Hey there Sign in to join this conversationNew here? Join for free

Don't Understand

Announcements Posted on
    • Thread Starter
    • 0 followers
    Offline

    ReputationRep:
    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?
    • 0 followers
    Offline

    ReputationRep:
    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.
    • 0 followers
    Offline

    ReputationRep:
    (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).

Reply

Submit reply

Register

Thanks for posting! You just need to create an account in order to submit the post
  1. this can't be left blank
    that username has been taken, please choose another Forgotten your password?

    this is what you'll be called on TSR

  2. this can't be left blank
    this email is already registered. Forgotten your password?

    never shared and never spammed

  3. this can't be left blank

    6 characters or longer with both numbers and letters is safer

  4. this can't be left empty
    your full birthday is required
  1. By joining you agree to our Ts and Cs, privacy policy and site rules

  2. Slide the button to the right to create your account

    Slide to join now Processing…

Updated: May 17, 2012
New on TSR

Naughtiest thing you did at school

Did you get away with it or were you punished?

Article updates
Useful resources
Reputation gems:
You get these gems as you gain rep from other members for making good contributions and giving helpful advice.