Student Finance. Redundancy next financial year!

[PanickedMondays]

Hello, and Help!

Dc is off to Uni in September.

I am being made redundant on Mar 31st this year. I have a contract for some freelance work for next year, but on best guess my income will reduce from about £49k gross to £32k gross as self employed and may not be that much.

I understand that parental contribution is based on the previous financial year. So I will be paying a higher amount on a lower and uncertain income.

DC's father earns not enough to pay tax following a similiar process last year.

We do not get more than statutory redundancy payments, and work in a sector that very much favours young people and we are of an age considered 'on the shelf' so I am not hopeful about another regular job before retirement.

Does anyone know if the contribution can be assessed on the financial year from April 20?

[alreadytaken]

Certainly could when my child was getting student finance. You'll have to notify them and request it and they'll need to see some proof -but dont panic.

[alreadytaken]

www.gov.uk/support-child-or-partners-student-finance-application

This is advice for England btw - but I expect would be similar in the rest of the uk. Looks like you may have only to give proof if they ask.

[PanickedMondays]

OK, thank you, that is re-assuring.