Turn on thread page Beta
    • Thread Starter
    Offline

    3
    ReputationRep:
    Hi

    My son is looking to go to uni this year 18/19 full time undergrad.
    Q1 - I was made redundant last year (this financial year 17/18) where I received the statutory redundancy payment from my employer. I since have a new job, where my salary is less than 15% is it for certain that my current salary will be taken into account, as it is difficult to promise to my son he can go to uni, if this adjustment is not taken into account for his grant.

    Q2 - Will my redundancy payment I received in 17/18 be taken into consideration at all when the figure is worked out, again this has been utilised for other means (period of unemployment etc.)?

    Q3 - I see the CYI form is not available until April 18, do you suggest we wait for this form to be released prior to sending off his overall student application. How also do we obtain this form? Will the award decision take any longer than normal?

    Q4 Separate question, how much allowance does a child at home (under 16) get taken into consideration? Is this additional allowance at all?

    Q5 - With any savings in ISA - Do I need to declare these as income? really confused after reading other posts.
    Many Thanks
    •  Official Rep
    Offline

    8
    ReputationRep:
     Official Rep
    (Original post by SamTed)
    Hi

    My son is looking to go to uni this year 18/19 full time undergrad.
    Q1 - I was made redundant last year (this financial year 17/18) where I received the statutory redundancy payment from my employer. I since have a new job, where my salary is less than 15% is it for certain that my current salary will be taken into account, as it is difficult to promise to my son he can go to uni, if this adjustment is not taken into account for his grant.

    Q2 - Will my redundancy payment I received in 17/18 be taken into consideration at all when the figure is worked out, again this has been utilised for other means (period of unemployment etc.)?

    Q3 - I see the CYI form is not available until April 18, do you suggest we wait for this form to be released prior to sending off his overall student application. How also do we obtain this form? Will the award decision take any longer than normal?

    Q4 Separate question, how much allowance does a child at home (under 16) get taken into consideration? Is this additional allowance at all?

    Q5 - With any savings in ISA - Do I need to declare these as income? really confused after reading other posts.
    Many Thanks
    Hi SamTed,

    If a sponsor declares that they have received a pension lump sum or redundancy payment, the full amount will be included in the assessment.

    When deciding which income should be taken into account we look at whether the source of income is taxable, not if the amount is within the taxable threshold. e.g. redundancy payments are not taxed if less than £30,000 but we would still take this sum of money into account as the money has come from a taxable source.

    You need initialy provide the income received in the tax year 2016-2017, then when the Current Year Income form is available and both sponsors complete, even if only one income has changed, send it requesting a reassesment.

    The assessors will look at the total household income provided initially, will then look at total estimated household income on the CYI, for tax year 2018-2019, as long as the income has dropped by at least fifteen percent, we will reassess the student on the lower amount.

    The form can be printed from here,

    http://bit.ly/2F6NwQr

    When there is more than one student from the same household in higher education we will deduct £1130 for each additional student from the total amount of household income declared - this is known as a 'Disregard'.

    We will also include any child dependants not in further or higher education.

    e.g. 1 student in HE and 1 child dependant not in further/higher education
    Calculation: £1130 will be deducted from total income.


    Regards Rona
 
 
 
The home of Results and Clearing

3,128

people online now

1,567,000

students helped last year

University open days

  1. Sheffield Hallam University
    City Campus Undergraduate
    Tue, 21 Aug '18
  2. Bournemouth University
    Clearing Open Day Undergraduate
    Wed, 22 Aug '18
  3. University of Buckingham
    Postgraduate Open Evening Postgraduate
    Thu, 23 Aug '18
Poll
How are you feeling about GCSE results day?
Useful resources

Groups associated with this forum:

View associated groups

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.