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Does being a company Director affect my loan application? watch

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    Hiya,

    I know this is a very niche question but I'm 19 and have applied to start uni this year.

    I'm a director for a limited company set up by my friends, as they were under the age of 17 when it was set up,I became the primary Director as I was 18 (the age that one needs to be for a business account)

    Would this in any way impact my student loan application? I know the law surrounding these things is complex but any help is welcome.

    Thanks
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    (Original post by ojarvis42)
    Hiya,

    I know this is a very niche question but I'm 19 and have applied to start uni this year.

    I'm a director for a limited company set up by my friends, as they were under the age of 17 when it was set up,I became the primary Director as I was 18 (the age that one needs to be for a business account)

    Would this in any way impact my student loan application? I know the law surrounding these things is complex but any help is welcome.

    Thanks
    Hi Ojarvis42,

    The only impact this could have on your application is the household income section.

    I just need to ask a few questions in order to advise you.

    Have you been supporting yourself financially for any 3 years of your life?

    Do you receive any of the following types of income:

    Bank or Building Society gross interest?
    Property lettings or rent?
    Dividends from investments/shares/unit trusts?
    Trusts or Sponsorships?
    Pensions?

    Thank you,

    John.
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    Hi John,

    Thanks for the reply.

    So currently I'm the highest earner in my household. My father is unemployed and my mum is on around 15,000 and I'm on 16,000, this has been the case for the last year and a half.

    I cant say that I completely support myself financially, but despite living with my parents most my money goes into food for everyone (also have an infant brother) so not much has been saved up.

    As for the other types of income, I receive none of those. I fill out a self-assessment form for the company every year.

    Does this info change my application at all?

    Thanks a bunch - Oscar
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    (Original post by ojarvis42)
    Hi John,

    Thanks for the reply.

    So currently I'm the highest earner in my household. My father is unemployed and my mum is on around 15,000 and I'm on 16,000, this has been the case for the last year and a half.

    I cant say that I completely support myself financially, but despite living with my parents most my money goes into food for everyone (also have an infant brother) so not much has been saved up.

    As for the other types of income, I receive none of those. I fill out a self-assessment form for the company every year.

    Does this info change my application at all?

    Thanks a bunch - Oscar
    Hi Oscar,

    Thanks very much for answering those questions.

    If you're under 25 and don't meet any of the independent student criteria you'd be classed as a dependent student.

    So in that case, we'd base your finance on your parents taxable income. Your situation shouldn't cause any sort of concern when applying for your Student Finance, it should be fairly straight forward.

    I hope this information helps.

    Kind regards,

    John.
 
 
 

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