The Student Room Group
Original post by Katsuno
Hello,

My parents have been looking to buy a house and put it under my name (without the need for a mortgage, so I wont be in any debt).
And so I heard from a friend that if I become a homeowner, I can no longer get any tuition and maintenance loans.

Thank you.

Hi, being a homeowner does not make you ineligible for funding. Your friend is incorrect.

We do need to know about any unearned income such as:

Bank or Building Society Gross Interest
Property Lettings or Rent
Dividends from investments/shares/unit trusts
Trusts or Sponsorships
Pensions
Payment from their employer who has released them to attend their course
Any other payment received for attending the course (This does not include University Bursaries)


So if you receive any property or rent income then you must declare this and this can affect your funding.
Thanks, Isaac
Reply 2
Original post by SFE Isaac
Hi, being a homeowner does not make you ineligible for funding. Your friend is incorrect.

We do need to know about any unearned income such as:

Bank or Building Society Gross Interest
Property Lettings or Rent
Dividends from investments/shares/unit trusts
Trusts or Sponsorships
Pensions
Payment from their employer who has released them to attend their course
Any other payment received for attending the course (This does not include University Bursaries)


So if you receive any property or rent income then you must declare this and this can affect your funding.
Thanks, Isaac

Thank you for your response!
Original post by Katsuno
Thank you for your response!

You're welcome :smile:
Hello,I have a follow-up question on this one.

You say:
1) being a homeowner does not make you ineligible for funding
2) We do need to know about any unearned income such as: ... Property Lettings or Rent
3) if you receive any property or rent income then you must declare this and this can affect your funding

The 3 combined sound confusing to me. I am interested in tuition fees loan only (no maintenance).

Q1: so owning a property I am eligible for student loan (tuition fees) anyway?
Q2: if I own the property but DO NOT receive any income off it (no rent, no selling etc) - do I need to declare the ownership? Does it affect funding?

Thank you!
(edited 3 years ago)
Original post by LanaSmith
Hello,I have a follow-up question on this one.

You say:
1) being a homeowner does not make you ineligible for funding
2) We do need to know about any unearned income such as: ... Property Lettings or Rent
3) if you receive any property or rent income then you must declare this and this can affect your funding

The 3 combined sound confusing to me. I am interested in tuition fees loan only (no maintenance).

Q1: so owning a property I am eligible for student loan (tuition fees) anyway?
Q2: if I own the property but DO NOT receive any income off it (no rent, no selling etc) - do I need to declare the ownership? Does it affect funding?

Thank you!

Hi Lana,

I'll answer both in order.

1. Owning a property does not affect eligibility or entitlement.
2. If you do not have unearned income from the property then no you don't have to put anything as unearned income regarding your home.

Thanks, Isaac
Hi lana Do you know about inheritance if that would affect a student loan application when the house is sold I'd like to put my share into buying a house but fear the money coming to me may make me un eligible and then I'd have to waste money renting etc
Original post by suzieheale31
Hi lana Do you know about inheritance if that would affect a student loan application when the house is sold I'd like to put my share into buying a house but fear the money coming to me may make me un eligible and then I'd have to waste money renting etc

Hi, we only need to know about any unearned income.

Income that will be taken into account

Bank or Building Society Gross Interest
Property Lettings or Rent
Dividends from investments/shares/unit trusts
Trusts or Sponsorships
Pensions
Payment from their employer who has released them to attend their course
Any other payment received for attending the course (This does not include University Bursaries)

Income that will NOT be taken into account

Any earnings from full or part-time work this can be vacation work or work during term time
Maintenance Loan or Grant payments
Child and Working Tax Credits
State benefits
ISA’s, TESSA’s
Payments received from parents under covenant
Child maintenance payments received. These maintenance payments should be included as part of the children’s income in section 8d
Teacher Training Bursaries
Care Leavers Bursary
Other Higher Education Bursaries (HEBSS/WBS)
Bounties paid by the armed services to reservists or disablement or invalidity pensions
Profit from selling property
Ebay


Thanks, Isaac
Reply 8
Hi. I’m in the process of buying a property but it may not be completed before I have to submit my finance documents. In the meantime I have moved in with my parents until it goes through. How do I complete the finance form? Do I say I’m living at home and have to give details about my parents income, or do I explain I will be living in my own home and responsible for myself by the time I start Uni?Thanks
Original post by SharonJC
Hi. I’m in the process of buying a property but it may not be completed before I have to submit my finance documents. In the meantime I have moved in with my parents until it goes through. How do I complete the finance form? Do I say I’m living at home and have to give details about my parents income, or do I explain I will be living in my own home and responsible for myself by the time I start Uni?Thanks

Hi there,

If you are going to be living in your own home by the time you start, we would advise stating you are living elsewhere. This means you can get the correct finance. Are you under the age of 25?

Thanks, Erin
Reply 10
Hi! My mom want me to co-borrow for a home she want to get. I am about to get into Med school and l am worried that l might not get student loan. What are the pro and cons of making a decision like this. If l later decide to get my own home in the future would l have issue. Also, should l have my name on the title.
Original post by Favor$$
Hi! My mom want me to co-borrow for a home she want to get. I am about to get into Med school and l am worried that l might not get student loan. What are the pro and cons of making a decision like this. If l later decide to get my own home in the future would l have issue. Also, should l have my name on the title.


Hi there,

Owning a property does not affect eligibility or entitlement.

Thanks,
Claire
Hi, if my parents put 50% of a property into my name (whilst I'm not living at said property), and there is a monthly income from this property (£400), would this affect my eligibility for a student fee loan? Thanks!
Original post by asmrcafe
Hi, if my parents put 50% of a property into my name (whilst I'm not living at said property), and there is a monthly income from this property (£400), would this affect my eligibility for a student fee loan? Thanks!

Hi asmrcafe,


We only need to know about any unearned income.

Income that will be taken into account

Bank or Building Society Gross Interest
Property Lettings or Rent
Dividends from investments/shares/unit trusts
Trusts or Sponsorships
Pensions
Payment from their employer who has released them to attend their course
Any other payment received for attending the course (This does not include University Bursaries)

Income that will NOT be taken into account

Any earnings from full or part-time work this can be vacation work or work during term time
Maintenance Loan or Grant payments
Child and Working Tax Credits
State benefits
ISA’s, TESSA’s
Payments received from parents under covenant
Child maintenance payments received. These maintenance payments should be included as part of the children’s income in section 8d
Teacher Training Bursaries
Care Leavers Bursary
Other Higher Education Bursaries (HEBSS/WBS)
Bounties paid by the armed services to reservists or disablement or invalidity pensions
Profit from selling property
Ebay

Thanks,
Claire