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Income affecting student loan
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stevejones972
Posts: 2 Newbie
Hi. I'm hoping you can help. I've been offered a decent payrise at work but my daughter is off to uni in Sept 25 and I'm trying to figure out how much it will affect her loan? From what I can see they want to know the gross income from P60 from 2 years before they start - so Sept 25 start date would require 23-24 tax year, is that right?
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Not a newbie by the way, just can't seem to get back into my old account!
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I can't answer the question directly but one option that may allow you to not have the pay rise impact your daughter's eligibility for the student loan might be if you can make additional pension contributions, so reducing your ANI (adjusted nett income). Even better if that can be via Salary Sacrifice.stevejones972 said:Hi. I'm hoping you can help. I've been offered a decent payrise at work but my daughter is off to uni in Sept 25 and I'm trying to figure out how much it will affect her loan? From what I can see they want to know the gross income from P60 from 2 years before they start - so Sept 25 start date would require 23-24 tax year, is that right?
I assume that student loan eligibility is assessed against all income the parents have (ANI), not just employed income as per P60.0 -
Not sure if the requirement is for 'the 2 [tax] years before they start' (which would be 23/24 and 24/25), or just for a single year '2 years before they start' - in which case yes, 23/24 would be the 'right' year.stevejones972 said:Hi. I'm hoping you can help. I've been offered a decent payrise at work but my daughter is off to uni in Sept 25 and I'm trying to figure out how much it will affect her loan? From what I can see they want to know the gross income from P60 from 2 years before they start - so Sept 25 start date would require 23-24 tax year, is that right?Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
Yes, income for 23/24 for starting September 25.It will be 24/25 for the following year etc.0
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You will always gain more in income than she will lose in student loan.I'm a Forum Ambassador on the housing, mortgages & 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 forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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