stevendaly
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Hello, my dad is retiring at the same time i go to Uni (my mum doesn't work) , as far as i'm aware we will have to apply for student finance with his past income and obviously there will be a difference in how much student finance i get depending on retired income and past, does anyone know if there is special terms for retiring parent?, Thank you!
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IdiotFeatures
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Hi Steven,

Typically SFE (or equivalent depending on which part of the UK you live in) will look at your parents combined household income for the financial year 2 years prior to the academic year you're applying for funding for, i.e. if you're commencing studies in September 17/18 they'll look at the financial year April 2015 - April 2016. However, in instances where your family's household income has dropped by 15% or more in your current year of study (only 5% for Student Finance Northern Ireland) you can apply for a Current Year Income Assessment from SFE, where they will assess you based on your parents' expected combined income for the 17/18 financial year (April - April). HOwever, you'd have to be means assessed as normal first and then send an additional CYIA form for this to be considered after.

I believe they will look at all taxable income so I think pension's will still be considered in this, however, if you think there could be a 15% decrease taking your parents' combined income below about £62K then you might be able to access additional funding.

SFE have scrapped the grant system now for undergraduates and therefore you'd only be able to access a higher level of maintenance loan. however, depending on what your income is assessed as by SFE you might also qualify for scholarships or bursaries from your university of choice. These are usually non-repayable.

I hope this helps! Good luck!
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stevendaly
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Hi, Thank you very much, i had no idea what to do so this is very helpful.
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