A student loan is money that is provided to help students pay tuition. Roughly 50 million American have debt tied to studying.
If you are borrowing money for school you might wake up one day and see thousands of more dollars in your bank account. Now this will lead you to ask: does this money count as income?
The answer is no. A loan is not counted as income for tax or other purposes because the loan must be repaid.
Now think about a simple thought experiment. If you are borrowing money, do you have a legal and financial obligation to pay that money back? The answer is yes.
As a result, the student loan is a liability. You can’t remove this liability from your personal balance sheet until it’s repaid.
Thus, student loans don’t count as income.
If you worked as a student, and earned wages on campus, you will need to report this income and pay taxes on it.