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Student finance

Good afternoon,

I am second year student and I am currently working but not as before pandemic so I decided to apply for mortgage because my rent will be much less.

Anyway, my question is regarding I have saved money because I worked hard as a self employed last year and I saved amount around 10K (find a way working from home so I saved a lot of travelling cost )and I applied for mortgage because my plans are to live here and to pay lower amount for rent. I am helping myself with maintenance loan to pay bills, food, other stuff for university I need ( books and etc)
Does this affect my student finance at all I mean the amount I saved from my self employed? I mean do the team care how much do I have as a savings or they need just to see people are keep working? Or can they stop my university funding and want me to pay for my next year?

Many thanks :smile:

stay safe!

(edited 3 years ago)

Reply 1

Clearing and Applications Advisor

If you have savings you need to declare the expected interest that you will get from those savings in the next tax year - the size of the savings doesn't affect your loan but the income from interest is counted as part of your household income

Reply 2

Ralichkai98

Original post by PQ

You mean to declare them to HMRC? I have done that and I payed all my taxes before 31st of January this year. I am planning to give all my savings from self employed for deposit to the lender.

Reply 3

Clearing and Applications Advisor

Original post by Ralichkai98

You mean to declare them to HMRC? I have done that and I payed all my taxes before 31st of January this year. I am planning to give all my savings from self employed for deposit to the lender.

no not to declare to HMRC - your student finance application will ask you to give your "unearned income". You have to let them know that and it will be included when they work out your household income

"Unearned income
"a Taxable unearned income is any income you receive from the following sources:
"• Bank or building society gross interest
"• Property, lettings or rent
"• Dividends or investments
"• Trusts or sponsorships
"• Any other payment received for attending the course
"Estimate the total taxable unearned income, before deductions, that you expect to receive in academic year 2021/22."

It wont be much from £10k

Reply 4

Ralichkai98

Basically I will not have any unearned income as money from rent of gifts.
These £10 000 are my earnings from self employment and all money will go for deposit. I am not buying anything huge ( shared ownership 25% ).

My main concern was if they are not happy with my savings and ask me to pay the rest of my university year by myself.

Many thanks!

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