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?

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.

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.

OK, thank you, that is re-assuring.