Parental savings and student savings with grant

patchwork_cat

Sorry if this is answered somewhere else I did search, but didn't spot anything relevant. Are parental savings taken into account witha grant application with student england. Also are students savings taken into account, too?

MrsManda

Looking at the application form, taxable interest from savings counts as part of parental income. Also taxable interest from savings held by the student counts as unearned income as part of the application.
So the basic answer is, the amount of savings doesn't count, it is the interest recieved which does. (except for savings in ISAs and other non-taxable savings).

patchwork_cat

When I went on the site I couldn't see the form without registering do you have any link that I could have a look at? We are looking a couple of years ahead as we are about to take out an offset mortgage and someone on another thread said are savings taken into account for student grants/loans. That stopped me for a minute.

MrsManda

patchwork_cat wrote: »

When I went on the site I couldn't see the form without registering do you have any link that I could have a look at? We are looking a couple of years ahead as we are about to take out an offset mortgage and someone on another thread said are savings taken into account for student grants/loans. That stopped me for a minute.

HERE is a link to a page where you can download guidance notes and the paper version of the application form. It asks for taxable income which includes interest from savings.

rb10

Just to add to MrsManda's post, I believe that if a student's annual unearned income (which is defined in the guidance notes, but is interest and a few other things, but not part time jobs) is less than £1000, it is discounted. Otherwise, it will be included in with the parents' income when calculating loan and grant levels.