Student finance help

[Pilgrimforever]

DD1 is hopefully off to university in sept.
We've been looking at the student finance England site to see what loans and grants she'll get.
When it says household income does that include any tax credits or child benefit that we get or is it just our wages?

[MadameJosephine]

Sorry cant help but I'd also like to know this. I've been including it in my calculations but our tax credits will drop considerably when DS leaves home so surely that can't be right?

[Pilgrimforever]

Just been on the student finance England website and have found a section that says that benefits need to be included but ours will change significantly when DD1 leaves to go to university plus she is 19 in a few months.
I'm more confused than ever so looks like I'm ringing them on Monday.
If it's based on benefits as well then DD1 will only be able to go if she gets the 2 cheapest accommodation. If she doesn't get them then we are stuffed and she might not be going.

[PeaStalks]

It does seem to be based on your income in the year before. I think there is scope to have them look at more recent figures if they have changed a lot.
Sadly even with the maximum loan it often doesn't cover the full cost of rent and living. However many universities have bursary schemes to help less well of students. You won't know exactly where she is going until August but worth looking at what help is available before then.

[Scholes34]

There is provision to be assessed on the current year, but the amount to be received won't be finalised until P60s are available (but money is still paid on the assumed amount).

A full loan and maintenance grant, plus a bursary from the University should cover a good proportion of costs.

[springlamb]

I've never been through this system before, I'm totally befuddled, I hate the thought of showing my ignorance, but would appreciate being put straight.
DS has an unconditional offer plus 3 conditional on his passing his Access course so will definitely go to uni in October. He is disabled so it has been a rather roundabout route. He will continue to live at home.
Even if we don't want him to take out a loan, do we still need to have anything to do with student finance. I could foresee him being eligible for grants etc on his tuition fees as our income has been rather low for the last few years (due to the support he has needed to get this far I haven't been able to work as much as previously!) but I should hate for him to be saddled with loans.

[BlackandGold]

Unless you are able to pay his tuition fees he will need to have a Fee Loan through SFE.

If he has a disability it's worth being assessed for DSA as well, as this can provide him with extra support (but not money).

[holidaysarenice]

You won't be able to apply for many bursary/low income type funds unless you have taken the max loan available. Otherwise it's unfair.

It is last years income that counts but attach info of the income changing and amounts and that will be used if there is a difference, I think it's a 10% difference.

[pastaofplenty]

The moneysaving expert website has a very good guide to student finance - especially abot the "real" implications of maintenance loans and tuition fees - I found it stopped me worrying a bit

Link is here:

www.moneysavingexpert.com/students/student-loans-tuition-fees-changes

[ICantFindAFreeNickName]

BlackandGold - definitely go down the DSA assessment route. They can provide money for lots of things to help your son, dependent on his needs. My Asperger son got money to provide a mentor to help him settle in & organize himself, a device to help him record lectures, money for books etc.

More importantly, as he had the assessment, we could talk to the disability team at the uni and they could put things in ready for when he started.

[springlamb]

Thanks all.
I think we might qualify for reduced tuition fees due to low household income. But I think his gps might say that they will cover any tuition fees remaining rather than a loan, as a gift.
I am going to ask for a DSA assessment once he has had an answer on his fifth option and makes a decision as it appears you apply to the assessment centre used by that uni. He will definitely need at least a mentor - he has struggled this year with his first experience of a mainstream teaching environment.
I don't think we should be claiming anything for living expenses - he'll be at home, so that's not an issue.
Once he has decided, I shall start the ball rolling.

[Scholes34]

Take the loan. Use the money from the GPs for something else.

[Oodbrain]

DSA is changing next year make sure you get the right info when looking.

All 'poor' (can't remember exact numbers) first years at my Uni get a bursary for £2000 and you can apply for other grants too

[TheOneWiththeNicestSmile]

This website

www.gov.uk/student-finance-calculator

lets you calculate (roughly) what he'll be entitled to in terms of loan/grant/bursary for living expenses. (Whichever university he's going to might offer some financial assistance too).

Tuition is c £9000 at most places though & that will have to be paid unfortunately.

[TheOneWiththeNicestSmile]

Oh sorry, I had the page open from earlier & missed all the other posts

[SoonToBeSix]

Op your dd turning 19 makes no difference on it's own to tax credits and CB they are paid up to age 20.

[FishWithABicycle]

springlamb it makes much better economic sense to borrow the full fee loan and use any other funds elsewhere - gp's money could be massively useful to help fund a placement year or post-graduation unpaid or low paid internships which in some careers are vital to get a foot in the door. Paying fees upfront with the current system is throwing money away. A bit of help with the repayments when they start to really bite wouldn't be unreasonable though.

[FishWithABicycle]

Many universities have bursaries (typically means you get them on basis of financial circs regardless of academic quals) and scholarships (typically means that academic performance is either more important than or at least equal to financial circs). Cut off income will vary by institution but worth investigation if your household income is below about £45k. In some places you only qualify if that institution was your firm-acceptance offer not your insurance offer, so worth checking before deciding which offers to hang on to.

[ICantFindAFreeNickName]

Unless it's changed this year dsa assessment is not dependant on what uni you are going to.