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Typically only "wages" earned for "services performed" will be deducted from or result in ineligibility to receive unemployment benefits. Notwithstanding this fact, the EDD should be apprised of all forms of income so that no suggestion of impropriety can be made. Student loans should not impact one's eligibility for benefits, however.
The larger obstacle to obtaining benefits is attending school in itself. This is because a claimant must be "actively seeking work" and "able and available to accept work" in order to be eligible. If a claimant is attending school on a full time basis, the EDD may regard that as an indication the claimant has withdrawn themselves from the work force or that they are simply unable to accept a job if one came up.
There are ways to attend school and still collect benefits, but the claimant must typically demonstrate either that their school schedule will not be an impediment to accepting work, or that they are willing to abandon school if a work opportunity arose. See here for much more information on the impact that attending school can have on one's right to collect UE benefits: http://edd.ca.gov/UIBDG/Able_and_Available_AA_40.htm#SchoolAttendance
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