Hi Everyone from a soon to be student

allan1983

Hi Guys!
As of September, Im going to be a full time student, studying for a diploma at Uni.
My course is eligible for funding to the tune of around 14k a year, and as far as I know, I wont be paying Income tax on that (or so ive been told!)
I have a partner who works part time and 2 girls, 1 of 7, one of 6 months.
I have a mortgage, and 'normal' outgoings such as a car, mobile etc.

What Im wondering is what money/refunds/grants etc Im entitled to?
All the gove websites seem to make it as difficult as possible to see what youre eligible for, so you dont actually manage to get any of it!

As an example, Ive been told that ill get a portion of my income tax paid this year back. Is this true??

Thanks in advance for anyone who takes the time to help me out.

Allan

cheekyweegit

Hi Allan and welcome to MSE.

Where is it you are studying and what? The reason I ask is the funding if often different in Scotland to England and this will help others give you the best information.

allan1983

Hi!

Im studying for the combined diploma in Dental Hygiene/Therapy.
Its a 2.25 year course, and is based at Liverpool University.
Anything else that will help, just ask!

Thanks,

Allan

dmg24

What information have you found yourself Allan? That is always the best place to start.

allan1983

Well, as I said, im led to believe Ill get a proportion of the incone tax ive paid back. I dont really know if this is true or not though, and if it is, how i go about it?
I would assume we'll be entitled to tax credits, but Im not really sure to what extent as I wont be working, but will be classed as low income I would have thought. I suppose Thats something to find out come next month!
As far as my funding is concerned, Ive been told that as Im eligible, I wont need to apply for a bursary. As i understand it though there are many separate parts to a bursary, and I wonder if there are any I would still be able to claim
Ive found it quite confusing trying to work out if the Govt are likely to help us, as alot of the sites Ive visited seem to point towards student loans, and if I can avoid these I would like to.
It has been suggested though that I can apply for a student loan, and put it in a high interest account, then at the end of my course pay it back in 1 go and keep the interest!! (i dont know if id have the will power not to dip into it though!)

The main thing im after I suppose is to find out if there are any lesser known grants or sources of help that will make my studying financially easier?

As im sure youll agree, the govt dont seem to like to make it simple to find out what youre entitled to!!

My aim if possible is to not have a debt overshadowing me when I complete my course.

Thanks for any pointers this opens up.

Allan

[Deleted User]

You need to write to your tax office (probably better if you do this once you have handed in your notice at work), so as all tax so far this year can be considered. You have the same entitlement as others with regards to the level you are taxed at/tax free thresh hold. So depending on what you have earned etc this year so far will depend on what you will get back.

If you explain in your letter your circumstance (going into full-time study etc), you ought to get the money in a cheque, or in your last pay slip of your current job.

As for grants etc, I suggest looking at MSE's main site info if you haven't already:
http://www.moneysavingexpert.com/banking/student-money-saving

Whether your £14,000 is taxable will depend on what this is classified as (bursaries, studentships, stipends and bursaries tend to be non-taxable, student loans), I would contact the provider for further info.

Hope this helps and doesn't just make things more complicated.
: )

[Deleted User]

Also, have you contacted the student welfare office at the Uni you will be attending - they tend to be very clued up on what's available.

allan1983

Domino, Ive already handed my notice in, so would my letter to the tax office just be something like:

Dear....
I am starting a full time uni course on......
I have handed my notice in to my current employer with effect from
.....
Please could I have any tax refund I am due issued as a cheque, as my last months' salary will be the end of August so I dont imaging it can be processed in time to be included in this

Yours sincerely.......
?

Just dont want to be asking for something im not actually entitled to!!

GotToChange

Getting a tax refund can be a little more complicated than your letter above suggest - the problem is that you are going into education and we are only about a quarter into the tax year - normally rebates are calculated at the end of a tax year when a person's cirucmtances throughout the whole year have been ascertained. It may be safe to assume that your new income from grants etc is non-taxable but I don't think the tax office like to predict the future if you see what I mean.

You may not want to post on an open forum but if you want to PM me your figures, I can calculate if you have overpaid tax SO FAR in this tax year so that you actually have a definitive idea before you contact HMRC.
(i.e. Your tax code, gross pay to date (to end of employment?), tax paid to date, date of leaving.)

allan1983

Thanks GotToChange. Ill dig my last payslip out and PM you this afternoon if thats ok?

GotToChange

allan1983 wrote: »

Thanks GotToChange. Ill dig my last payslip out and PM you this afternoon if thats ok?

No problem; I am in and out so will do the maths and get back to you.