Redundancy and my son's student loan entitlement 17 November 2020 at 4:47PM edited 17 November 2020 at 4:51PM in Redundancy & redundancy planning 1 reply 665 views

gadgeteer_2

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

Larac

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.