Student MoneySaving: Funding, Borrowing & Living as a student Article Discussion Area

shootme

Hi everyone. I'm looking into doing a science degree. I'm 33 and have an 8 year old daughter. I have filled in the student calculator and said that I have supported myself for 3 years however I'm not sure if I've earned over 7000 every year (I live with my partner and have worked part time some of the time and full time on an off). Am I right to say I have supported myself?

Also, I am planning to work as a childminder doing before and after school places to fit in with my own daughter. On the calculator it asks for my partner's earnings but not mine. Surely my earnings would have to be taken into account wouldn't they?

Thanks in advance

Oldernotwiser

shootme wrote: »

Hi everyone. I'm looking into doing a science degree. I'm 33 and have an 8 year old daughter. I have filled in the student calculator and said that I have supported myself for 3 years however I'm not sure if I've earned over 7000 every year (I live with my partner and have worked part time some of the time and full time on an off). Am I right to say I have supported myself?

Also, I am planning to work as a childminder doing before and after school places to fit in with my own daughter. On the calculator it asks for my partner's earnings but not mine. Surely my earnings would have to be taken into account wouldn't they?

Thanks in advance

You're over 25 so automatically an independent student and your student finance will be based on your partner's income rather than your parents'. If you look at www.direct.gov.uk you'll see that

"Your own income will always be counted as part of the assessment. This will include 'unearned' income, such as interest from savings, but not casual or part-time earnings during your course.
Your parents' or partner's income may also be counted. Whose income is taken into account depends on whether you are classed as a 'dependent' or 'independent' student."

Hope this helps.

shootme

Oldernotwiser wrote: »

You're over 25 so automatically an independent student and your student finance will be based on your partner's income rather than your parents'. If you look at www.direct.gov.uk you'll see that

"Your own income will always be counted as part of the assessment. This will include 'unearned' income, such as interest from savings, but not casual or part-time earnings during your course.
Your parents' or partner's income may also be counted. Whose income is taken into account depends on whether you are classed as a 'dependent' or 'independent' student."

Hope this helps.

Thanks for that. That clears up the part about being independent. I am still a bit unsure about the other bit though. So if I work every day as a child minder (I think it would work out about 3 to 4 hours per day) would that not be counted? I've just put what I get for child benefit as unearned income.

Also, just to complicate things a bit further, I have rented out my old house because I couldn't sell it. The rent pays the mortgage plus the arrears that I unfortunately built up. I am putting a bit aside from the rent to pay for any repairs etc that might need to be done. Would any of this be classed as unearned income?

MrsManda

shootme wrote: »

Thanks for that. That clears up the part about being independent. I am still a bit unsure about the other bit though. So if I work every day as a child minder (I think it would work out about 3 to 4 hours per day) would that not be counted? I've just put what I get for child benefit as unearned income.

Also, just to complicate things a bit further, I have rented out my old house because I couldn't sell it. The rent pays the mortgage plus the arrears that I unfortunately built up. I am putting a bit aside from the rent to pay for any repairs etc that might need to be done. Would any of this be classed as unearned income?

The money which you earn childminding is not counted. Rent income is earned income, not sure about child benefit

shootme

Thank you. So will the rent income be counted?

MrsManda

shootme wrote: »

Thank you. So will the rent income be counted?

Yes I think so as it is not earned. Though unless you get over 10k (possibly more than that I'm not sure) from your rent income it's not going to impact on your loans/grants.

There's a finance calculator HERE
which will allow you to work out what you will receive.

shootme

I really appreciate your help on this and please forgive me if I'm being thick (not a promising start for someone wanting a degree) but I am now seriously confused. The higher the amount I put in for unearned income the higher maintenance loan I can get. Surely that's the wrong way around??

Examples

I have put 26k for my partners earnings and 1k for my unearned income and I get £3584 maintenance loan and £2732 maintenance grant.

If I change my unearned income to £4576 then I get £3942 loan and £2017 grant.

If I change my unearned income to £7000 then I get £4214 loan and £1472 grant.

I also get the fee loan which is the same for all the above options.

Do I get both the loan and the grant or does it just mean I don't have to pay all of the loan amount back?

MrsManda

shootme wrote: »

I really appreciate your help on this and please forgive me if I'm being thick (not a promising start for someone wanting a degree) but I am now seriously confused. The higher the amount I put in for unearned income the higher maintenance loan I can get. Surely that's the wrong way around??

Student finance is a combination of loans which you have to pay back and grants you don't have to. The higher your unearned income the more the finance leans towards loans. Think of it as a sliding scale with loans at one end and grants at the other. You ger roughly the same amount of money wherever the balance is but the make up of that money differs. So as your unearned income get higher the makeup of the money becomes more loan and less grant.

Does that make sense?

shootme

Sorry I think I was being thick and I think I've answered my own question. The total amount of loan and grant goes down as my income goes up so I guess I must get both as that then makes sense.

shootme

Ooops my reply crossed with yours. Yes that makes much more sense now thank you. I think it's just thrown me because I didn't expect to get so much with my partner working. Makes a nice change not to be penalised for being a couple.
Thanks very much.