What are 'certain assets'

Kate876

Hello, this is he first time I have used the forum. My son is due to go to Birmingham University this year. As our income is under £35,000 a year it looks as though he may be entitled to around £1500 to help towards living costs. However, when I look at the information, there is a section that says 'in the budget, 'certain assets' will be taken into account when applying' as it is a means tested benefit. I always thought if your income was under such and such then that was that. No where can I find out what this means - is it our modest house (that we worked very hard for and own outright?) We have been saving hard for our two children and wonder if that will be taken into account. We own a very old car and am toying with the idea of buying a new one if the savings mean we are penalised. We have never claimed anything and this is a bit baffling. If anyone has any clarity as to what the 'certain assets' are, I would be most grateful. Kate

devildog

http://www.sfengland.slc.co.uk/media/559149/sfe_pff2_1314_d.pdf

This gives you an idea of the sort of things they look at, they will not look at your house! They look at taxable household income(wages,savings interest subject to tax(not the actual savings themselves), rent from rental property's, income from trusts etc.

Also taken into account(to the benefit of the student is how many other dependent children are in household etc)
On an income of £35K (subject to where living in country and whether living at home or on campus) he could get approx £4,761 in loans, £1,478 in non repayable grant and of course a tuition fee loan.