What income is included in student loan application?

Quiggles_2

Hi there

Our daughter attending Uni for the first time this year and I was just wondering what income has to be included on the assessment for her student loan. CB, DLA, WFTC, Child support? Any light thrown would be grateful.

Also my husband and myself are currently in a Scottish Trust Deed (English equiv of DMP. Will any exeptions be made ref her application because of the amount we pay into the TD (755 quid per month). Or does this get completely ignored. Seems unfair that she should go without or get less because of the mess her parents have made.

cant_think_of_a_name_3

The assessment is based on all sources of taxable income (CB DLA, WFTC, child support are not taxable so are not taken into account).

If the trust deed contributions are tax exempt they will be taken into account and deducted from the gross income submitted.

The figure taken into account is basically the exact same figure that the taxman uses.

MrsManda

Ok, I've no idea what most of those letters mean though I'm sure someone on here will
But if your daughter is an English student you can use the calculator here
which will ask you questions about everything the SLC care about in terms of income and will give a rough estimate of what she's entitled to. There's also information about discretionary awards available on the site.

If she is a Scottish student there's a list HERE which will tell you what income they deduct from entitlements.

HTH

Oldernotwiser

No outgoings, including debt repayments are taken into account when assessing a student's income, I'm afraid.

jdan9

I seem to remember it's very hard to find out exactly what is and isn't counted, it's a big SLC secret...

You just have to put down all your financial situations, the diameter of your skull, the distance in metres to your nearest fish and chip shop, and the number of times you've used the word 'yes' in the past three years, and the quantity of cats located within a 3 mile radius of your washing machine, then they take all this information, put it into the computer, and it decides your fate.

Fire_Fox

Quiggles wrote: »

Hi there

Our daughter attending Uni for the first time this year and I was just wondering what income has to be included on the assessment for her student loan. CB, DLA, WFTC, Child support? Any light thrown would be grateful.

Also my husband and myself are currently in a Scottish Trust Deed (English equiv of DMP. Will any exeptions be made ref her application because of the amount we pay into the TD (755 quid per month). Or does this get completely ignored. Seems unfair that she should go without or get less because of the mess her parents have made.

With a DMP you can usually adjust your payments should your circumstances change. If the government say you must pay x to your daughter towards her upkeep at university, you should be able count this is as an essential outgoing in the same vein as council tax or food.

surfsister

it includes building society interest as if you earn that interest ie added to income

Rent received from rooms you rent out
wages you earn/partner earns
pension etc

Bit of a pain to fill in forms but once done is easy the 2nd 3rd years.

They also ask for p45/rental proof if you rent out rooms/pension statement etc.

Fire_Fox

surfsister wrote: »

it includes building society interest as if you earn that interest ie added to income

Rent received from rooms you rent out
wages you earn/partner earns
pension etc

Bit of a pain to fill in forms but once done is easy the 2nd 3rd years.

They also ask for p45/rental proof if you rent out rooms/pension statement etc.

If you rent a room in your own home that is not taxable income (up to several grand anyway). Therefore it doesn't have to be declared to the Student Loans Company - I asked as I was looking to take in a 'lodger'.

Fred_Bear_2

In addition to what's already been said I have three additional points:
1. You need to include your income and your daughter's but not her earnings from student work.
2. Bank interest is included but not interest from ISAs, so a good reason to put any savings you have in ISAs.
3. This is what I was told by the SLC helpline: You should estimate your income and your daughter's for the next academic year i.e. Sept 2009 to Aug 2010. In theory this can be adjusted in two year's time if your estimate is wrong. I have ignored this, and I use our income from the previous financial year i.e. in this case April 2008 to Mar 2009. At least if our income is challenged (which is unlikely) we will have evidence of how we arrived at the figures.