Help With Student Loans - HERE!

Taiko

You need to evidence 11/12 income and also send in Current Year estimates. After all, they cannot validate the 15% drop if they haven't seen the details for comparison!

SaverSavvy123

I have just called the student finance helpline for some advice but am no clearer so hope you dont mind me posting to ask a question. My son is in the process of filling in his student finance form and wants me to complete my information. This would have been straight forward only I have been told this week that I am being made redundant. I have been told to fill in the form using 11/12 figures and then complete a separate form for 13/14, as my monthly income will be more than 15% lower. I did ask about any lump sum I may receive, is this taken into account anywhere, if so then my income wont be 15% less it will be more as I have 28 years service. Will this affect what my son will be able to get? thanks

devildog

If the lump sum is taxable then the regulations appear to suggest that it will be taken into account

Annex A

TAXABLE INCOME




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[FONT=Arial,Arial][FONT=Arial,Arial][/FONT][/FONT][FONT=Wingdings,Wingdings][FONT=Wingdings,Wingdings][/FONT][/FONT]
[FONT=Wingdings,Wingdings][FONT=Wingdings,Wingdings] [/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial]Other income and lump sums (for example - pensions lump sums or redundancy payments); [/FONT][/FONT]

maz1964

hello all,

our dd is going to uni sept just finished completing the student finance form her dads employment gross figure for 11/12 yr a breeze,,, but unsure for me as we are foster carers

i believe we only had a figure from the letter which was like a statement of earnings from our council last year not a p60 like hubby which is about 5000 to cover the year of 11/12 in my income does this amount have to be entered is anyone a foster carer and done the form and what did they complete or is it as its non taxable and classed as a fostering allowance to pay for food heating and ferrying around in the car and not an actual pay to me personally im guessing i do not include this

i did call the student finance team they were saying doesnt matter its not taxable but were really unsure, i told them would check with tax office i did today, they needed me to speak with complex team who having held for over 30 mins couldnt get through,,, we have a tax office type helpdesk in our local council will go and visit them tuesday but was wondering just to get the application confirmed today if its actually not needed to be entered as part of her application i have no other job only our husband supporting the whole household and have no kids at the moment

any guidance or help much appreciated,,, i think unless i get over a pretty high figure of at least ten thousand per child each year then its income,,,but only from something i heard someone say in the past,,,

if you cant help thanks for looking in still appreciate it

have a sunny day ciao maz:)

devildog

maz1964 wrote: »

hello all,

our dd is going to uni sept just finished completing the student finance form her dads employment gross figure for 11/12 yr a breeze,,, but unsure for me as we are foster carers

i believe we only had a figure from the letter which was like a statement of earnings from our council last year not a p60 like hubby which is about 5000 to cover the year of 11/12 in my income does this amount have to be entered is anyone a foster carer and done the form and what did they complete or is it as its non taxable and classed as a fostering allowance to pay for food heating and ferrying around in the car and not an actual pay to me personally im guessing i do not include this


i did call the student finance team they were saying doesnt matter its not taxable but were really unsure, i told them would check with tax office i did today, they needed me to speak with complex team who having held for over 30 mins couldnt get through,,, we have a tax office type helpdesk in our local council will go and visit them tuesday but was wondering just to get the application confirmed today if its actually not needed to be entered as part of her application i have no other job only our husband supporting the whole household and have no kids at the moment

any guidance or help much appreciated,,, i think unless i get over a pretty high figure of at least ten thousand per child each year then its income,,,but only from something i heard someone say in the past,,,

if you cant help thanks for looking in still appreciate it

have a sunny day ciao maz:)

Just had a quick look through the regs and found this

Foster payments


211. [FONT=Arial,Arial][FONT=Arial,Arial]Payments made to foster carers for providing care are exempt from income tax if they fall below an individual threshold. Payments received above the threshold are taxable if they result in the carer making a „profit‟ from fostering. Any income that results in the student making a „profit‟ from fostering is subject to tax. Any payments that are regular or paid in a lump sum to the student by their parent(s) and which have been determined in a court of law under Schedule 1 of the Children‟s Act 1989, are exempt from tax. As a result, they should not be counted as part of the student‟s income. Further information on foster payments can be found in „Help Sheet IR236‟ on the Revenue and Customs website (https://www.hmrc.gov.uk). [/FONT][/FONT]

maz1964

huge thanks devildog for that link

let me take another look cheers maz:beer:

so im guessing as im def under the individual threshold i do not input the 5000 pounds received for maintenance for the fostering i do as its not an income for me, and i would not have made any profit anyway only when i get the skills to foster allowance for me maybe that may be termed as my income but again i need to check that out

am going to see the tax office on tuesday in the council house will take your info with me and see if i they or i can speak with a complex advisor there

only want to to input the right figure ,,,, if i dont put that figure of 5000 in of course my dd gets a touch more money to support her,,,

again thanks for your help cheers maz x

iwanttosave44

slcworker wrote: »

Hey, i have alot of Knowledge of how the student loans procedure works. If anyone needs any help, i can advise as much general info.

Hope i have finally posted in the right place !

Why does it matter if a parent has worked abroad since Sep 2010 when my son cannot be means tested due to our income be over the threshold. My OH has worked away for the last 5 years but I have stayed in the UK with my sons.

I am worrying that he will not get the loan and maintainance.

The form asks if you have lived abroad to which he said no, but then asks about parents working abroad which is yes, they then want all the addresses and why they were there. Why?

devildog

iwanttosave44 wrote: »

Hope i have finally posted in the right place !

Why does it matter if a parent has worked abroad since Sep 2010 when my son cannot be means tested due to our income be over the threshold. My OH has worked away for the last 5 years but I have stayed in the UK with my sons.

I am worrying that he will not get the loan and maintainance.

The form asks if you have lived abroad to which he said no, but then asks about parents working abroad which is yes, they then want all the addresses and why they were there. Why?

Because they will probably come back and say that your son was not ordinarily resident and is not entitled to funding (personal experience on this one-that is what we were told!) So long as your son meets the criteria and has remained living here he should be fine(although SF may try it on )
Re where parents living, that really shouldn't be an issue, just give them the info and see what they spew forth

Taiko

The parents living abroad isn't anything to do with being means-tested. It's part of the Schedule 1 requirements for establishing the residency of the applicant.

kirstyjo11

Could seriously do with some help re student finance. I am 31 years old and currently work part time (23 hours) (only earning 7500) and am a single parent. I have been offered a place at uni to study social work in sept (wahoo) but am soooo confused by what I should and shouldnt be applying for...specifically maintenance loan and/or grant? Parent support? Special Support? Housing Benefit? Am so bloody confused! Also should I be looking at leaving work early before uni or working right up to when i start?

I am aware that you no longer are able to get a social work bursary in your first year so am now terrified that I am not going to be able to afford to live for the next three years!
Any help would be amazing!