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Parents - student finance explained by SLC
Are you a parent wondering what you need to do to support your child through the student finance process? Our experts are here to help.
Hazel has been working for Student Finance England for one year as a customer service advisor and is experienced in answering all types of queries.
Kruti has worked for Student Finance England for just under a year and is experienced in dealing with both student and parent queries.
Please be aware all answers will be posted on Thursday 9 February.
Hazel has been working for Student Finance England for one year as a customer service advisor and is experienced in answering all types of queries.
Kruti has worked for Student Finance England for just under a year and is experienced in dealing with both student and parent queries.
Please be aware all answers will be posted on Thursday 9 February.
(edited 7 years ago)
Hello
I have already used the calculator for my student finance and I was wondering how does it get paid does what being shown have to last me a year?
Also if someone would be kind enough to work out how much I'll be living on a month?
£6,150 Tuition Fee Loan to pay for your course
£8,200 Maintenance Loan to pay living costs
up to £155.24 a week (1 child) or up to £266.15 a week (2 or more children) Childcare Grant
up to £1,573 per year Parents’ Learning Allowance
In your fifth and sixth years, you could get £2,324 reduced Maintenance Loan. You can also apply for NHS funding and get the following depending on your circumstances:
NHS Bursary (funding towards your fees and living costs)
up to £128.78 a week (1 child) or up to £191.45 a week (2 or more children) Childcare Allowance
up to £1,204 per year Parents’ Learning Allowance
up to £108 a week Extra Weeks Allowance
Practice placement expenses
Each year you could also get:
Child Tax Credit
University and college hardship funds (extra help with costs while studying)
I have already used the calculator for my student finance and I was wondering how does it get paid does what being shown have to last me a year?
Also if someone would be kind enough to work out how much I'll be living on a month?
£6,150 Tuition Fee Loan to pay for your course
£8,200 Maintenance Loan to pay living costs
up to £155.24 a week (1 child) or up to £266.15 a week (2 or more children) Childcare Grant
up to £1,573 per year Parents’ Learning Allowance
In your fifth and sixth years, you could get £2,324 reduced Maintenance Loan. You can also apply for NHS funding and get the following depending on your circumstances:
NHS Bursary (funding towards your fees and living costs)
up to £128.78 a week (1 child) or up to £191.45 a week (2 or more children) Childcare Allowance
up to £1,204 per year Parents’ Learning Allowance
up to £108 a week Extra Weeks Allowance
Practice placement expenses
Each year you could also get:
Child Tax Credit
University and college hardship funds (extra help with costs while studying)
Original post by Student Money Week 2017
Are you a parent wondering what you need to do to support your child through the student finance process? Our experts are here to help.
Hazel has been working for Student Finance England for one year as a customer service advisor and is experienced in answering all types of queries.
Kruti has worked for Student Finance England for just under a year and is experienced in dealing with both student and parent queries.
Please be aware all answers will be posted on Thursday 9 February.
Hazel has been working for Student Finance England for one year as a customer service advisor and is experienced in answering all types of queries.
Kruti has worked for Student Finance England for just under a year and is experienced in dealing with both student and parent queries.
Please be aware all answers will be posted on Thursday 9 February.
When filling in student loan application form it says taxable unearned income . Do u include money in an isa which is tax free ?
Original post by Cjt1
When filling in student loan application form it says taxable unearned income . Do u include money in an isa which is tax free ?
Hi Cjt1
We would not consider money held in an ISA as unearned income. However we would include dividends from shares/trusts/unit trusts, or any gross interest from bank or building society accounts. As a general rule of thumb, we will only include taxable income.
Hi,
Thank you for your question.
Your funding usually gets paid in 3 installments. The Tuition fee always gets paid to the university direct and any maintenance payments get paid into the student's bank account. Any funding you are assessed for is for one academic year at a time. It's tough to tell you how much you will be living on each month as it depends on several factors, but the maintenance loan you receive is to help with your living costs and it's on your discretion how you decide to use it.
Although the calculator is a good tool to give you an idea of the funding that may be available, we always advise you to first make your application and wait for an assessment to know exactly what you will be entitled to.
Hope this helps. For more information on applying for finance please visit https://www.gov.uk/apply-for-student-finance
Thank you for your question.
