Results are out! Find what you need...fast. Get quick advice or join the chat
x

Unlock these great extras with your FREE membership

  • One-on-one advice about results day and Clearing
  • Free access to our personal statement wizard
  • Customise TSR to suit how you want to use it

Will my parents' savings affect my maintenance loan?

This thread is sponsored by:
Announcements Posted on
Rate your uni — help us build a league table based on real student views 19-08-2015
  1. Offline

    ReputationRep:
    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
  2. Offline

    ReputationRep:
    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).
  3. Offline

    ReputationRep:
    (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.
    The maintenance loan is affected by household income, if youre household income is over £42000 then the loan is reduced.
  4. Offline

    ReputationRep:
    I'm not sure it's the actual savings, but the interest on them? My mum mentioned something like that anyway.
  5. Offline

    ReputationRep:
    the interest that they earn on those savings counts as household income (luckily interest rates are low so it doesnt affect the overall household income that much)
  6. Offline

    ReputationRep:
    The savings won't affect your entitlement, but the interest they earn on the savings will need to be declared as unearned income.

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?
  2. this can't be left blank
    this email is already registered. Forgotten your password?
  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 to join now Processing…

Updated: April 21, 2012
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

New on TSR

Rate your uni

Help build a new league table

Poll
How do you read?
Quick reply
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.