Impact of changing income on Student Loan

Robster88

Hello,

I have tried and failed to find the answer to this question online somewhere so am hoping that someone in the know here may be able to help.

Can you be reassessed for student loans/grants mid way through the academic year if the household income that you were assessed on is significantly (15%) less than originally stated when filling out the application form?

I know that when applying for the loans, you can fill out a specific form to be based on the estimate for the current years income if it has dropped 15% of more since the 2011/2012 tax year.

However, what happens if the drop in income was unforeseen, and happens during the academic year, and so after the application has been sorted out?

Is it just tough luck, and can the amount be reassessed on the newer income estimate?

Hope someone can help,

Cheers

jamgirl

It can be reassessed

We had our daughters loan all sorted then in August my husband was made redundant.
I sent in the forms for a current year assessment and she received the new loan agreement today.

If he finds another job I will ring them back and have it readjusted.
We were told that in April they will contact us anyway so we can submit P60's and they would make any adjustments..... take it off her if we have earned more/ give more if we over estimated

New_York_No1_fan

Robster88 wrote: »

Hello,

I have tried and failed to find the answer to this question online somewhere so am hoping that someone in the know here may be able to help.

Can you be reassessed for student loans/grants mid way through the academic year if the household income that you were assessed on is significantly (15%) less than originally stated when filling out the application form?

I know that when applying for the loans, you can fill out a specific form to be based on the estimate for the current years income if it has dropped 15% of more since the 2011/2012 tax year.

However, what happens if the drop in income was unforeseen, and happens during the academic year, and so after the application has been sorted out?

Is it just tough luck, and can the amount be reassessed on the newer income estimate?

Hope someone can help,

Cheers

Absolutely, Yes you can. I have done it at least twice in the last couple of years when our income dropped. Just fill out a new current year assessment form and then at the end of the financial year they will ask you to fill in a form with details of your actual income.

You will be assessed from the information you supply in the current year assessment and loans/grants will be adjusted accordingly and then at the end of the year your actual figures will be re used and any further adjustments made.

We over estimated our drop in income one year so hence had received an overpayment of grant which had to be given back. However it can also work in your favour and you can still get more.

Was hassle free unlike most things with SF !