Your funding usually gets paid in 3 installments. The Tuition fee always gets paid to the university direct and any maintenance payments get paid into the student's bank account. Any funding you are assessed for is for one academic year at a time. It's tough to tell you how much you will be living on each month as it depends on several factors, but the maintenance loan you receive is to help with your living costs and it's on your discretion how you decide to use it.
Although the calculator is a good tool to give you an idea of the funding that may be available, we always advise you to first make your application and wait for an assessment to know exactly what you will be entitled to.
Hope this helps. For more information on applying for finance please visit https://www.gov.uk/apply-for-student-finance
Original post by Jordkr19956
Hello
I have already used the calculator for my student finance and I was wondering how does it get paid does what being shown have to last me a year?
Also if someone would be kind enough to work out how much I'll be living on a month?
£6,150 Tuition Fee Loan to pay for your course
£8,200 Maintenance Loan to pay living costs
up to £155.24 a week (1 child) or up to £266.15 a week (2 or more children) Childcare Grant
up to £1,573 per year Parents’ Learning Allowance
In your fifth and sixth years, you could get £2,324 reduced Maintenance Loan. You can also apply for NHS funding and get the following depending on your circumstances:
NHS Bursary (funding towards your fees and living costs)
up to £128.78 a week (1 child) or up to £191.45 a week (2 or more children) Childcare Allowance
up to £1,204 per year Parents’ Learning Allowance
up to £108 a week Extra Weeks Allowance
Practice placement expenses
Each year you could also get:
Child Tax Credit
University and college hardship funds (extra help with costs while studying)
I have already used the calculator for my student finance and I was wondering how does it get paid does what being shown have to last me a year?
Also if someone would be kind enough to work out how much I'll be living on a month?
£6,150 Tuition Fee Loan to pay for your course
£8,200 Maintenance Loan to pay living costs
up to £155.24 a week (1 child) or up to £266.15 a week (2 or more children) Childcare Grant
up to £1,573 per year Parents’ Learning Allowance
In your fifth and sixth years, you could get £2,324 reduced Maintenance Loan. You can also apply for NHS funding and get the following depending on your circumstances:
NHS Bursary (funding towards your fees and living costs)
up to £128.78 a week (1 child) or up to £191.45 a week (2 or more children) Childcare Allowance
up to £1,204 per year Parents’ Learning Allowance
up to £108 a week Extra Weeks Allowance
Practice placement expenses
Each year you could also get:
Child Tax Credit
University and college hardship funds (extra help with costs while studying)
Original post by Hazel Fulton
Hi Cjt1
We would not consider money held in an ISA as unearned income. However we would include dividends from shares/trusts/unit trusts, or any gross interest from bank or building society accounts. As a general rule of thumb, we will only include taxable income.
We would not consider money held in an ISA as unearned income. However we would include dividends from shares/trusts/unit trusts, or any gross interest from bank or building society accounts. As a general rule of thumb, we will only include taxable income.
Thanks for reply. So you should include interest from a bank account even if you don't pay tax on it but not interest from an isa ?.
can you explain more about how to repay the loan especially if low paid
Original post by Cjt1
Thanks for reply. So you should include interest from a bank account even if you don't pay tax on it but not interest from an isa ?.
That's no problem. Yes interest from a standard bank, building society account or local authority will be included. Any money held in or interest related to the ISA is something we wont include. Hope this clears things up for you !
How do I support a student's application?
The easiest way to support a student's application is online. If you have previous account as a student or a sponsor for another student, you simply need to use the same account. When you log in, you'll find an option to support an application. Just follow the steps from there on. If you prefer supporting the application by paper, you can fill the PFF2-income details form, for the academic year you are trying to support the student for.
You can log in on https://www.gov.uk/student-finance-register-login
You can download the PFF2 form from https://www.gov.uk/student-finance-forms
I am a parent, do I need to support the application each academic year?
Yes, if your child is looking for income assessed funding you will need to support the application each academic year.
Do I need to provide financial evidence?
You only need to provide financial evidence if you're specifically asked for it or if you're a sponsor who is living/working overseas.
If I support the application, am I liable to repay the loan?
