Help With Student Loans - HERE!

Oldernotwiser

As far as your own income goes, you're assessed on the current year when you're an independent student

From http://www.direct.gov.uk/prod_consum_dg/groups/dg_digitalassets/@dg/@en/@educ/documents/digitalasset/dg_174587.pdf

"You may be expected to contribute depending on
how much income you have and where it comes
from. Student Finance England or your local
authority will ask you to estimate your total income
for the coming academic year. This income
includes all money that you earn or receive that
you pay income tax on, except for income from
work done during any academic year of your
course (including holiday, evening or weekend
working but not including any sums paid in respect
of periods for which you have leave of absence or
are relieved of your normal duties for the purpose
of attending your course). It will also include
certain social security benefits"

Only the interest on your savings is counted, not the capital.

luce181

Thanks everyone,
most helpful )

debtfreeby2013

Hi,
I'm living with my parents but am about to start year 2 of a BSc course. Last year I got a very generous offer of £5000 WA grant, £1900 maintenance loan and £3290 tuition fee loan however, I was living at a different address when I first applied (but changed address long before my offer came in). I've just completed the form for this year and have been 'estimated' £3559 maintenance loan and £0 tuition fee loan, why could it be that my maintenance loan has jumped up so much and I am suddenly getting £0 tuition fee loan? Could this change once my application is processed? for some reason the process for year 2 seems much more confusing than year 1. As an over 25 I was under the impression that my parents income wouldn't be counted. If this is the case should I change my application to include household income and if I do this, should I include my income only or theirs as well (this could possibly give me higher payments as my income is only £10,000 but my parents is £50,000).
Please help me,
Dazed and confused

New_York_No1_fan

debtfreeby2013 wrote: »

Hi,
I'm living with my parents but am about to start year 2 of a BSc course. Last year I got a very generous offer of £5000 WA grant, £1900 maintenance loan and £3290 tuition fee loan however, I was living at a different address when I first applied (but changed address long before my offer came in). I've just completed the form for this year and have been 'estimated' £3559 maintenance loan and £0 tuition fee loan, why could it be that my maintenance loan has jumped up so much and I am suddenly getting £0 tuition fee loan? Could this change once my application is processed? for some reason the process for year 2 seems much more confusing than year 1. As an over 25 I was under the impression that my parents income wouldn't be counted. If this is the case should I change my application to include household income and if I do this, should I include my income only or theirs as well (this could possibly give me higher payments as my income is only £10,000 but my parents is £50,000).
Please help me,
Dazed and confused

You don't mention in your post as to whether you will receive any form of maintenance grant? Usually your maintenance loan is increased if you are not eligible for as much money in the form of a grant.

Also, correct me if I'm wrong, but a tuition fee loan is totally separate to what you will receive in maintenance loans/grants. It might be worth contacting Student Finance, phoning is quicker and you can clarify more things quickly, as perhaps you didn't ask for a tuition fee loan in your application? Usually they ask the question "what is your university tuition fees for the 2011-2012 year?"

Did you try and do an estimate for 11-12 on the student finance website? think its called the finance calculator? This tends to ask similar questions to your application so may give you a head start when you ring SF as to what you think you may be eligible for.
Just a thought anyway.

New_York_No1_fan

oldie21 wrote: »

please can someone tell me what evidence I will need to send at end of this tax year as my daughter's loan/grant has been assessed on "current year assessment" - we only have state pension & private pension & incapacity benefit & a little in savings. We need to send it quick to be processed so she will be in time for the uni bursary (they won't pay bursary until evidence received & loan fully processed & it must be before July)

also will we have to do the current year assessment form again for next year, our income will be similar to this year's.

thanks

Have been in the same position for the last 2 yrs as our parental income was more than 15% less than the year SF were using to calculate DD's loans/grants. Next year (11-12) SF is based on income for 09/10.

Are you applying for finance for 11-12? or is this a retrospective claim for 10-11?
If its for 10-11, SF ask for P60's ending April 5 2011, showing annual income including pensions in which case we had to send 4 as both hubby and I receive a pension and are in current employment.

On the savings front they need either a 'statement for deduction of tax' from each Building society or proof of tax paid for the financial year 10-11, from the passbook.

They also took details of tax paid, of DD savings too however not her income as she was only working during the holidays.

There are certain benefits too that you need to provide income details of - not sure if incapacity benefit counts or not.

If this is the case SF recalculate what your DD was eligible for and adjust payments accordingly. Therefore they may give more money to the student based on your final figures, or adjust and claw back. This also applies with the bursary. DD may get a top up to her annual bursary or she may have to pay back abit.

