Can I submit PFF2 form to SFE in order to assess my household income AFTER applying?

Hi,

I believe that I am eligible for a bursary from my university but I need my household income assessed. I opted for the lowest maintenance loan as I do not want to be in large amounts of debt and thus SFE never asked for my household income. I have completed the application and should receive my first bit of maintenance loan soon.

My question is, can I submit my household income to SFE now? I do not wish for a higher loan- I just need my household income assessed.

Do I just fill in the PFF2 form and upload it to SFE? Will this affect my current application or is it independent to it?

Reply 1

Scotney

20

Original post by englishfunnnn

Hi,

I believe that I am eligible for a bursary from my university but I need my household income assessed. I opted for the lowest maintenance loan as I do not want to be in large amounts of debt and thus SFE never asked for my household income. I have completed the application and should receive my first bit of maintenance loan soon.

My question is, can I submit my household income to SFE now? I do not wish for a higher loan- I just need my household income assessed.

Do I just fill in the PFF2 form and upload it to SFE? Will this affect my current application or is it independent to it?

Can you not provide the evidence straight to your uni or is bursary dependant on you being in receipt of the full maintainence grant?

Reply 2

englishfunnnn

OP

2

Original post by Holger23

Can you not provide the evidence straight to your uni or is bursary dependant on you being in receipt of the full maintainence grant?

No I need to get it assessed on SFE. That's what my university is saying

Reply 3

normaw

Clearing and Applications Advisor, Universities Forum Helper

19

Original post by englishfunnnn

I opted for the lowest maintenance loan as I do not want to be in large amounts of debt and thus SFE never asked for my household income.

I'm quoting a post that @vapordave made recently, as it explains why you should consider applying for additional maintenance loan rather than the minimum:

Original post by vapordave)
So student loan repayments work like this:
From the April after you graduate, 9% of your income over £25,000 goes toward student loan repayments until either
1) you pay off the entire loan
2) 40 years have passed and the remainder of the loan is written off.

So, an increased loan does not mean you pay more per month, or even pay more in total depending on how much in total you pay before it gets written off. The only tangible effect is that the time it would take to pay off your loan in full is increased, but this is only if had you taken the decreased loan you would have paid it off before the 40 years.

Say you had a salary trajectory like this:
Year 1-5: £25,000, paying £0 per year to SFE
Year 6-10: £35,000, paying £900 per year to SFE
Year 11-20: £45,000, paying £1800 per year to SFE
Year 21+: £55,000, paying £2700 per year to SFE

Assuming you are on a three year course at £9,250 tuition, the total value of your loan would be as such:
£38,850 – minimum maintenance loan
£52,950 – maximum maintenance loan

Plan 5 doesn't include interest, only a yearly adjustment for inflation so we're just going to assume that inflation is 0 for the next 40 years.

You would pay off the loan with minimum maintenance within just over 27 years.
You would pay off the loan with maximum maintenance within about 31 years.

That's just 4 extra years of repayments almost three decades into your career, so frankly nothing to worry about if you feel you could benefit from the money. Have you made a budget to see if you would need more?

Reply 4

Scotney

20

Original post by englishfunnnn

Hi,

I believe that I am eligible for a bursary from my university but I need my household income assessed. I opted for the lowest maintenance loan as I do not want to be in large amounts of debt and thus SFE never asked for my household income. I have completed the application and should receive my first bit of maintenance loan soon.

My question is, can I submit my household income to SFE now? I do not wish for a higher loan- I just need my household income assessed.

Do I just fill in the PFF2 form and upload it to SFE? Will this affect my current application or is it independent to it?

Yes you can but give them a ring to check best way to proceed.

Can I submit PFF2 form to SFE in order to assess my household income AFTER applying?

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