Means Testing for student maintenance loan

Fanny159
Fanny159 Posts: 2
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edited 3 April 2023 at 11:11AM in Student MoneySaving
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?

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  • kaMelo
    kaMelo Posts: 2,280
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    edited 6 March 2022 at 7:15PM
    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
  • 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
    MalMonroe Posts: 5,783
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    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. 
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • silvercar
    silvercar Posts: 46,731
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    I’ve asked the Forum Team to move this thread over to the student board.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • warmy
    warmy Posts: 55
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    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
    silvercar Posts: 46,731
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    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.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • warmy
    warmy Posts: 55
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    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
    kaMelo Posts: 2,280
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    edited 18 April 2023 at 10:48PM
    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. 


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