Maintenance loan - disclosing income

doodah

Hi all. My stepson has been told at school, that if we choose not to disclose our income when he applies for the maintenance loan he will get 75%. Does anyone know if that's true?!

Ed-1

doodah wrote: »

Hi all. My stepson has been told at school, that if we choose not to disclose our income when he applies for the maintenance loan he will get 75%. Does anyone know if that's true?!

No. The non-means tested maintenance loan now varies depending on where you live during study:

See page 3 for the 17/18 amount (e.g. if student living in parental home during study, non-means tested amount was £3,124 out of £7,097):

https://www.practitioners.slc.co.uk/media/1158/201718-financial-memorandum.pdf

See page 3 for the 18/19 amount (e.g. if student living in parental home during study, non-means tested amount was £3,224 out of £7,324):

https://www.practitioners.slc.co.uk/media/1609/financial-memorandum-for-201819-131217.pdf

silvercar

This article from the student loan company suggests the figure is 72%:

http://media.slc.co.uk/sfe/1819/ft/sfe_how_you_are_assessed_and_paid_guide_1819_o.pdf

Ed-1

silvercar wrote: »

This article from the student loan company suggests the figure is 72%:

http://media.slc.co.uk/sfe/1819/ft/sfe_how_you_are_assessed_and_paid_guide_1819_o.pdf

For courses that started between 1 September 2009 and 31 August 2012 it's 72%.

If your parents don’t give these details, you may get the full Tuition Fee Loan but only:
• 65% of the Maintenance Loan if you started your course between 1 September 2012 and 31 July 2016, and
• 72% if you started your course between 1 September 2009 and 31 August 2012.
For courses starting on or after 1 August 2016 the basic rate of Maintenance Loan you can get is based on where you live and study

silvercar

Ed-1 wrote:

For courses starting on or after 1 August 2016 the basic rate of Maintenance Loan you can get is based on where you live and study

Section 3 of the document I linked to gives the figures.

If parents don't provide figures then you only get the same as those with high earning parents.

From the table in that document the percentages work out as:
a) living away from home and studying outside London 60.6%
b) living away from home and studying in London 69.8%
c) living with parents 53.1%

This is because the exact amount lost is £3,168 in all cases. This works out to be a different percentage of the "full" loan/grant due to the differing amounts.

Igol

Are savings included in the calculation or is it purely the figure that HMRC believe the household has earned that year?

Ed-1

Igol wrote: »

Are savings included in the calculation or is it purely the figure that HMRC believe the household has earned that year?

Savings interest is (as unearned income).

Igol

So if its in an ISA it wouldn't be included?

Ed-1

Igol wrote: »

So if its in an ISA it wouldn't be included?

Correct...