Question re parental income and Student Finance England

[Gastonia]

After reading all the info, I'm still totally confused (even though it's my 4th year doing this!).

Is the final amount of loan for Student Year Sep 2022 to Jun 2023 actually based on FY April 2022 to Mar 2023?

The Student Finance England form asks for income information from FY Apr 2021 to Mar 2022 (as that year is finished), and bases the loan on this. However, do they adjust when HMRC has the figures for FY Apr 2022 to Mar 2023, which overlaps with the student year?

I think it's actually based on full year 2020-2021 NOT 2022. If your income has changed significantly you can request an in year assessment, in which case they will adjust it and do final calculation next summer

I'm even more confused. 🙂

1. Surely our income for FY Apr 2020 to Mar 2021 was used initially to assess for a student loan for Sep 2021 to Jun 2022 (which is the last student year)?

2. a) As I understand it (if I understand it!) if someone has an in-year assessment, the amount of student loan is then recalculated at the end of the year with the actual income figures for that FY.

b) if this student's loan is recalculated at the end of the year when the actual figures are in, are all student loans recalculated at the end of the year when income figures are in? (For example, what if you only discover your income has dropped at the end of the FY?)

Student finance usually opens in Feb/March, before the end of the tax year, so the household income is from the previous year. For academic year 2022 - 2023 the income in tax year April 2020 - April 2021 is used.

If you estimate that your income has fallen by >15% you can ask to submit your estimates for this tax year and that will be used until you can confirm the actual amounts (in April 2023 ish) when the award will be corrected.

Student finance usually opens in Feb/March, before the end of the tax year, so the household income is from the previous year.
Ah, I see. That makes sense.

But last year, I filled out form PR2 2020/21 for DD's application for 2021/22, and signed it on 7 June 2021, and it asked for figures for income from 6 Apr 2020 to 5 Apr 2021.

Thank you both for your help. I just wish I'd had my children younger. I think I'm just getting to old to understand it all! I think I'll sleep on it, and maybe it'll all be clear in the morning!