Current income assessment help! Watch

nataliejayne96
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Hi

I am applying for second year funding for my course. My dad was made redundant during the tax year 2014/15 and he got a pay out of £30,000 which I told student finance when inputting his wage. This meant that his £61,000 for last year, but I posted the form for current income assessment to student finance for pay being 15% different today, as his wage is £25,000 which is half of the previous year.

I got informed by student finance that I would only get a loan of £3829 and no maintenance grant, where I got £7470 last year. Will this amount change when student finance get the form I posted them or will I only have £3829 for this year as that doesn't even cover my accommodation and I should get a grant as I am eligible.

Thanks.
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(Original post by nataliejayne96)
Hi

I am applying for second year funding for my course. My dad was made redundant during the tax year 2014/15 and he got a pay out of £30,000 which I told student finance when inputting his wage. This meant that his £61,000 for last year, but I posted the form for current income assessment to student finance for pay being 15% different today, as his wage is £25,000 which is half of the previous year.

I got informed by student finance that I would only get a loan of £3829 and no maintenance grant, where I got £7470 last year. Will this amount change when student finance get the form I posted them or will I only have £3829 for this year as that doesn't even cover my accommodation and I should get a grant as I am eligible.

Thanks.
Once the CYI form has been processed you'll get a new assessment with an increased loan and grant.

Try to keep some of your funds back though - your assessment is based on an estimate of your dad's earnings for 2016/17 - SLC/SFE will crosscheck this against his tax records in April 2017 and if he has earned more than expected they might decide that you've been overpaid and claw back the overpayment from your Summer term loan/grant payment. If you've kept a proportion of your autumn and spring payments back then that wont cause any problems (and if it doesn't happen then you'll have a nice bit of extra cash for the summer next year).
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nataliejayne96
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So I'll have more money for September? as my dads wage is definitely less than 2014/15 tax year due to his redundancy
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