Are student Loans income?

[Majakat]

I will be filing in the next few months -

If I accept a Stafford loan before then, will it go to my income line?

[backtoschool]

No it won't count as income, but if you have money left over after paying tuition and you keep that money in your bank account, that money has to be exempted as a cash asset.

[Lee123]

I had about $3300 left over from Stafford and Pell Grant. Originally my atty was going to count it as cash on hand but when he realized that money was spent (namely to him) it was just removed altogether.
But if I had all the $3300 my paralegal was suggesting I do something to get rid of it... like pay my rent in advance.