Will my parents' savings affect my maintenance loan?
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Will my parents' savings affect my maintenance loan?So I sent off my application and SFE have sent a form back requesting my mother's financial documents. Among them they want evidence of savings. My parents' have thousands of pounds in savings. Now I noticed repeatedly throughout the process of completing an application the phrase "household income" and I'm wondering if this will affect my maintenance loan, since the money is in savings but they are specifically looking at the income gained from it, which is only a small amount of interest per year. Because my actual household income is very low (I'm from a working class background).
Help is appreciated
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Re: Will my parents' savings affect my maintenance loan?Maintenance Loan isn't affected by household income though the maintenance grant is.
For Maint grant it's only the interest which is classified as income not the gross amount of savings. SFE will want the gross income of your parents for the tax year 10/11 to complete the assessment.
Edit: Sorry, I stand corrected. About 2/3rds is not affected by income, the rest would be. But I would have thought the the income generated by current interest rates would not affect your entitlement. (But then I don't know how much you're talking about).Last edited by glf2110; 21-04-2012 at 11:06. -
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Re: Will my parents' savings affect my maintenance loan?The maintenance loan is affected by household income, if youre household income is over £42000 then the loan is reduced.(Original post by glf2110)
Maintenance Loan isn't affected by household income though the maintenance grant is.
For Maint grant it's only the interest which is classified as income not the gross amount of savings. SFE will want the gross income of your parents for the tax year 10/11 to complete the assessment.
