Is child trust fund money counted towards student finance?

Hi Studentlife543,

If you are the student, then yes, this will be included in the assessment.

Thanks, Clare

So I should include the amount when I apply for student finance for next year?
This is a little confusing because I thought it was only taxable income from parents (or anyone else over 18) that were considered when ive searched online.

Hi there,

Students also declare any unearned income (any income you receive from the following sources: Bank or building society gross interest. Property, lettings or rent. Dividends or investments. Trusts or sponsorships) as well on their application. Thanks, Jason

Thanks for the reply. One last question sorry, if I withdrew the money in October 2023, would this mean that I state the money one my next application.

If you are withdrawing this during the next academic year then you would. When are you looking to return to university? Thanks, Jason

This is my first year at university so next year will be my second year. I withdrew the money a few months ago in October.

Thanks. So you only indicate any unearned income that you expect to receive in the academic year (AY) which you are applying for. So in your case it would be in the 24/25 academic year. If you expect to receive any during that time then you'd declare this when you make your application. Thanks, Jason

Thanks for the reply. I didn’t declare my child trust fund money to student finance this year as I only withdrew the money in October (the month my course AY started) as I sort of suddenly realised that I should withdraw the money so that I am secure after not originally knowing what I should do with my trust fund account. I didn’t expect that I would prior to this (October 2023). Does this mean for the 24-25 year I should state the amount in my application?

If you had withdrew the money this year (23/24) then you would advise us now of this. You can upload a cover letter to your account advising of this along with a statement or any evidence of the unearned income so this can be updated accordingly for you. You don't need to do the same next year if you're not withdrawing any money in the next academic year (or) have any unearned income going forward. Thanks, Jason

Thanks. I’ve got rent for uni due on the 12th of jan and I get the second instalment on the same date. I’m not sure what I should do at the moment as I rely on the money from student finance to pay rent. I’m really sorry for all the questions but I genuinely did not know to include the child trust fund.

Hi Studentlife543,

You would still upload the letter and evidence for review. The assessors will advise of the outcome of this and if it affects your entitlement at all.

Thanks, Clare

Hi Studentlife543,

You use that section to upload your documents however, a cover letter is written by yourself to confirm what evidence you are uploading and why so that there is a context to the evidence you are providing.

Thanks, Clare

So I should upload a screenshot of a bank transfer but then send a physical letter?

You can upload a copy of your letter along with a cover letter advising you now have unearned income for the 23/24 academic year. Thanks, Jason