Student loans - income

MrsPBikerChick

I hope this is the right place to post this. Hubby is hoping to start uni in September but he's a late applicant (badly timed career epiphany lol) so we don't yet know if he definitely has a place. Nevertheless I understand the deadline for applying for student finance is the end of this month so I figured he should get a wriggle on and apply - it does say you don't need to have a confirmed place to apply.

However, I'm a bit worried that if he applies now he will be penalised because he's working at the moment, but won't be when he starts uni full time. I understand the forms ask for his income and mine (which won't change) but does this mean the income he is one now or the income he will be on when he's at uni? Surely it has to be the latter because if he enters his income now the calculations won't accurately reflect his situation when he's actually at uni. Also it will mean he won't get the grant element which, according to gov.uk's calculator, he would get if the calculation is based solely on my income. He's over 25 so parental income isn't a factor.

On the other hand, I understand that if the application is delayed he might not get the finance in place for starting uni, which would cause us problems. It was so much easier when I applied as a living at home 18yr old!!! Any advice/info muchly appreciated

JemmaBe

Hi, the initial loan will be calculated based on income in the previous tax year, so when he leaves his job isn't relevant this year.

You'll need to fill out a form which asks for an estimate of income in this tax year. You will be required to provide evidence at the end of the tax year that current income is as claimed.

MrsPBikerChick

Last tax year would be even worse - he worked full time all year! It seems odd that they would base what you can have at uni on what you might have earned last year rather than what you will actually be earning (or not as the case may be) while you're actually there! That said, I guess it's mostly aimed at kids coming straight from A Levels rather than adults who are going back to education after working for a few years. Guess we'll just have to see what they say when we put the forms in.

CoolHotCold

Strange, I'm Scottish and the SLC don't take my earnings into account when applying for the loan (all goes into a ISA anyway) and as I'm 25 and unmarried/single I automatically get the full amount.

devildog

I would apply for funding asap and submit the year's figures as required (that way he is in the system) I would have hoped that Student Finance would look at the application and realise that as it is your husband applying, his income would be significantly lower should he study full time. If his entitlement letter doesn't reflect this then I would complete a change of circumstances and get them to reassess on this.

MrsPBikerChick

Thanks everyone. I went onto Student Finance England last night and was linked to another gov.co.uk calculator - a more in depth one (looked a bit like the benefits one - very orange). Anyway, that asked whether he expected to have any income during the academic year (no) and only my gross earnings for 2011/12. It didn't ask anything about his previous earnings so perhaps I've read the guidance wrongly and all will be fine.

I still think its odd looking so far back. I've been promoted with a pretty decent pay rise since then, but within the last tax year, so it still won't properly reflect the situation come September. I'm sure they have their reasons though!