Parental income dropped, will SFE reassess loan and grant?

Duckfoot

Hello, this is my first post, and I would be grateful if anyone can tell me if SFE will reasses parental income each year during our daughter's time at uni.


I am self employed and my daughter's loan and grant (she has just started her first year) were based on figures from a 'good year' for my business. I expect that my earnings will be less this year and wondered if I can submit our income each year for it to be re-assessed annually.


I have looked for the answer on the SFE website, but can't come up with any advise for anyone in this situation.


Thanks in advance.

New_York_No1_fan

Duckfoot wrote: »

Hello, this is my first post, and I would be grateful if anyone can tell me if SFE will reasses parental income each year during our daughter's time at uni.


I am self employed and my daughter's loan and grant (she has just started her first year) were based on figures from a 'good year' for my business. I expect that my earnings will be less this year and wondered if I can submit our income each year for it to be re-assessed annually.


I have looked for the answer on the SFE website, but can't come up with any advise for anyone in this situation.


Thanks in advance.

Yes you are entitled to be current year assessed if you think your income will be 15% lower than the income you were originally assessed on.

I did this several times for my 2 offspring. Firstly you will need to complete the current year assessment form in which it asks you to estimate your annual income. SF will then increase your daughters loan and grant based on your estimate.
Then at the start of the new tax year in April, you fill in another current year assessment form which will ask for your actual figures based on P60, savings interest etc.
If you have over estimated, your daughter will get that recovered in her next loan payment but if you had underestimated your income, she will get even more loan and grant back in her next payment usually around May time, if I remember correctly.

Its a lot of form filling but definitely worth doing. You can do this every year if it is applicable to the previous years actual income and your income has reduced by 15%.

IF you are fortunate to get an increase in annual income in subsequent years, you do not need to inform SF of this as they will just continue to use your existing figures so in actual fact your daughter will gain! :j

Think forms are available on the website to download however SF are usually very helpful in sending the forms if you have a problem.

Good Luck.