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Expected to Work/Barriers to Full Employment Policy & Procedures
Published Date: August 01, 2011
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09 Income

Loans

AUTHORITY
Income Support, Training and Health Benefits Regulation, Schedule 2, section 1(1)(o)


POLICY

Money loaned to a recipient by a financial institution, under a written repayment agreement, is not income. Money saved from the loan to the next month is counted as an asset and is subject to the liquid asset limits.

Exception
Loans arranged through Students Finance (SF) are income. These loans are meant to provide for basic necessities as well as to fund tuition and books. SF loans are not exempt.

Money loaned to an applicant or recipient by any source other than a financial institution is considered a resource. It is not exempt.