What counts as income for students?

TartanSaver

So I'm considering trying some 0% for stoozing, but as a student, I have a low income. When applying for credit, what constitutes income:

Earned income from employment (obviously)
Earned income from extra work/websites etc
Unearned income from savings?
Student grant?
Student loan?

I have a £750 a year a student grant, and a £6750 student loan each year. My taxable income looks like it will come in just below £10k this year, but if I was to count the loan and grant then I could be reporting an income of £17000 in applications. This is genuinely reflective of what goes into my account, so can I count it as income?

reclusive46

It really depends on the bank. Employment and any extra work should count, Student grants and income from savings should all count. Some banks also count student loan as its basically an income equivalent

thebritishbloke

I've asked a few banks about this and they've all said that student loans/grants count as income, since you're not really "borrowing" the money in the traditional sense.

Masomnia

I don't think it should be a problem to include those. It is income.

I'm not suggesting you commit fraud or anything, but how likely are they to actually check? You have plausible deniability imho.

TartanSaver

Thanks all. I'm going to work on that basis in the future. I can fairly easily evidence it anyway.

Aquamania

TartanSaver wrote: »

So I'm considering trying some 0% for stoozing, but as a student, I have a low income. When applying for credit, what constitutes income:

Earned income from employment (obviously)
Earned income from extra work/websites etc
Unearned income from savings?
Student grant?
Student loan?

I have a £750 a year a student grant, and a £6750 student loan each year. My taxable income looks like it will come in just below £10k this year, but if I was to count the loan and grant then I could be reporting an income of £17000 in applications. This is genuinely reflective of what goes into my account, so can I count it as income?

Earned income from employment (obviously) - definitely
Earned income from extra work/websites etc - yes
Unearned income from savings? - probably (if it's enough to worry about)
Student grant? - yes
Student loan? - no

Income is money you receive ... and are not expected to pay back!

Aquamania

reclusive46 wrote: »

... Some banks also count student loan as its basically an income equivalent

If correct, that would go a long way to explaining the financial mess they all got into.

jonesMUFCforever

My daughter has just been declined a student credit card with Lloyds - the rules have just changed, apparently only income from a verifiable source (that is paid into account - not cash)now counts - parentable contribution and student loans/grants do not.

thebritishbloke

jonesMUFCforever wrote: »

My daughter has just been declined a student credit card with Lloyds - the rules have just changed, apparently only income from a verifiable source (that is paid into account - not cash)now counts - parentable contribution and student loans/grants do not.

Did you ever look into this further for any sources? I would have thought that applications would specify that it doesn't count if that were the case. I can understand that the parental contribution doesn't count though.

Atidi

jonesMUFCforever wrote: »

My daughter has just been declined a student credit card with Lloyds - the rules have just changed, apparently only income from a verifiable source (that is paid into account - not cash)now counts - parentable contribution and student loans/grants do not.

So you are saying only students with a job (or huge investments & savings, producing regular income) can get a credit card?

Or maybe just Lloyds don't want students?

Or maybe just Shanter (I wonder how long until that word is censored by MSE?), based on other posts I've noticed of yours recently :cool:

jonesMUFCforever

Yes I am saying that a student applying for a Lloyds student credit card will only be accepted for a student credit card if they are employed in addition to their studies,with the salary mandated.
Huge investments or parental contributions do not count.


I have not seen the Lloyds bank rep on here for ages so can't ask him/her why this is.