Dramatic drop in parental income

mancmum

Hello,

I find myself in a difficult position. I am parent of student. My mother has just died and I now need to care for disabled father. I might get some part time hours but am likely to lose my job.

Prior to this, my son did not claim any means tested grants because we were above threshold. I know I can seek a current year assessment because our income will drop by 45% but want to be prepared to do this.

This is the year before my husband retires and he had planned to boost his pension in the year before leaving work. I had planned to do the same.

We have one other child at home in full time education.

Questions:

How do SLC treat lump sum pension commencements - should they be included as income - husband is due a couple of thousand from a v old NHS pension.
Are payments into pensions simply deducted from income.
Is Isa income included in parents income for SLC purposes
Is Grandad's pension included in the family income for SLC purposes
How much do they knock of your family income for having a child at home.

I have so much on my plate caring 24/7, sorting out social services, doing probate etc, that I don't want to go through the pain of the SLC unless there will be a positive outcome for my son.

devildog

You have got a lot going on (((hugs)))
Don't know the answers to all your questions but.....
re lump sum pensions-if they are subject to tax then I would imagine they would be included as income.
Payments into pensions are deducted from income
Isa interest is not subject to tax so is not included as income.
I would imagine that granddad's pension would not be included as family income.
They deduct I believe £1330 (or there about) for having another child at home.

Taiko is the resident expert here and I am sure he will correct me if I have got anything wrong.

helptoyou

Hi I would check the following link out .

https://www.gov.uk/student-finance/loans-and-grants

If your questions are not answered in the various sections you should call them to check.

Your son is going to have to apply for finance only the student loan company can tell him what he his entitled to from the information he provides

devildog

Just to clarify- payments into pensions are def deducted from income.
ISA interest def not included as income
Having another dependent child is £1130 deducted and not the £1330 I stated previously
Unsure on lump sum pensions and granddad's pension so that was my best guess.
helptoyou-you are correct that only Student Finance can tell him what he is entitled to and the link you provided isn't the one to answer op's questions. for that the practitioner's guide is needed http://www.practitioners.slc.co.uk/media/543964/assessing_financial_entitlement_13-14_version_1.0_final.pdf
(OP look around pages 69/70)