Another finance question - slightly complicated

redmel1621

Hi

Apologies if this turns in to a long post, I will try to give you all the info....

My Husband and I are both studying with the OU at the moment he is not working, I work P/T, we have 2 young children and live in rented accomodation.

Everything at the moment is OK...However from September things may change.
My dh is applying to go into a brick university F/T. We want to make sure our children keep a roof over there heads so if the finances don't add up he won't do it. Is what I need to know is.

What finance will he receive?
How will it affect us in terms of HB, CTB and TC?
Would I still be able to continue my P/T studies?

I think I have the answers to some but please correct me if I am wrong.

Am I right in thinking any money from uni, ie. loans, grants etc are not counted by the TC people, So our overall income would not be affected?

Also that HB count every penny as income, even if you don't accept the uni loans they will assess as if you have (therefore 'forcing' you to take them)?

Our HB & CTB is in dh name so if he went full time uni I would have to make the claim in my name, and is that ok as I am only P/T student? Would we get the 25% student discount too?

I have no idea what the maximum finance available is but for the course fees, is it a loan or a grant?

And one last question - In a years time I will be starting a PGCE I am thinking I will have to do it P/T so I can keep working and try to maintain as stable a household as possible, but what would be the implications if I wanted to do it full time?

Any advice appreciated

Mel x

Oldernotwiser

I'm afraid I'm not very up on tax credits but your student income is cerainly counted for HB and when your husband is full time you'll get the 25% CT reduction. If you're both studying full time then there'll be no CT to pay. Good luck.

lilysgarden

You may well receive some help with the cost of childcare if the children are pre-school age. I'd recommend contacting the LEA to find out exactly what financial help you can claim for. He should be able to get a loan for the tuition fee's, although he won't if he has been to uni before. I don't think this rule will apply if he's just transferring to a brick uni from OU. Again though it's definately worth checking with LEA. As he's hoping to start september, he should be applying now anyway, although he doesn't necessarily have to take the loans if he changes his mind.

If there is a decent amount of financial support available for you, then is it worth considering going to uni full time yourself? At least then you would be fully exempt from paying council tax.... Which again, could make it more worthwhile for you both!

redmel1621

I have been in contact with LEA, He qualifies for the full entitlement. HB take it all into consideration except the fee loan, as that goes straight to the uni not to us.

It works out we will be pretty much in the same position financially anyway, so he will fill out all the forms later.

lilysgarden - I don't think I could go fuul-time as we would lose a lot of money from my wages and tax credits, which wouldn't be made up by loans, grants from uni... But if I stay a part-time student things pretty much balance out. (apparantly!!!)

Mel x

mummytofour

There is a fair amount of money avalible from loans and grants. I have said this many times I went to the uni and they did a financial forecast for me and we will be better off as students than DH working.