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

Oldernotwiser

Yer_Wee_Man wrote: »

I don't understand what you mean by this so can't help. Which tax are you talking about?

Sorry MrsManda, me and OldernotWiser must indeed be somewhat older !! Many years ago anyone paying income tax could sign a Deed of Covenant giving, as a gift, a lump sum (I think the max was about £500 per term) to anyone in full time education. The income tax on this was then reimbursed by the goverment so you in effect got a tax refund of about £400 a year, each and every year they were in full time education. The good old days eh ! :rolleyes:[/QUOTE]

You've ruined my day!

You're right, lots of parents used this scheme to make their parental contribution more tax effective.

nnevs

Restructured student load, I have 3 student loans one which is before 97, I have recently discovered that it has been restructured and move to another loan grouping a company called thesis-servicing.co.uk has anybody had any experience of this can can explain this to me further

Oldernotwiser

nnevs wrote: »

Restructured student load, I have 3 student loans one which is before 97, I have recently discovered that it has been restructured and move to another loan grouping a company called thesis-servicing.co.uk has anybody had any experience of this can can explain this to me further

There's been a big discussion about this recently on, I think, the Loans Board.(Search to find it.) Basically nothing should change with repayments and interest although you'll have another body to deal with.

My loans were sold several years ago to Honours Student Loans and I find that sometimes information/forms get "lost" between the two organisations so it's important to keep good records of things like deferrment dates and it's advisable to send things by recorded post.

Bodger10

We read your article very early on this year as we have two kids at uni from this term. aarrgghh! Also scoured student finance site but still have a question: should my husbands dividend payments form part of the income assessment for our kids loans? Has anyone else had experience with this?

My son has had his grant and bursary withdrawn based on the income information we filled in for my daughters application.

The only thing we can think is that my husband is paid a dividend from work. He has not had to pay tax on this. Is this classed as 'non taxable income'? Should it then, not form part of the assessment? We don't have a copy of last year's form to check as we filed online!

Last year my son recieved full grant and bursary. With two of them studying this is really bad timing.

Lokolo

Bodger10 wrote: »

We read your article very early on this year as we have two kids at uni from this term. aarrgghh! Also scoured student finance site but still have a question: should my husbands dividend payments form part of the income assessment for our kids loans? Has anyone else had experience with this?

My son has had his grant and bursary withdrawn based on the income information we filled in for my daughters application.

The only thing we can think is that my husband is paid a dividend from work. He has not had to pay tax on this. Is this classed as 'non taxable income'? Should it then, not form part of the assessment? We don't have a copy of last year's form to check as we filed online!

Last year my son recieved full grant and bursary. With two of them studying this is really bad timing.

Are you sure he isn't taxed on dividends? Everyone is taxed on dividends. Sometimes there are share schemes where you get NI back when buying shares. But not dividends...

Bodger10

Maybe that's the answer? Dividends are taxable and he hasn't reached whatever the threshold is that requires him to pay tax on them? But that would still mean that they are included as part of the assessment for grants as this asks for 'taxable' income to be declared. Perhaps I should run this by our accountant again as he is the one who originally said that tax wasn't payable on the dividend my hubby recieves. I wish the kids were studying accountancy!! :rolleyes:Many thanks.

Lokolo

Bodger10 wrote: »

Maybe that's the answer? Dividends are taxable and he hasn't reached whatever the threshold is that requires him to pay tax on them? But that would still mean that they are included as part of the assessment for grants as this asks for 'taxable' income to be declared. Perhaps I should run this by our accountant again as he is the one who originally said that tax wasn't payable on the dividend my hubby recieves. I wish the kids were studying accountancy!! :rolleyes:Many thanks.

Dividends are always taxed, even inside ISAs. I cannot think why otherwise, I may google about it tomorrow, but at the moment its football time.

Bodger10

The Company declaring the dividend has already paid tax on it before it is paid out. So in effect it would be the same money taxed twice? Enjoy the footie!

brian57

I've just been contacted by my daughter who's at university beginning her second year. She has not received her maintenance loan (and presumably the university have not received payment corresponding to her tuition fees loan) and is understandably concerned.
My assumption was that when I originally applied last year I had set up the arrangement for the full three years of her course.
Is any delay in her, (and the college), receiving payments because I have failed to make a second application in respect of her second year. I have received no information explaining that such a second-year application is required or what it involves. Can anyone clarify?
Regards

MrsManda

brian57 wrote: »

I've just been contacted by my daughter who's at university beginning her second year. She has not received her maintenance loan (and presumably the university have not received payment corresponding to her tuition fees loan) and is understandably concerned.
My assumption was that when I originally applied last year I had set up the arrangement for the full three years of her course.
Is any delay in her, (and the college), receiving payments because I have failed to make a second application in respect of her second year. I have received no information explaining that such a second-year application is required or what it involves. Can anyone clarify?
Regards

Your daughter needs to apply for student finance each year she is at university. Surely when she didn't get a payment schedule for 09/10 she should have thought it was a bit odd? Information received by your daughter when she applied the first time would have explained the need to apply each year.
There's been a lot of problems with student finance this year - see most of the other posts on the Student boards so if your daughter hasn't applied it will take quite some time to get her assessment and money. On the plus side, the university doesn't usually get the first tuition fee payment until February so if she applies now they should still get their money on time