Apple Card Application -- Student Annual Income

[EllieV]

TLDR: Called Apple/Goldman Sachs about if scholarships count as annual income, no one knows. Enjoy

Like many people, I thought Apple Card would be a great starter credit card to build up my credit score. When I got to the 'annual income' question, I wasn't sure whether to include student scholarships and loans. For the most part, the consensus I've seen online is that loans do not count (as they are a debt), however, depending on the card issuer, scholarships may or may not count, especially depending on access (directly deposited into student account), or based on if it is for tuition or living expenses. So I set out to find the answer, here's the story.

- I called Goldman Sachs, when I mentioned Apple Card, I was transferred to Apple Support
- Apple Support placed me on hold to check on it, learned he needed to ask Goldman Sachs, placed me on hold to ask
- Told me that Goldman Sachs said the answer is on the Apple Card application. I read the relevant information on the application to him, he agreed with me that it was vague and didn't answer the question
- Apple Support placed me on hold to check with Goldman Sachs again.
- Later came back with the answer from Goldman Sachs, "They can't tell you what to write, you can put whatever makes sense"

So long story short, they don't know (likely Goldman Sachs wasn't prepared for the intricacies of this kind of consumer lending). The best bet to be safe is to just include living expense scholarships, but you can't really be faulted because there is no official answer.

 

[mikecwest]

TLDR: Called Apple/Goldman Sachs about if scholarships count as annual income, no one knows. Enjoy

Like many people, I thought Apple Card would be a great starter credit card to build up my credit score. When I got to the 'annual income' question, I wasn't sure whether to include student scholarships and loans. For the most part, the consensus I've seen online is that loans do not count (as they are a debt), however, depending on the card issuer, scholarships may or may not count, especially depending on access (directly deposited into student account), or based on if it is for tuition or living expenses. So I set out to find the answer, here's the story.

- I called Goldman Sachs, when I mentioned Apple Card, I was transferred to Apple Support
- Apple Support placed me on hold to check on it, learned he needed to ask Goldman Sachs, placed me on hold to ask
- Told me that Goldman Sachs said the answer is on the Apple Card application. I read the relevant information on the application to him, he agreed with me that it was vague and didn't answer the question
- Apple Support placed me on hold to check with Goldman Sachs again.
- Later came back with the answer from Goldman Sachs, "They can't tell you what to write, you can put whatever makes sense"

So long story short, they don't know (likely Goldman Sachs wasn't prepared for the intricacies of this kind of consumer lending). The best bet to be safe is to just include living expense scholarships, but you can't really be faulted because there is no official answer.

Just put it, put whatever you want. It is not likely that they are going to verify the income, unless it is something extreme.

 

[EllieV]

Right, I'm sure I'll be fine, it's just a 5-digit difference, and I don't want to misreport anything. And hopefully other people (who can't call or whatever) with the same question can see this be helped (ish) by it.

 

[myscrnnm]

I did some searching on the Internet, and it seems you can include scholarships, especially if they are used for living expenses (for instance Discover only allows financial aid that goes towards living expenses, whereas BoA permits scholarships that go towards education as well), any spending money your parents give you (it would be especially useful if they deposit this into an account under your name or a joint account, as there would be documentation that the money is under your name)

But you are absolutely right not to include loans as income, which is explicitly prohibited by banks such as BoA and Capital One. I would say if Goldman Sachs is going to give you a vague answer, go with your best judgment based on what is generally accepted under the definition of "income" across the industry. Credit card companies very rarely verify income (typically only when the user is delinquent on bill payments), so just ask the question to yourself if you'd be able to justify the number given if you are ever asked.