To ask about dad funding me for a year

[Serafina111]

I’m due to start a one year masters course this year, and the postgraduate loan will cover the course fees and nothing else.

Apart from Child tax credit and Child benefit (I’m a lone parent with one toddler dc) I won’t have any other income.

I currently work 16 hours a week and get working tax credit but I’ll have to give up my job when I start the course as it’ll clash with the hours.

Apparently income support will count a third of my loan as usable income even though it’ll be spent on course fees, so I doubt I’ll get anything from them.

My dad is in a position to fund me for one year, including my mortgage repayments and living costs plus any childcare I have to pay (I’m hoping I’ll get the 15 hours funded childcare for two year olds at least). This will come to about £15,000. It’ll be in lieu of inheritance.

Will this be counted as taxable income or do gifts of money from family not count? I’m trying very hard to work out my finances for that year and I’m worried about miscalculating or being liable for anything I’ve not thought of...

Yes, these things are generally out of the question without support. I have an MSc but only because I was fortunate enough to obtain a student ship. It would have been impossible otherwise.

The way things seem to be going if you are fortunate enough to do a masters and I say that in relation to the job market, it won't hurt you.

Things are hard for folk.

We are doing the same for one of our adult children. It's a course that is full on so they are unable to do paid work whilst studying. Good luck OP.