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Renewing Finance

Ok so I will be starting university at the end of the year and have all of my finance sorted out for this year but when applying I noticed that it asks your parents income for the previous year which when applying the previous year my parents income was dramatically lower than it is now which I can only assume means that next year when I have to re-apply I will get a lot less money for my loan right? If so I don't know how I am going to live :frown:
Original post by Jordan4321
Ok so I will be starting university at the end of the year and have all of my finance sorted out for this year but when applying I noticed that it asks your parents income for the previous year which when applying the previous year my parents income was dramatically lower than it is now which I can only assume means that next year when I have to re-apply I will get a lot less money for my loan right? If so I don't know how I am going to live :frown:


That’s right. Most students work and save money over the holidays and work part time during term time to make ends meet.

If your parents are better off now is it possible to ask them to help out too?
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Original post by PQ
That’s right. Most students work and save money over the holidays and work part time during term time to make ends meet.

If your parents are better off now is it possible to ask them to help out too?


My parents are currently earning more that is correct but that doesn't mean that they have a lot extra due to previous credit etc. I assume that I will get more next year so getting a job will be vital it seems ?
Original post by Jordan4321
Ok so I will be starting university at the end of the year and have all of my finance sorted out for this year but when applying I noticed that it asks your parents income for the previous year which when applying the previous year my parents income was dramatically lower than it is now which I can only assume means that next year when I have to re-apply I will get a lot less money for my loan right? If so I don't know how I am going to live :frown:


Hi Jordan,

If your parents income has dropped by 15% or more from the tax year we asked for. They can complete a 'Current Year Income form'

We would then ask for an estimate of their income in the current tax year that we're in and if we can see they're income has dropped by more than 15% we would go ahead and base your application on the new figures which could mean you get an increase in Maintenance Loan.

The 'Current Year Income' form is available here.

Regards, Aisha.

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