Student Grant Question.

Robster88

Hopefully some well informed person here will be able to help me as I have searched around on the net for the solution to this query but have been unable to find a conclusive answer.

When I originally applied for my loans for University I didn't apply for any income assessed grants as my fathers income was over £100,000 and so I wasn't eligible for any. However my dad is no longer working and so since May neither of my parents have had any income.

The letter I got from the student finance people say that if your circumstances change let us know but I also thought that they used last years income to work out what grants you might be eligible for so the fact my parents haven't earned anything since May won't make much difference.

Do you think if I let them know my circumstances I might be eligible for a grant? The annoying thing is that under the Prior Achievement Bursary Scheme my 5 As at A level alone would have got me a £1625 grant had my family income been below the threshold when I applied.

Any thoughts would be greatly appreciated.

[Deleted User]

If there has been a significant change of circumstances, such that the income will be 85% or less than the income-level the original assessment was based on, the LEA will re-assess you. Contact them, let them know the situation and ask what evidence they require.

If the income is lower than £25,000 you will get full grant (£2835).
Between £25,001 and £34,450, the grant is reduced by £1 for every £6 of income.
Between £34,451 and £60,005 grant reduced by £1 for every £21.12 of income.

You'll also get a slightly different amount of loan.

You will also probably get a bursary from the Uni. They should have that info online.

Robster88

Thanks

Do you know if they take savings into account, or last years income? Since May my parents have earned nothing but are not claiming any sort of benefit as they are living off savings. Will that affect my chances of getting anything?

Ben84

I looked in to the situation regarding savings earlier this year. While the savings themselves are not taken in to account, any interest from them is counted as income. The only exception I found was an ISA, which is not counted and doesn't need to be declared.

Dee140157

We had to apply for change of earnings for a complicated variety of reasons. If your income has dropped by more than 15 % they can reassess. I had to chase this up as they misunderstood why I put a change of income form in at the same time as my inital assessment form. However when they did look, they did reassess and son now gets a grant.

Robster88

I would imagine it's a bit too late for me to start complicating things by asking to be assessed for a grant - I start University on Monday!

xcat_girlx

Robster88 wrote: »

I would imagine it's a bit too late for me to start complicating things by asking to be assessed for a grant - I start University on Monday!

i think you can be re-assessed at any time during the year. especially if theres such a huge fall in income.

[Deleted User]

If you are re-assessed it will be for all of the student funding, it wont speed up the process to ask for some rather than all of the fuding, so you might as well go for the lot!

The re-assessment can happen at any time during the year as long as there is a 15% difference in earnings.

They will do the assessment on the current year, if there is a significant difference between that and last year.

Savings are not taken into consideration, as the previous poster said, only the interest on savings counts.

Robster88

Thanks will give it a go then - can't hurt to try and will be worth it if I get some money!

blueopal5577

I may be wrong but I thought it was based on the former years earnings, which would have been higher. You can only get the grant on £60,000 or under. I would budget like its not there, but talk to the CAB or the student finance dept at your university who will understand more. If your parents were on £100,000 before, could they not help you out out of their savings?

[Deleted User]

I am a student finance adviser. The regs state that if there is a significant change in income such that this years earnings are 85% or less than last year's they will re-assess based on the current year.