Means Testing for student maintenance loan

Fanny159

Hi,  I know that the maintenance loan is means tested on family income, and I know that it is based on pre-tax income too.  But what I cannot find is how the self employed are means tested, is it on turnover or profit.  Also - re-rental payments.  Is it based on the income received before expenses are deducted or after  EG:  £500/m rent received.  Expenses are £200 so the actual earning is £300.  Can anyone help me with this, please?

kaMelo

The calculation is made using household income rather than family income.
Whether the student is a child or partner/spouse changes what counts towards the household income calculation.
If the student is also a partner/spouse rather than a child,  then any income from their self employment is not counted towards the household income calculation.

https://www.ucas.com/student-finance-england/student-finance-guidance-parents-and-partners#how-does-household-income-affect-student-finance

Satellite1

Hi - can someone tell me, if the household is a single mother receiving maintenance payments from an ex, do those payments count towards the means tested household income? Thanks 

MalMonroe

Satellite1 said:

Hi - can someone tell me, if the household is a single mother receiving maintenance payments from an ex, do those payments count towards the means tested household income? Thanks 

Hi, there's some useful info in the link posted by kaMelo, above.

And also in this link - information prepared by Martin Lewis at the beginning of March -

https://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes/#tips-20

When applying for finance, students should supply full details of parents' financial status and marital status if they are no longer together, so the Student Loan Company can work out what payments are to be made to each student. Information they don't need will not be used. 

silvercar

I’ve asked the Forum Team to move this thread over to the student board.

warmy

Hi wondered if any one can shed any light?
im about to fill in my details for my daughter student finance for next year and was wondering if a redundancy payment would have to be declared with what I have earned also? 

I can’t find any info on this so any advice would be appreciated 

silvercar

warmy said:

Hi wondered if any one can shed any light?
im about to fill in my details for my daughter student finance for next year and was wondering if a redundancy payment would have to be declared with what I have earned also? 

I can’t find any info on this so any advice would be appreciated 

Taxable income is included. You take your figures from your P60.

warmy

silvercar said:

warmy said:

Hi wondered if any one can shed any light?
im about to fill in my details for my daughter student finance for next year and was wondering if a redundancy payment would have to be declared with what I have earned also? 

I can’t find any info on this so any advice would be appreciated 

Taxable income is included. You take your figures from your P60.

The redundancy is not on p60 and there was no tax or no to pay .
so do I need to add my redundancy payment along with my earnings for that tax year for student finance?

kaMelo

As @silvercar said, the "household income" you declare is any household taxable income. If the redundancy payment is not taxable and not on your P60 then you don't need to declare it.