Student finance and dads reduncy

When I started my unis course in 2022my dad got made redundant just before I started it. My dad had earned in 21/22 over the threshold so I only got the minimum amount in grants. In 2022 when my dad got made redundant he got redundancy money but did not earn anything as did not work. If the redundancy amount was only just under the threshold amount to getting the minimum amount in grants, is there any point in filling in lots of forms/showing income etc as will I only get the minimum amount anyway in student finance? Do student finance use redundancy as liveable income?

Original post by Dottie18

When I started my unis course in 2022my dad got made redundant just before I started it. My dad had earned in 21/22 over the threshold so I only got the minimum amount in grants. In 2022 when my dad got made redundant he got redundancy money but did not earn anything as did not work. If the redundancy amount was only just under the threshold amount to getting the minimum amount in grants, is there any point in filling in lots of forms/showing income etc as will I only get the minimum amount anyway in student finance? Do student finance use redundancy as liveable income?

Hi there, We take into account any taxable income received, was the redundancy payment taxable? Thanks, Angela

Reply 2

Beerzx6r

1

Original post by Angela SFE

Hi there, We take into account any taxable income received, was the redundancy payment taxable? Thanks, Angela

On this point, if only part of the payment was taxable is it only this part that will be taken into consideration or the full amount? My hsbnad is taking redundancy next year when daughter in 3rd year and the first 30k is tax free and then 5k is taxable.

Original post by Beerzx6r

On this point, if only part of the payment was taxable is it only this part that will be taken into consideration or the full amount? My hsbnad is taking redundancy next year when daughter in 3rd year and the first 30k is tax free and then 5k is taxable.

Hi there,

It is the full amount that is taken into account. If this is over the threshold and the income has since dropped below the threshold or 15% or more drop, then the sponsor(s) can complete a Current Year Income assessment to show that the household income is lower than the previous tax year.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1149325/sfe_cyi_form_2324_o.pdf

https://logon.slc.co.uk/cas/login

Thanks, Clare

Original post by Beerzx6r

On this point, if only part of the payment was taxable is it only this part that will be taken into consideration or the full amount? My hsbnad is taking redundancy next year when daughter in 3rd year and the first 30k is tax free and then 5k is taxable.

Hi there, Thanks for your response. They still need to declare the full amount of the redundancy.

Redundancy payments come from a taxable income source, so they are considered when calculating a students entitlement to support, this includes the first £30,000 even though this is paid as a tax free payment. Thanks, Jason

(edited 4 months ago)

Student finance and dads reduncy

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