Help With Student Loans - HERE!

bend521

Thanks to Lokolo and amiehall - this makes a lot of sense. If it had been the case, then it would have surely been discussed in the MSE article...but nice to have explicit clarification.

Rehpsw

Hello,

I am moving abroad and will be receiving both a salary in the country I am moving to and a 'maintenance payment' to a bank account outside of that country. I will be a non-resident in the UK for tax purposes.

I have looked at the form that I am required to fill out by SLC. My question is around the income that I will receive outside of the country I am working in. Do I need to tell them about that?

Thanks in advance.

devildog

Rehpsw wrote: »

Hello,

I am moving abroad and will be receiving both a salary in the country I am moving to and a 'maintenance payment' to a bank account outside of that country. I will be a non-resident in the UK for tax purposes.

I have looked at the form that I am required to fill out by SLC. My question is around the income that I will receive outside of the country I am working in. Do I need to tell them about that?

Thanks in advance.

I believe you do have to tell them. Student Finance will then work out what your repayments will then be.

if you look here https://www.gov.uk/student-finance/repayments it tells you what the income threshold is dependent on what country you work in.

annie12

I'm currently completing the income part on my son's student finance application. Are dividends from my husband's ltd company (we are both directors) taken in as income pound for pound?
I apologise if it's a stupid question, just trying to work out what he will get.
It is an NHS funded degree so he may get a bursary too but it's means tested.

devildog

annie12 wrote: »

I'm currently completing the income part on my son's student finance application. Are dividends from my husband's ltd company (we are both directors) taken in as income pound for pound?
I apologise if it's a stupid question, just trying to work out what he will get.
It is an NHS funded degree so he may get a bursary too but it's means tested.

I am assuming it is in regard to NHS Finance (?) and not the non income assessed loan he can get from Student Finance.

devildog

Student Finance =non income assessed loan
NHS=Non income assessed grant of £1,000
Bursary-Are the dividends taxable? If so they will be included as income.
Allowable expenses are


 [FONT=Arial,Arial][FONT=Arial,Arial]Employee Pension Contributions [/FONT][/FONT]

[FONT=Arial,Arial]
[FONT=Arial,Arial]
 Personal Pension Contributions (if they attract tax relief)

 Loan interest - if allowed for tax purposes (self employed persons only)

 Professional Subscriptions and any other tax relievable expenses

 Wages for domestic help (for the cost of domestic assistance resulting from the care of a member of the household with a disability or illness)
[/FONT]
[/FONT]The assessed contribution is calculated at £1 in £9.50 on residual income of £24,279 and over, plus £45.00

annie12

devildog wrote: »

I am assuming it is in regard to NHS Finance (?) and not the non income assessed loan he can get from Student Finance.

Well, I thought both were means tested?

He will get a £1000 non means tested bursary.
I don't think he will qualify for the income assessed bursary as our income is too high (if the dividends are taken into account pound for pound).

The maintenance loan from SFE I also thought was means tested?

His tuition fees are paid by the NHS directly.

devildog

No if he is entitled to NHS finance for his course he is only able to get a non means tested loan from Student Finance, haven't got the figure to hand right now but believe it is in the region of £2 1/2 - £3 K.
re the bursary is as the above anything over £24,279 that you as his parents have income is counted in the assessment but not pound for pound but at £1 for every £9.50 of earnings (plus the £45 ) That is to say that the maximum NHS bursary he would be entitled to if your earnings were under £24, 279 would be reduced by £1 for every £9.50 of your earnings over this thresh hold.

*depressed*

Can anyone please tell me which form you need in to cancel your request for student finance for 13/14 please? (not for me, just change in circumstances means that he will not be doing his 2nd year now and he has already applied for finance, I know he would not get any payments as he will not be registering at the uni but his partner is a student and her finance shows special support grant which she will no longer be entilted to and they want to get it sorted asap)

Thanks

x

annie12

devildog wrote: »

No if he is entitled to NHS finance for his course he is only able to get a non means tested loan from Student Finance, haven't got the figure to hand right now but believe it is in the region of £2 1/2 - £3 K.
re the bursary is as the above anything over £24,279 that you as his parents have income is counted in the assessment but not pound for pound but at £1 for every £9.50 of earnings (plus the £45 ) That is to say that the maximum NHS bursary he would be entitled to if your earnings were under £24, 279 would be reduced by £1 for every £9.50 of your earnings over this thresh hold.

Ok, I'm getting totally confused now! lol
So the maintenance loan from SFE is non means tested?
Does everybody get the same then?