Change in partners income due to furlough

Hi,
My husbands income has dropped quite a bit for this year due to being furloughed. I had already applied to student finance and had my entitlement loan confirmed before my husband was furloughed.

Could you please answer my questions:
1. Which financial year of earnings is my 20/21 student loan worked out on?
2. Is it worked out on income before or after tax?
3. My husband is furloughed from April 20 - End of October 20, then on a reduced wage Nov & Dec 2020, then supposedly back to normal pay from Jan-end of March 2021 but this isn't guaranteed. How accurate does his earnings estimate need to be and what evidence shall I provide to be reassessed for my loan for the 20/21 year?
Thanks

Reply 1

PQ

Clearing and Applications Advisor

21

Original post by Scooper28

Hi,
My husbands income has dropped quite a bit for this year due to being furloughed. I had already applied to student finance and had my entitlement loan confirmed before my husband was furloughed.

Could you please answer my questions:
1. Which financial year of earnings is my 20/21 student loan worked out on?
2. Is it worked out on income before or after tax?
3. My husband is furloughed from April 20 - End of October 20, then on a reduced wage Nov & Dec 2020, then supposedly back to normal pay from Jan-end of March 2021 but this isn't guaranteed. How accurate does his earnings estimate need to be and what evidence shall I provide to be reassessed for my loan for the 20/21 year?
Thanks

For an initial assessment sfe use 2018/19 tax year income (gross).

If your financial situation has changed then AFTER submitting 2018/19 income information then you can submit a CYI form with estimated income for 2020/21. If this shows a 15% or more drop in income the SFE will reassess based on the estimates. They then check after April 2021 that the estimates were correct (and will claw back any overpaid loan if your underestimated or pay extra loan if you over estimated). I would recommend that you try to slightly overestimate so that you might get a little extra paid next summer instead of underestimating and ending up with an unexpected debt.

https://www.gov.uk/student-finance-forms/y/english-student-full-time/send-parent-or-partner-s-income-detail-for-example-pff2-or-cyi/2020-to-2021 The forms are all here. Half of the pff2 form (pages 11-20) are guidance on how to fill it out.

Reply 2

Scooper28

OP

3

Thank you, that’s very helpful! :smile:

Change in partners income due to furlough

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