student loan and junior isa

Maribel

My question is: can my son have a full student loan whilst having savings on a cash Isa (formerly a Junior ISA)? Or will his savings be taken into account?
Can anyone give me advice on this?

Lokolo

It won't effect basic loans, just the grants and additional loan. (and even then its likely to not make a difference)

sheramber

https://www.gov.uk/apply-for-student-finance/household-income

Household income

Your household income is made up of your income plus the income of:

your parents, if you’re under 25 and live with them or depend on them financially

...........................................

You must provide details of your household income if you apply for any of the following:

full Maintenance Loan
Maintenance Grant (not available to new 2016 to 2017 students)
Special Support Grant (not available to new 2016 to 2017 students)
Childcare Grant
Adult Dependants’ Grant

............................................................

Earned and unearned income (eg benefits, pension or investments) for a certain tax year will be assessed. The tax year chosen will depend on the academic year you’re applying for.
Academic year Tax year assessed
2016 to 2017 Tax year 2014 to 2015
2015 to 2016 Tax year 2013 to 2014

Maribel

Thanks a lot for both your replies. Sheramber, would you please clarify if money kept on a Cash ISA would count as income?

missbiggles1

Maribel wrote: »

Thanks a lot for both your replies. Sheramber, would you please clarify if money kept on a Cash ISA would count as income?

Any interest counts as income, the capital itself doesn't.

Marvic

Maribel wrote: »

Thanks a lot for both your replies. Sheramber, would you please clarify if money kept on a Cash ISA would count as income?

For student loan aplications income mean taxable income so income from ISAs will not count.