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Financial support for uni?(21 Posts)
My son is due to go off to uni this year, but we are now extremely worried about whether we can afford it, as my DH may lose his job in the coming months. In applying for student finance we need to declare our income, which has dropped and may drop again, so we do not know what figure to put down. Most people I know top up their children's finances by £300-£400 per month. There is no way we will be able to do that, the way things are heading.
Does anyone have any advice as to how we do this? My son will be devastated if he cannot go, but says he understands. I wish we had saved more!!
No but we are in the same situation both self employed and no work at the moment, but the finance application asks you for last years tax return when we were both working. Slightly desperate and trying not to let DD see. Might have to cash in and old AVC pension, it's literally all we have left.
Put what the salary is now. I couldn't afford to top things up for my Dd and she managed on the finance, your ds might need to get a part time job but many students do.
Op, I just found this online:
When the student applies for finance based on household income, you need to provide your financial information for a particular tax year.
If your total household income has dropped by at least 15% since the tax year we ask about on the application, you can apply to be assessed based on the current tax year instead. You can also apply for a current year income assessment if your income changes during the academic year while the student is studying.
Does the chosen uni offer any bursary scheme, incentives on results exceeding offer perhaps, or a hardship fund?
I might have to look into bursaries/hardship schemes. I feel awful for doing that, as though we are depriving someone else who is more needy. Never thought it would come to this!
All I did for my son was carry on paying his mobile bill and very occasionally chuck him some beer money. I could have afforded to do more but he had a well paid job with Tesco, which he was able to transfer up in term time and back down in the holidays and it taught him a good work ethic and financial management.
Student finance will cover his tuition and most halls of residence. If not, he'll have to find cheap accommodation.
If you are below x threshold your son will get more to help with food/maintenance. But anything else he'll need to work for.
My parents income meant I got the bare minimum but they did not give me any money to fund the missing funds - finance covered halls rent and education only. So I worked my arse off before starting in the September to be able to pay for food/books/nights out, and worked occasional shifts at the union if i needed more. As the majority of people do!
You need an in year assessment for student finance, with guidance upthread
He will also need a part time job most likely, and to be frugal, but it can be done
Gin field - unfortunately student loans do not cover the accommodation. If your household income is above the threshold the maintenance loan does not come close.
Lots of parents are fully finding accommodation at approx £7000 per year and the students have the £3000 ish loan to live on.
The current system and accommodation costs are very different to when my partner went to uni. The expectation is that families contribute. I'd advise anyone with students going this year to watch Martin Lewis for advice.
Yes, we are in England.
Finance won't cover accomodation- there is approx £1500 shortfall. Then he needs living expenses on top. He had a Sat job and was going to be taken on full time after exams until uni started, but the company have closed!
Thought so, op. Sorry. Wales has a much better system that lands them in more debt but gives them enough to pay their rent and live on (if they are careful)
Can he get a job to help fund things? I know it's a difficult time at the moment (my student dds holiday job place has had to shut) but when things are back to 'normal'.
Or can he take a year out and save?
Finance won't cover accomodation- there is approx £1500 shortfall.
You mean his accommodation costs are £11k a year
Or do you mean you haven't bothered to look into having his maintenance loan reassessed (to award him the max of £9k) as two posters have suggested...?
We had an in-year assessment for dad's first year, because the tax year they wanted to look at included a large one-off redundancy payment so was much higher than our regular income. It entailed extra paperwork but dd qualified for maximum loan that year. We will do the same for dc starting uni this autumn (as dh and I have lost most of our income due to coronavirus). I suspect a lot of people will need to do the same, as they will have earnt far more in the relevant tax year (2018-19) than they will in the current tax year.
Apply for childs funding based on the tax year asked for and as said up thread if The household income has drops by more than 15% you can ask for an in year reassessment based on what you predict your household income to be.
If your total household income has dropped by at least 15% since the tax year we ask about on the application, you can apply to be assessed based on the current tax year instead. You can also apply for a current year income assessment if your income changes during the academic year while the student is studying
That is what it says...but then there isn't anywhere on the form that gives you the option to do that, nor does it tell you how to apply to be re-assessed for a different year
We are in the same situation as DH's employers made everyone redundant in February and my income has plummeted due to the current circumstances.
Sadly the majority of students can't get a job in the union bar - there aren't enough jobs to go round. The usual expectation of getting a job in a non union bar may be a lot harder to do this coming year.
I don't know what to advise apart from talking to student finance and the SU finance team at the uni he's interested in. If your income drops and you can prove this there must be a way that this can be taken into account?
Or could he apply for a uni in commuting distance and live at home? I know it's not ideal. But he gets the degree and a lot cheaper.
Do they take redundancy payment into account?
That is what it says...but then there isn't anywhere on the form that gives you the option to do that
I think the information is here?
It seems that you have to go through the normal process, then let them know about the change in income (for proof of the change). That's my understanding, anyway.
The link to the relevant forms is partway down the page.