Student Loan Parental Contribution - Which Year?

Anon

I hope someone may know the answer to this, as a family friend asked me and I couldn't give them a firm answer (apart from speak to Student Finance, which meant I had given up!). 

They have two children, one in first year of university, one hoping to go in September and about to apply for student finance. The parent's combined income dropped more than 15% in 2024/5, so last month they put in for an in year assessment for Child 1 and await the outcome.

Child 1 needs to apply for funding for next year. Which year's parental figures will be used for Child 1 in 2025/6? The in year/revised 2024/5 figures or different?

Which year's parental figures will be used for Child 2 in 2025/6? The application says they should provide 2023/24, but if an in year assessment it would be 2025/6 (neither of which are in use for Child 1!).

Or does the Child 2 application pick up the 2024/25 figures (the same as Child 1)?

Thank you. 

silvercar

https://www.gov.uk/support-child-or-partners-student-finance-application/current-year-income

A student finance application for the 2025/26 academic year (September 2025 to August 2026) you will usually need to provide information from the 2023/24 tax year (6 April 2023 to 5 April 2024).

You will qualify for a current year income assessment for the 2025 to 2026 academic year if your expected household income is both: 

• at least 15% lower for the full current tax year compared to the year you gave details for
• £58,349 or less for the full current tax year

The current tax year is 6 April 2025 to 5 April 2026.

You will have given details for 6 April 2023 to 5 April 2024.

So for both children applying for funding for the Sept 25- Aug 26 academic year, it will be initially based on income from April 23 to April 24. If they satisfy the criteria for an in year assessment, they will then give information for the full current tax year, which is April 25 - April 26.  You must still complete the form with your information for the April 23- April 24 year, you can then provide a more up to date income figure later to ensure the student gets paid the right amount. You will see on the in year assessment it asks for estimates for the year, as we are not very far into the year.

Anon

Thank you, I will direct them to this. It seems odd that there is no involvement of the 2024/25 in-year figures provided beyond adjusting the 2024/25 academic year (or perhaps there will be in a few years time when their Child 2 advances through the course - but that would then be reverting to an earlier year household income - no wonder I struggled to explain it as it is not logical).