Student Finance, Eligibilty: income at home

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    Hi,

    I would just like to know if your maintenance loan is affected if one of your parents recently lost their job (roughly a month ago) ? Also, does a bank account have to be opened when applying for student finance or is it after your offer becomes unconditional?

    Thank you.
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    (Original post by REMILUPIN)
    Hi,

    I would just like to know if your maintenance loan is affected if one of your parents recently lost their job (roughly a month ago) ? Also, does a bank account have to be opened when applying for student finance or is it after your offer becomes unconditional?

    Thank you.
    If your household income drops by 15% or more then you need your parents to complete 2 finance assessments. First using their income information for 2015/16 tax year (the normal assessment) then next more SFE will make the CYI form available for people who have had a drop in income. Your parents will need to estimate their income for the 17/18 tax year. Your loans will be based on this second estimate (if they under estimate then SFE will claw back any overpayments in your May 2018 loan installment).

    You need a bank account - it doesn't have to be (in fact usually can't be) a student account. If you know which bank you're planning on getting a student account with then open up a standard current account with them now and put those details on your SFE application. Once your place is unconditional the bank will be able to "student-ify" your account without changing the account number/sort code.
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    Thank you!
 
 
 
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