!!! all money. She has been told that she is ineligable for benefits... Will tell her to push it though...