Page 1 of 1
Are student loans included in income calculations
Posted: Wed Dec 16, 2020 10:25 pm
by SamJam
I work full time and my income will not change but I am hoping to start a part time postgraduate course. The course will complete after my IVA is finished so I know student loans won't impact it as I won't start paying until after the IVA is finished. What I want to know is if I take a student loan will this be included in the income calculation for my payments - or in other words will they simply claim the money from the loan as extra income?
TIA
Re: Are student loans included in income calculations
Posted: Thu Dec 17, 2020 10:35 am
by Foggy
Most IPs take a realistic view and offset student loan income against the expenses the loan is designed to cover: stationary, books, curricular travel and 101 other things specific to your learning. Some will do it in a 'lump' , some will be painstakingly exacting in splitting the expenses down into various categories and some will leave the whole thing tucked away on a shelf somewhere, unseen. Only your own IP can say how they will deal with it.
It will, of course, show up as a deposit in your bank account and, therefore, the IP will likely become aware of it. In my mind, were I an IP, I would rather be told about something financial than discover it myself a little way down the path. And, of course, you are still going to need permission under the terms of your IVA.