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Don't Understand

Why do they ask for your parents 2010/2011 income, if you are applying for a 2012/2013 loan? Surely they should want to know their income from 2011/2012?
Reply 1
Avatar for JongKey
JongKey
14
They ask for a previous full tax year's information. This years information wouldn't have been available in full so they use the year before.
Reply 2
Avatar for Shani
Shani
6
Original post by shaun1810
Why do they ask for your parents 2010/2011 income, if you are applying for a 2012/2013 loan? Surely they should want to know their income from 2011/2012?


Probably has something to do with applications opening before 2011/2012 tax year had ended, and for the benefit of self employed people who may take a while longer to finalise their details for the tax year.

In a way, it will benefit students - income is more likely to be lower in the tax year they ask for (although, yes I know, some people won't be getting pay rises with the economy the way it is now...), and if income is currently looking like it will be 15% or more lower than the year they ask for, you can ask for a current year income assessment and estimate the year end figures (bearing in mind any overpayments will need to be repaid).

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