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Current-Year Assessments

Hello,

From what I understand, when applying for student finance for the academic year starting September 2017, parental income for the tax year ending April 2016 is used.
However, if income is likely to drop by 15% between tax year 2015-2016 and tax year 2017-2018, then income from 2017-2018 can be used instead.

Is this correct?

Just wondering why 2016-2017 is not used at all?

(nb. one parent is self-employed and the other employed if this makes any difference.)

Thank you!
Original post by sunnyb
Hello,

From what I understand, when applying for student finance for the academic year starting September 2017, parental income for the tax year ending April 2016 is used.
However, if income is likely to drop by 15% between tax year 2015-2016 and tax year 2017-2018, then income from 2017-2018 can be used instead.

Is this correct?

Just wondering why 2016-2017 is not used at all?

(nb. one parent is self-employed and the other employed if this makes any difference.)

Thank you!

2017/18 is most relevant for the academic year studied - that's why it's used as the default for in year assessments. These are usually down to financial hardship in year and so it's the year that the student is studying in that is used.

2015/16 is used as standard because the tax year is complete by the time applicants apply for finance - including the deadline for self assessment (Jan 2017 IIRC). So for assessments based on household income historically it makes sense to use the tax year where all applicants should have the documentary evidence required.
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sunnyb
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Original post by PQ
2017/18 is most relevant for the academic year studied - that's why it's used as the default for in year assessments. These are usually down to financial hardship in year and so it's the year that the student is studying in that is used.

2015/16 is used as standard because the tax year is complete by the time applicants apply for finance - including the deadline for self assessment (Jan 2017 IIRC). So for assessments based on household income historically it makes sense to use the tax year where all applicants should have the documentary evidence required.


That makes sense. Many thanks for the reply :smile:

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