The Student Room Group
Uni students - Complete our survey >>
Uni students - Complete our survey >>
Uni students - Complete our survey >>

Income down and then possibly up

I'm a parent supporting 2 students at uni and run my own business.

My profit was way down in the year 2017/18 and i am sending in evidence for an extra amount of maintenance loan to be paid for academic year 17/18.

I have been told that the actual figure for 2017/18 will then be applied to loans for the sept18/19 year so they will get a higher loan then too.

What happens if I win a new contract this autumn which makes my profits go up again? Do I have to tell SFE in the autumn or wait until I'm asked for income for loans for sept 19/20? - when the income for 17/18 would be the one normally asked for anyway?

If they are overpaid by SFE then do they have to pay it back straightaway? What if they have spent it?

I have called the helpline but got conflicting advice.

Many Thanks
(edited 5 years ago)
Hi there,

Appears you are completing the Current Year Income 17/18 process, this will carry forward into the 18/19 academic year as well.

If the household income is going to increase for 18/19 then this does not matter, we will not ask for any details of this tax year for the 18/19 academic year.


Kind Regards
Grant
Thanks for the reply Grant.

I hope you can clear up a couple more questions for me.

Yes i have now submitted evidence and as its gone down to below £42k she should get a bursary too for this year ( her first year) and further into sept 18. So this evidence will be taken for sep18 loans and i wont be asked for fresh evidence this time next year?

Our income/profit varies by a huge amount each year as we are both contractors. I dont want them to get into a situation where they have to pay a lump back next summer.

Also for the year starting sept 19 the year 17/18 would be the normal income year for judging loans on. Does this mean that effectively this new higher level of loan will be set for the next 2 years then, without further evidence needed?

Thanks in advance.

Quick Reply

Related discussions

Latest

Trending

Trending

Articles for you