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Change in income from 15-16 finance year watch

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    Hi,

    I am applying to go to university in September 2017. My Dad was self-employed up until May 2015. In May, he subsequently sold the business which means that our household income for the tax year 15-16 is high and has now dropped considerably. How will the student finance be distributed to me and what is the process for me to get student finance to analyse earnings with this taken into account? Please let me know!!
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    (Original post by fayebrightmore)
    Hi,

    I am applying to go to university in September 2017. My Dad was self-employed up until May 2015. In May, he subsequently sold the business which means that our household income for the tax year 15-16 is high and has now dropped considerably. How will the student finance be distributed to me and what is the process for me to get student finance to analyse earnings with this taken into account? Please let me know!!
    These are the 16/17 forms but the same will be true for 17/18 when you apply.

    You'll need to initially apply and provide his income details (P60 or tax returns) for 2015/16 tax year.

    Once that's gone through and assessed you need to get him to fill out the CYI form for 2017/18 estimating his income (it's best to estimate a little on the high side - or if that isn't possible to make sure you keep some of your maintenance loans from your first two terms back. If his actual income in April 2018 is higher that he estimated then you might end up with no funding or a significantly reduced payment in May 2018). SFE will reassess based on the estimate.
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    (Original post by PQ)
    These are the 16/17 forms but the same will be true for 17/18 when you apply.

    You'll need to initially apply and provide his income details (P60 or tax returns) for 2015/16 tax year.

    Once that's gone through and assessed you need to get him to fill out the CYI form for 2017/18 estimating his income (it's best to estimate a little on the high side - or if that isn't possible to make sure you keep some of your maintenance loans from your first two terms back. If his actual income in April 2018 is higher that he estimated then you might end up with no funding or a significantly reduced payment in May 2018). SFE will reassess based on the estimate.
    Wow thank you for getting back to me! That's really helped
 
 
 
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