The lowest option I have is 400 dollars a month with a 13,000 deductible. I was informed that if I entered the fact that I am paying 2500 dollars a month in student loans that would be taken into account. It was not. So in turn I cannot afford to have insurance and have to pay a penalty at the end of the year. All this does for me is nothing. Could you explain to me how I get the affordable part?
Student loans aren't counted as taxable income (as you pay them back). This means student loans don't count toward ObamaCare cost assistance, but interest may.
In other words, if you are figuring out your income for ObamaCare cost assistance, don't factor in money from student loans.
Scholarships can count as taxable income, and thus they can affect cost assistance under ObamaCare (so do count money from Scholarships).
In other words, anything that counts as taxable income gets counted as income for ObamaCare, and anything that doesn't doesn't count as taxable income doesn't get counted as income for ObamaCare (as a rule of thumb)... and if you are confused see the MAGI link below.
Keep in mind that paying back student loans, and the interest on those loans, is not tax deductible in most cases either. The one exception is that you can, in some cases, qualify for a student loan interest deduction if your income is low enough and you use the funds for school-related expenses.
Make sure that your Marketplace application is taking into account all taxable income so you can claim the correct amount of cost assistance. When you report information to the Marketplace it estimates your credits for you, but you can adjust your projected Modified Adjusted Gross Income for deductions you plan to take.
Learn more about determining Modified Adjusted Gross Income.