Help With Student Loans - HERE!

sturdybird1964

Hi. HELP!!!
My niece, 17yrs of age came to live with me and my husband on the death of her mother (my sister~single parent, father not known) 2 years ago. She will be going to Uni in 2022.
All the information on the Gov.uk site (and other relevant sites)  predominantly relate to 'parents' income (which is understandable).  As we aren't her parents, will our salaries contribute towards what she will be allowed when applying for a student loan? I understand the allowance is based on 'household income', is this regardless of status. The Gov.up site states that she would be classed as an Independent Student as she has no living parents. Would her living with us still require a declaration of household income? We care for her without any benefits of contributions (other than child benefit, which we have only just been made aware of, due to us never having children of our own, and ignorant of the procedures and help available).
We are in full-time employment, 60 yrs old with household income approx 55k
Also, when calculating what she will be allowed, what financial checks or declarations are required. She has a savings account with £15K, her inheritance from her deceased mother. Will this factored in as income or available assets? I
Thank you in anticipation from a very confused Aunt, thrown in at the deep end....x

Savvy_Sue

Although the forms may ask questions about your niece's income, it won't be taken into account,  nor will her inheritance. 

It is possible someone at her school or college can answer your questions, failing that someone at the university she hopes to get into?

NickPlymouth

Hi.
My son has just applied for his student finance for his second year (i.e. 21/22).

Last time, I was not asked about my income as he lived with his Mum (we are divorced) and it was her 'household' income that was used and he got the full loan.

This time I am being asked and I know it will affect the amount he gets.  So far I have not gone past the first page on the website which asks if I want to give my financial details.  It suggests that if I don't he will only get the minimum.  I don't mind helping him out (and probably will whatever) but we would obviously rather he got the full loan if possible.

Could it be different because he said he doesn't live at his mum's because he lives in halls?

What can he change (assuming it is legitimate) to make it the same as last year?

Many thanks.

Nick.

silvercar

"What can he change (assuming it is legitimate) to make it the same as last year?"

If he lives with his Mum, it is her household income that goes on the form. If he lives with you, then it is your household income. There is no barrier to him spending time staying with you, but his official address for the uni holidays will need to be reflected on the forms. To avoid any accusations of fraud, he should be spending some time at his official address.

NickPlymouth

silvercar said:

"If he lives with his Mum, it is her household income that goes on the form. If he lives with you, then it is your household income. ... his official address for the uni holidays will need to be reflected on the forms. 

Thanks.
I think the problem is that because he is currently living at Uni, he has put that down as his address rather than his mum's as a home or official address (which would be correct). 
Nick.

suejb2

sturdybird1964 said:

Hi. HELP!!!
My niece, 17yrs of age came to live with me and my husband on the death of her mother (my sister~single parent, father not known) 2 years ago. She will be going to Uni in 2022.
All the information on the Gov.uk site (and other relevant sites)  predominantly relate to 'parents' income (which is understandable).  As we aren't her parents, will our salaries contribute towards what she will be allowed when applying for a student loan? I understand the allowance is based on 'household income', is this regardless of status. The Gov.up site states that she would be classed as an Independent Student as she has no living parents. Would her living with us still require a declaration of household income? We care for her without any benefits of contributions (other than child benefit, which we have only just been made aware of, due to us never having children of our own, and ignorant of the procedures and help available).
We are in full-time employment, 60 yrs old with household income approx 55k
Also, when calculating what she will be allowed, what financial checks or declarations are required. She has a savings account with £15K, her inheritance from her deceased mother. Will this factored in as income or available assets? I
Thank you in anticipation from a very confused Aunt, thrown in at the deep end....x

I have a very basic knowledge of applying, my d.d is 18 and going to uni  this year. Please research “looked after”  children, it may apply to your niece . She and you will benefit greatly.

katejay

Hi, Our 2 children are at University and will soon need to reapply to student finance. They have been awarded the least amount as our income has been too high for anymore than the minimum. Our income has substantially dropped due to Covid so we will need to have our income assessed on what we are earning now rather than last years income. I wanted to know if any of our savings will be included as income or is it just based on our earnings. Thank you.

Captain99

Hi, I’m hoping somebody can answer my question regarding the parental income assessment for the maintenance loan – I spoke to somebody at Student Finance England but he didn’t really understand what I was asking and so couldn’t give me a confident answer.

My question is:  on the application form they ask about income from savings and investments – are they just talking about dividends/interest etc. or actual profits from selling? If it is the latter, then presumably you can include losses in the overall assessment as well?

sheramber

 Capital Gin is not counted as  taxable income for student finance.

Captain99

sheramber said:

 Capital Gin is not counted as  taxable income for student finance.

Thanks for replying sheramber. Do you have a source for this information?