If the claim is for 11-12 usually SF ask for an estimate of your income for the coming year. You don't need to send any proof off, usually, but then after April 2012 you will have to send your exact income details to them and include P60s, building society stuff etc as above.

Hope this makes sense?

Again I suggest ringing them (Student Finance) they usually answer questions such as these as it doesn't involve discussing the students personal affairs without their permission. Keep you ART id to hand as they will ask for this. I was lucky to be able to call into our local Student finance office, where they instantly checked my form, photocopied all documents and within a week presented us with the new figures. Sadly this is now not the case due to cut backs and after April, I will have to battle the online system like everyone else:(. I'm currently awaiting for the end of the tax year to send my final figures off. Hopefuly they were estimated about right.

Good Luck.

New_York_No1_fan

geoffreyr wrote: »

My son is going to to uni this Sept. I understand that as a parent i need to supply my taxable income from my P60. This figure already has some "give as you earn" payments deducted from it, so that this charitable giving is not taken into account by the SLC.
But i also give under the gift aid scheme.
How can this gift aidable giving be taken off my income when calculating the residual household income. It doesnt seem to be mentioned in any of the documents i have read or appear on the form.

Thanks in advance

Your pay slip should show a total for GROSS income and also a TOTAL income for TAX PURPOSES. These figures will more than often differ (taxable income being a lesser amount). I think you will find that they will use the TOTAL income for tax purposes figure .

Have you telephoned them as it saves alot of time from reading pages on the website?

debtfreeby2013

New_York_No1_fan wrote: »

You don't mention in your post as to whether you will receive any form of maintenance grant? Usually your maintenance loan is increased if you are not eligible for as much money in the form of a grant.

Also, correct me if I'm wrong, but a tuition fee loan is totally separate to what you will receive in maintenance loans/grants. It might be worth contacting Student Finance, phoning is quicker and you can clarify more things quickly, as perhaps you didn't ask for a tuition fee loan in your application? Usually they ask the question "what is your university tuition fees for the 2011-2012 year?"

Did you try and do an estimate for 11-12 on the student finance website? think its called the finance calculator? This tends to ask similar questions to your application so may give you a head start when you ring SF as to what you think you may be eligible for.
Just a thought anyway.

No maintenance grant, literally just a maintenance loan. As far as the calculator goes, this function isn't available on the Wales site. I did ask for a tuition fee loan on the application but it is likely that the reason for the lack of the tuition fee loan is because I have had 4 years of funding previously, 1 year of a course that I dropped out of, and 2 years part time with the open University.

I was sure that last year I put my parents address as my term time address as I knew that I would be moving out of the flat I was in on my own. I am also sure that I asked for the loan/grant to be means tested but am not sure whether or not I can get the Welsh Assembly Learners Grant and if I do include the means tested part of the application, would this means testing include my parents income as I am over the age of 25?

Oldernotwiser

debtfreeby2013 wrote: »

No maintenance grant, literally just a maintenance loan. As far as the calculator goes, this function isn't available on the Wales site. I did ask for a tuition fee loan on the application but it is likely that the reason for the lack of the tuition fee loan is because I have had 4 years of funding previously, 1 year of a course that I dropped out of, and 2 years part time with the open University.

I was sure that last year I put my parents address as my term time address as I knew that I would be moving out of the flat I was in on my own. I am also sure that I asked for the loan/grant to be means tested but am not sure whether or not I can get the Welsh Assembly Learners Grant and if I do include the means tested part of the application, would this means testing include my parents income as I am over the age of 25?

Unless you've actually achieved an OU degree, there should be no reason why you shouldn't be able to get a tuition fee loan.

As you are over 25 you are classified as an independent student and not assessed on your parents' income.

Taiko

I want to answer the above myself, however I want to read over the Wales regs, as they differ slightly to the English ones. Think the assessment may be right though.

debtfreeby2013

Oldernotwiser wrote: »

Unless you've actually achieved an OU degree, there should be no reason why you shouldn't be able to get a tuition fee loan.

As you are over 25 you are classified as an independent student and not assessed on your parents' income.

Ok, so should I ask for an income based assessment and only count my income?

Taiko wrote: »

I want to answer the above myself, however I want to read over the Wales regs, as they differ slightly to the English ones. Think the assessment may be right though.

Thanks, I understand the tuition fee assessment is probably right but it's the Adult Learners Grant I'm now chasing, without that I'll be alittle stuffed, with the Welsh Assembly Grant it becomes manageable.