Student Finance

[roisin]

So, how does it work, then?

The online forms (for 2015-16) are asking for data from P60s etc from 2013-14 tax year. Is it assessed on that basis? Then re-assessed each year on a rolling programme?

Or is it provisionally assessed on the basis of that tax year, then adjusted in retrospect according to your actual income of the relevant year?

What is the most helpful site in terms of showing what they are likely to get in loans and how much would be 'standard' for parental support? I'm sure I've seen a really helpful chart/table somewhere, but I can't find it now.

Thanks

Oh and do you have to actually supply documentary evidence - P60s etc? My P60 for that tax year is wrong (3 months' income is not on my P60). I've declared this to HMRC and paid the relevant taxes, etc. But they don't issue a revised P60.

Moneysaving expert? We got some great stuff from manchester university.

If you know your child won't qualify for anything other than the minimum do you need to hang on to old P60s? I certainly don't throw mine away but once I've done my tax return I dont necessarily keep them separate from all the other expired but un throw awayable paperwork...

Hello Roisin

DCs have to apply each year, and if they want anything over the minimum maintenance loan, household income needs to be (independently) declared. So DH and I had to each set up separate SF accounts last year and enter our respective taxable incomes - in that case for 12/13, plus details on any other dependent DCs. I'm pretty sure the NI number was a requirement so presumably SF can do a cross check with HMRC on declared income. We've each done the same earlier this month for DS1's finance application for his second year (eg starting October 2015), so that was income from 13/14. I think there is an option to have the most recent year income considered if there has been a significant change from the previous year.

Student Finance has a calculator so you can see what your DC might be entitled to. As GB rightly says if your household income exceeds the maximum threshold then there is not much to be gained from applying.

Parental support?? - how long is a piece of string. :) Excluding tuition year 1 for DS1 is likely to come out around £7k-£8k in cost, that includes the loan he could get. I did not see the outcome for your DC on the Oxbridge thread - hopefully s/he was successful - but DS1 has certainly found college costs at Cambridge to be a lot cheaper than for example his insurance offer (Durham). I guess Oxford would in general be fairly similar to Cambridge in that respect.

Thanks. [Waves to boys3: yes, he got an Oxford offer, so as long as he gets his grades he'll be there. If not, London... eek!]