2nd year loan app

sabelu

Any tips, should it be income assessed or not ?

stuwilky

sabelu wrote:

Any tips, should it be income assessed or not ?

Kindof need more details than that to help.

What did you have for your first year?

You may get more help if it in income assessed, you certainly wont get any less, but it depends on any number of variables.....

mr_pinkle

I would also recommend getting it in as soon as possible. I left mine for a bit over last summer and didn't get any money for the first month or so of my 2nd year cos of the new way of paying it in. Nightmare. In fact I'm going to do mine now, thanks for reminding me!!

sabelu

Had income assessed last year but read somewhere if I put down thaT i was funding myself entirely then I would get more.

stuwilky

sabelu wrote:

Had income assessed last year but read somewhere if I put down thaT i was funding myself entirely then I would get more.

Its untrue.

A non income assessed result would be a loan of £3000 (approx), and no tuition fee support
An income assessed result would be a loan of £4000 and full tuition fee support.

Naturally they are income dependant, but what you are suggesting is totally untrue. The worst case scenario ith income assessed is that you only get a £3000 loan and nothing else.

Savvy_Sue

I can't remember who or where it was, but someone said that they hadn't bothered to do income assessed for second year because they knew they would get very little more than the minimum and it had been so many pages of forms that they had decided (in discussion with parents) that it was not worth the hassle.

So if you only got the minimum last year, and not a lot has changed, then probably not worth doing income assessed. Any other situation, you need to decide how much money your time (and your parent's time) is worth ...

student100

yeah it was me. If you only got the minimum (75%) loan and had to pay the £1150 fees this year (i.e. If your parent's income is a fair bit greater than the threshold) then if your circumstances haven't changed since last year you'll probably not gain from doing the income assessment.

So if you won't benefit from income assessment then not doing it is a lot easier, as there is a lot less paperwork (this year they just sent me a pre-printed form already filled out with my details, if I didn't want income assessment I just had to tick a couple of boxes and sign it and send it back).

But if you got more than the minimum last year (or your parent's income has gone down since last year) then you might benefit from income assessment.