No, by supporting the application you are only helping the student to receive maximum funding available to them based on their household income.
The easiest way to support a student's application is online. If you have previous account as a student or a sponsor for another student, you simply need to use the same account. When you log in, you'll find an option to support an application. Just follow the steps from there on. If you prefer supporting the application by paper, you can fill the PFF2-income details form, for the academic year you are trying to support the student for.
You can log in on https://www.gov.uk/student-finance-register-login
You can download the PFF2 form from https://www.gov.uk/student-finance-forms
I am a parent, do I need to support the application each academic year?
Yes, if your child is looking for income assessed funding you will need to support the application each academic year.
Do I need to provide financial evidence?
You only need to provide financial evidence if you're specifically asked for it or if you're a sponsor who is living/working overseas.
If I support the application, am I liable to repay the loan?
No, by supporting the application you are only helping the student to receive maximum funding available to them based on their household income.
Original post by Hazel Fulton
That's no problem. Yes interest from a standard bank, building society account or local authority will be included. Any money held in or interest related to the ISA is something we wont include. Hope this clears things up for you !
Thanks again for reply. If you have a small amount of savings in a bank account but expect to use them to supplement your student loan. Should you put no taxable unearned income on the form as you would get no or little interest in the academic year ?
Hi Connor,
You enter repayment the April after you graduate. Once you start to earn over £21,000 a year (£1,750 a month) your employer will begin taking student loan repayments from your salary. The amount taken will be shown on your pay slip.
At the end of each tax year your employer confirms with HMRC how much student loan you have repaid that year.
HMRC then tells us the total amount of student loan repayments you have made in the tax year.
We divide the total amount you repaid in the year into 12 equal monthly repayments. These are then paid to your loan as 12 monthly instalments and the interest is calculated and added for each month.
Once we have worked out your new balance we will send you a statement detailing how much you paid for the previous tax year, how much interest has been added and your total outstanding balance.
At any point you can make voluntary repayments by logging into your account on http://www.studentloanrepayment.co.uk. Also, you will find a lot of information on repayments on this website.
You enter repayment the April after you graduate. Once you start to earn over £21,000 a year (£1,750 a month) your employer will begin taking student loan repayments from your salary. The amount taken will be shown on your pay slip.
At the end of each tax year your employer confirms with HMRC how much student loan you have repaid that year.
HMRC then tells us the total amount of student loan repayments you have made in the tax year.
We divide the total amount you repaid in the year into 12 equal monthly repayments. These are then paid to your loan as 12 monthly instalments and the interest is calculated and added for each month.
Once we have worked out your new balance we will send you a statement detailing how much you paid for the previous tax year, how much interest has been added and your total outstanding balance.
At any point you can make voluntary repayments by logging into your account on http://www.studentloanrepayment.co.uk. Also, you will find a lot of information on repayments on this website.
Original post by connor22222
can you explain more about how to repay the loan especially if low paid
FAQs
How do I support a student's application?
The easiest way to support a student's application is online. If you have previous account as a student or a sponsor for another student, you simply need to use the same account. When you log in, you'll find an option to support an application. Just follow the steps from there on. If you prefer supporting the application by paper, you can fill the PFF2-income details form, for the academic year you are trying to support the student for. You can log in on https://www.gov.uk/student-finance-register-login You can download the PFF2 form from https://www.gov.uk/student-finance-forms
I am a parent, do I need to support the application each academic year?
Yes, if your child is looking for income assessed funding you will need to support the application each academic year.
Do I need to provide financial evidence?
You only need to provide financial evidence if you're specifically asked for it or if you're a sponsor who is living/working overseas.
If I support the application, am I liable to repay the loan?
No, by supporting the application you are only helping the student to receive maximum funding available to them based on their household income.
How do I support a student's application?
The easiest way to support a student's application is online. If you have previous account as a student or a sponsor for another student, you simply need to use the same account. When you log in, you'll find an option to support an application. Just follow the steps from there on. If you prefer supporting the application by paper, you can fill the PFF2-income details form, for the academic year you are trying to support the student for. You can log in on https://www.gov.uk/student-finance-register-login You can download the PFF2 form from https://www.gov.uk/student-finance-forms
I am a parent, do I need to support the application each academic year?
