What is "Residual Income"?

oompahloompah

DS1 is currently completing his UCAS application for starting Uni in 2011, and consequently we're doing all the research into his different options. A couple of the Unis he's looking at offer their own bursaries where the parental "residual income" is under a certain amount - but it isn't very clear what this actually is?? I'm assuming it is NOT gross earnings but would anything other than tax/NI not be included. We have another 2 DSs still at school if that is any help to anyone trying to help me. Thanks!!

Lokolo

I wouldn't base any decision on a grant. It will be gross earnings. And the limits are very small, so under £30k household income, will get you around £500.

• If your family income is £20,817 or less, you will be eligible for £1,000 bursary a year.
• If your family income is between £20,818 and £25,521, you will be eligible for £850 bursary a year.
• If your family income is between £25,522 and £30,810 you will be eligible to receive £500 bursary a year.

That is my uni's and I believe most others are on similar scales.

oompahloompah

Thanks Lokolo; sorry if I wasn't clear - his final decision wouldn't be made on the bursary, but on the Uni itself and the course (and his grades!), but I was just wondering what "residual income" actually meant as none of them clarified.

BTW the uni that is his first choice is offering a bursary of £3225 for some, with an additional £800-odds in first year only for computing equipment etc. Second choice is £500, but with second choice he would be able to stay at home so I would much prefer that!

pig_let_cool

Bursaries arent always guaranteed as well, some unis have a set amount of how many get given out... When just doing research only consider the Loan and grants from student finance england...you know you will get these (and every student applies) bursaries from the uni should be seen in a different pile, they can be great but they shouldnt sway you too much its all about whether its a nice uni and course and if it matches your sons grades etc

Residual income i thought was like money you earn without work...like passive income...(but this wouldnt make much sesnse to ask for it) though unless it asks for a seperate gross income i would treat it like your household income, usually thats all anything for uni asks for (which would be great ifi wasnt just over the band so get no grants at all...and parents cant really help me lol Uni will be fun.....*rant over*

sfdoctor

Hi oompahloompah,

Can I just ask which university is offering a bursary of £3,225? That sounds great!

oompahloompah

Thanks Everyone

sfdoctor wrote: »

Hi oompahloompah,

Can I just ask which university is offering a bursary of £3,225? That sounds great!

Cambridge offers up to £3400, Oxford up to £3225 (plus additional for first years in some circumstances).

We just noticed the bursaries as we were checking the various courses that he is interested in, his choice of uni is absolutely NOT dependent on it and if he is lucky enough to get one, that will just be a (fantastic!) bonus. I know these things change all the time.

I was just wondering what it meant as none of the University websites explained. Gross or net income I would have obviously understood, but I didn't know what is considered to be residual.

Thanks again!

xrjtg

I think residual income is gross income after deduction of pension contributions and fixed deductions for other children you have that are still dependent on you. This is what I remember from when I applied for Student Finance, and I suspect most bursary schemes use the same figures.

oompahloompah wrote: »

Cambridge offers up to £3400, Oxford up to £3225 (plus additional for first years in some circumstances).

You seem well informed, so this may be insultingly obvious, but do remember that if you want to apply to Oxford or Cambridge then you have to submit your form by 15 October. If there's any chance at all that your son would want to apply there, get the form in on time! The bursary shouldn't be the overriding factor, but it's indicative of the wealth of the institutions, and the extra support and opportunities they can provide are absolutely worth considering.

sfdoctor

Hi oompahloompah,

Thanks for that.

The residual household income is a calculation using all of your taxable income, deducting certain allowances. So while this does include your salary, it can also include income you get from savings, investments, property etc.