Enrolling in Obamacare when your "income" is student loans

Thinking about getting insurance through the Affordable Care Act (ACA) but confused about your eligibility?

The ACA is confusing for students because we mostly live off student loans. Is this considered income? A classmate of mine, ME, summarizes her months of research on it here because our own Financial Aid office only provides limited information. Thanks, ME!

The deadline to enroll is Monday, March 31.

The Affordable Care Act, signed into law via ObamaCare Facts

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Through obamacare, we qualify for a massive subsidy for healthcare or Medicaid (which is free) depending on how much income you have other than student loans, and how you chose to report your student loans. Note: you must file a tax return to qualify for a subsidy!

Warning: I am not a lawyer, so this is not sound legal advice! This is just what I have learned from applying for obamacare. I have gotten a lot of conflicting answers from the obamacare helpline people about how to classify my income (pretty much just student loans), so confusion is rampant.

Subsidy
Pro: You can buy normal insurance from a lot of companies and tailor the plan you buy to the benefits you foresee will be most useful to you (example: get a plan with good prescription coverage if you take a lot of maintenance medications). Much cheaper than the school insurance, and most plans are also more comprehensive.

Cons: You may need to get creative with how you report your income (student loans and other)

To get the subsidy:
1. Go to http://getcoveredillinois.gov/ (or your respective state's site)

2. Create a profile and fill out application, claiming your income (used for living expenses) from student loans as real income.  

3. Do not claim an income level too close to the cutoff line for Medicaid, or you will get referred to Medicaid. In such a case, you will apply for Medicaid, be denied, and then reapply for obamacare. $17,000-17500 per year worked for me, and is a reasonable estimate for my student loan income (not counting educational expenses).

4. You will need to provide your tuition statement, W2, and any other documents pertaining to your particular financial situation as proof of income. 

I went the subsidy route and have Blue Cross Blue Shield Insurance PPO 80/20 (for in-network providers). I pay about 65 dollars a month, with a $115 dollar a month subsidy to cover the rest of my plan. I have a 0$ deductible and a $500 dollar out-of-pocket maximum.

Medicaid
Pro: FREE, and if you make less than $15,850 a year as an individual or $21,400 as a couple you will likely qualify (more info on qualification & coverage). Just so you know, our student loan income does not qualify as taxable income (according to the office of student insurance here at school as well as a tax expert I consulted).
Cons: there is lots of paperwork involved and fewer doctors take medicaid

To enroll in Medicaid:
1. Go to http://getcoveredillinois.gov/ (or your respective state's site)

2. Create a profile and fill out application, claiming that your student loans do not count as taxable income.

3. Be referred to the state medicaid agency.

4. Enjoy all the ensuing paperwork and free medical care.