Redundancy and my son's student loan entitlement

gadgeteer_2
gadgeteer_2 Posts: 772 Forumite
First Anniversary Combo Breaker
edited 17 November 2020 at 5:51PM in Redundancy & redundancy planning
Hi all
My work is making a round of redundancies and I'm considering volunteering for the voluntary scheme.
At the moment I am a higher rate tax payer and my son is at Uni.  Unsurprisingly we're not entitled to anything from Student loans except the bare minimum loan and the tuition fees.
My question is if I get made redundant and it takes a few months for me to get a job.  Can my son reapply for student loan and get more support?
Oh and are savings taken into account for student loans?

Thanks

Comments

  • Larac
    Larac Posts: 945 Forumite
    First Anniversary First Post
    edited 29 November 2020 at 11:36PM
    As far as I am aware - it is only household income that is taking into account and not savings.  My brother was in this scenario where the joint household income was reduced as he had decided to resign as was relocating.  He had to resubmit his household income to student finance - it does require chasing as they naturally assume it will be the same.  A friend of mine took VR whilst her son was at Uni and as she was earning zero in the following tax year her son got the full sum.

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