How to prove my income?

[Anonymous]

I have really good credit. I received a letter asking me to verify my annual income for a credit card I just applied for. I unfortunately can't provide a w2, tax return, pay stub, or letter of employment as I am not currently employed. My income comes from federal student loans since I am a second year student in a doctorate of dental medicine program. This income has been accepted by my other credit card issuers.

What can I do to corroborate this?

[llecs]

There's debate in here as to whether or not federal loan money is considered income for credit. IMO it isn't because you have to repay a loan; not repay income, and you can't use all of those funds for whatever you want. However, I have seen some posters in here successfully demonstrate to the lender-to-be that it serves as income for them. I'd call them back and explain and maybe it'll work out. I never applied for a federal loan, but I do recall doing DW's taxes who then had a federal student loan. Seems like you have to report that annually, right? If this is a new loan then there wouldn't be anything to show though.

[09Lexie]

Llecs is correct. Both of my kids received Fed SL and Scholarships and when asked to document income, the lenders accepted the scholarships as long as it was not used for tuition or books. The scholarship approval letter was used as their POI.

Basically if you np have to file taxes on the income then that is what they will accept. Of course, that was in our case the lenders were Cap 1 and BoA.