SFE change in circumstances

Hi! So my household income has very recently changed due to my parents working far more overtime than they used to. However, because it is overtime, the amount they earn varies and so I have no idea of a yearly income. I have already put my application in for my second year of maintenance loans however this of course this uses the previous years income. Will I be accountable to pay back any money if it turns out I should have gotten less student loan once this tax year ends in april?

Reply 1

PQ

Clearing and Applications Advisor

21

You don’t have to notify SFE if your household income has increased since the tax year used to assess what you’re eligible. There’s an option to adjust your loan if your household income drops but nothing for if it increases.

The current tax year 23/24 will be used to assess household income for loans for the 24/25 or 25/26 academic year (can’t remember which sorry) so if you’re in university still then you should be prepared for your loan amount to decrease. It might be worth putting some loan aside in savings to prepare for the decrease in future years

Reply 2

Mad0202

OP

2

Original post by PQ

You don’t have to notify SFE if your household income has increased since the tax year used to assess what you’re eligible. There’s an option to adjust your loan if your household income drops but nothing for if it increases.

The current tax year 23/24 will be used to assess household income for loans for the 24/25 or 25/26 academic year (can’t remember which sorry) so if you’re in university still then you should be prepared for your loan amount to decrease. It might be worth putting some loan aside in savings to prepare for the decrease in future years