Yes, if your child is looking for income assessed funding you will need to support the application each academic year.
Do I need to provide financial evidence?
You only need to provide financial evidence if you're specifically asked for it or if you're a sponsor who is living/working overseas.
If I support the application, am I liable to repay the loan?
No, by supporting the application you are only helping the student to receive maximum funding available to them based on their household income.
(edited 7 years ago)
FAQ
Who are my sponsors?
In most situations your sponsors are your natural or adoptive parent/s that you would normally live with and any partner they have, or if you are considered as an independent eligible student your sponsor would be your spouse or if you are over 25 it would be any partner that you live with.
Who are my sponsors?
In most situations your sponsors are your natural or adoptive parent/s that you would normally live with and any partner they have, or if you are considered as an independent eligible student your sponsor would be your spouse or if you are over 25 it would be any partner that you live with.
Hello everyone,
These are some frequently asked questions I've had in the past from both parents and students:
"What is the deadline for applying for 17/18 ?"
We would advise new students to aim to have their applications submitted before 26th May 2017 to ensure you get funding in time. The 17/18 applications should be available from the end of February / beginning of March.
"I am a parent of a student. What if I have no taxable income. Do I still have to supply details ?"
Yes. If you would like the income assessed amount of funding, we need to know the household income regardless of the income amount. If the household income is below the threshold of £25,000 the student can receive the highest amount of maintenance loan. We can only determine this if we receive financial information from parents supporting the application.
"What if my income has dropped since the previous tax year ? How will this affect the student's funding ?"
If the total household income has decreased by 15% or more since the tax year we ask for on the application, parents or partners who are supporting the application can send a Current Year Income form (or CYI). This form allows us to work out the student's entitlement based on estimates given for the current tax year. You can find these forms on this website: www.gov.uk/student-finance-forms
"Does the student need to have a place confirmed with the college or university before applying for finance ?"
Student's don't need to have a confirmed place before making an application. I would advise students to apply for the university or college they intend on attending. If it doesn't work out, the course details can be changed or cancelled online before starting the course. If the change happens after the course start date, the university or college can inform us of the change.
I hope these questions are of help to both parents and students. If you are unsure about anything before or during the application, please check SFE’s student finance zone on The Student Room at www.thestudentroom.co.uk/studentfinance.
When it's time to apply, head over to www.gov.uk/studentfinance to start your application.
These are some frequently asked questions I've had in the past from both parents and students:
"What is the deadline for applying for 17/18 ?"
We would advise new students to aim to have their applications submitted before 26th May 2017 to ensure you get funding in time. The 17/18 applications should be available from the end of February / beginning of March.
"I am a parent of a student. What if I have no taxable income. Do I still have to supply details ?"
Yes. If you would like the income assessed amount of funding, we need to know the household income regardless of the income amount. If the household income is below the threshold of £25,000 the student can receive the highest amount of maintenance loan. We can only determine this if we receive financial information from parents supporting the application.
"What if my income has dropped since the previous tax year ? How will this affect the student's funding ?"
If the total household income has decreased by 15% or more since the tax year we ask for on the application, parents or partners who are supporting the application can send a Current Year Income form (or CYI). This form allows us to work out the student's entitlement based on estimates given for the current tax year. You can find these forms on this website: www.gov.uk/student-finance-forms
"Does the student need to have a place confirmed with the college or university before applying for finance ?"
Student's don't need to have a confirmed place before making an application. I would advise students to apply for the university or college they intend on attending. If it doesn't work out, the course details can be changed or cancelled online before starting the course. If the change happens after the course start date, the university or college can inform us of the change.
I hope these questions are of help to both parents and students. If you are unsure about anything before or during the application, please check SFE’s student finance zone on The Student Room at www.thestudentroom.co.uk/studentfinance.
When it's time to apply, head over to www.gov.uk/studentfinance to start your application.
Thanks for taking part in the chat everyone. And thanks to our two experts for their useful answers and FAQs.
For more information, there is resources and guides made for parents of students on SFE’s student finance zone on The Student Room at www.thestudentroom.co.uk/studentfinance
For more information, there is resources and guides made for parents of students on SFE’s student finance zone on The Student Room at www.thestudentroom.co.uk/studentfinance
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