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Between a rock and an overdraft. (Is it possible to increase a student loan?) Watch

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    So here's a little background info:

    I am, or very soon will be, a second year student of pharmacy at the University of Portsmouth.

    Both my parents are self employed. They run a management for hire business between the two of them, and earn good money (well past the cut off point for additional student support) when they have a client.

    Student finance bases your loan/grant edibility on household income for the previous financial year. My folks haven't had a client in over a year now.

    The household bills are being paid using pension money, which unfortunately counts as household income.

    With my sister going off to Edinburgh for University this year, my parents having no money to support us and with agency fees and deposits having to be paid, putting me well into my overdraft before terms even started, there's just no way the student loan I get this year is going to be enough. If I crunch the numbers I'm at last £400 short, and that's assuming I spend nothing on books/other resources, social life and travel costs. Literally just eat/sleep/work for a year. :eek:

    I live in a small town, and despite trying all year in Portsmouth to find work, nothing seems to be coming up on that front.

    So my question is, if I was to go to student finance, would there be a chance of getting a more substantial loan? It seems to me that I'm suffering because my family is neither extremely rich or extremely poor.
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    I believe that you can phone SF, explain the situation and in some instances they will re-assess you on your folks' 2013/14 income. I think that your household income must have dropped by a set percentage (sorry, can't remember what) between years in order to qualify for this, so if they had a low income to start with, this may not be an option. Worth a try though.

    Other than that, there's no way of increasing the means-tested part of your SF.
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    I'm not sure if SFE could help, but I know some universities have hardship funds and scholarships for students like you who have had unexpected changes in circumstances. Have you looked up those? Other than the only thing I can think of is contacting your student union. They may be able to put you in contact with someone who could help.

    I hope things work out for you! :hugs:
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    (Original post by Klix88)
    I believe that you can phone SF, explain the situation and in some instances they will re-assess you on your folks' 2013/14 income. I think that your household income must have dropped by a set percentage (sorry, can't remember what) between years in order to qualify for this, so if they had a low income to start with, this may not be an option. Worth a try though.

    Other than that, there's no way of increasing the means-tested part of your SF.
    I can't be certain; but a 15% change sounds familiar.

    There's a current year income (CYI) form that can be filled in.
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    (Original post by OU Student)
    I can't be certain; but a 15% change sounds familiar.

    There's a current year income (CYI) form that can be filled in.
    Is that the form where you predict your 2014/2015 income and then SF requests it in April next year? Or do you mean 2013/2014?
 
 
 
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