Student Finance Help

[FluffyBumps]

Hi, I have 2 DC off to Uni this Sept.
I understand I will be ask3d to disclose our household income and provide document back up etc but do savungs affect the amount of loan my DC may be offered.

Sadly we lost a close family member last year and I have inherited a significant sum of money. We are using this money to move house. We are probably going yo move to a new build. We havnt actually started the process yet other than booked in 2 valuations for 2 weeks time.

I'm worried that this sum of money will affect our income and make us look better off than we actually are. If we had already bought our new house the money wouldn't be there and our income the same.

I'm currently earning low interest on the lump sum but that's nothing significant due to low rates and us keeping it accessible for the purchase of our new house (once thus one us sold too). I know I will need to declare interest as income but what about the actual "amount" in savings?

My understanding is that it is income only, so no, your savings aren’t taken into account.

We didn’t go through the declaration, as our joint income is above the top figure, so DS only gets minimum loan, but for everything that I have read, it is based on income only.

Thank you Sophiesdog11.
I've been googling etc and I think (and hope) you are correct.

DH and I each had to complete a declaration of our income for our DDs student finance application. There was no mention of savings. DD only gets the minimum amount because of DHs earnings.

It depends on the household income as to what they ask.
Above 75K they won't ask about savings as you'll only get the minimum maintenance loan no matter what.
Below 75K they will ask about savings and investments although it's important to note they don't ask about how much you have in savings or invested, they only ask what interest/profit it generated and then consider this amount as income.

Sorry to mention this too but it's important to know that Student finance for this September's intake are asking about household income for tax year 2017/18 so, depending on when you lost your family member and received the inheritance, the impact on your finances should be minimal or nothing at all.

I've always had to fill in what interest I've earned.

Depending on when in 2018 you lost ....

Just to add, I don't know if it will change to asking about the next tax year once April 5th has come and gone, someone else may be more up to speed on that so maybe fill out the form before the end of the tax year.