Maturing Endowment Policy & Uni Fees

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Hi, we have a 25 year old endowment policy maturing later this year, just before our only child starts university. We have completed the online assessment and as I am self employed and my wife works part time, our child is entitled to a loan for their tuition fees as well as maintenance.
Obviously we will need to declare the cash injection from the endowment policy when we receive it (I’m guessing in next years assessment?). My questions is, will we be forced to use it towards their student loans or can we use it towards our much needed house improvements and also have some left over for savings as we have never had any as such in the past 25 years+.
Our mortgage was switched to repayment many years ago and was paid off recently.
thanks in advance...
thanks in advance...
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