Household Income Increase
Hello! I was just wondering if anyone could help me with my question.
My household income has went up just about a month ago, would I need to inform sfe of this increase, as I am currently eligible for the maximum maintenance loan in a few days (but I am not sure if it would be the case anymore). Does the current increased household income apply to this year's student finance, or would it just mean it would apply to the next year's application? I've only seen information on what to do if the household income decreases, but not if it increases in the current tax year.
In short; I'm not too sure whether to leave the current student finance application as is until the application for next year, or if there's anything I should be doing about this increase.
I would be very grateful for some help! Thank you.
My household income has went up just about a month ago, would I need to inform sfe of this increase, as I am currently eligible for the maximum maintenance loan in a few days (but I am not sure if it would be the case anymore). Does the current increased household income apply to this year's student finance, or would it just mean it would apply to the next year's application? I've only seen information on what to do if the household income decreases, but not if it increases in the current tax year.
In short; I'm not too sure whether to leave the current student finance application as is until the application for next year, or if there's anything I should be doing about this increase.
I would be very grateful for some help! Thank you.
Reply 1
Hi there. As the student, we would not take into account your own income when assessing your application we would only your sponsor (parent/partner) or you would be automatically given the higher amount. Any increase in your own income will not have to be updated and will not have any effect on your entitlement. Thanks, David
Reply 2
Original post
by David SLCHi there. As the student, we would not take into account your own income when assessing your application we would only your sponsor (parent/partner) or you would be automatically given the higher amount. Any increase in your own income will not have to be updated and will not have any effect on your entitlement. Thanks, David
Sorry, I meant just my parents' incomes have increased in the last month!
Reply 3
Hi there. Thank you, did your parents carry out a Current Year Income assessment for this current Academic Year? Thanks, David
Reply 4
Hi there. We don't take an increase in the household income into account. Thanks, Leah.
Reply 5
Original post
by David SLCHi there. Thank you, did your parents carry out a Current Year Income assessment for this current Academic Year? Thanks, David
It looks like they don't remember unfortunately, is there any way for me to check myself if this is the case? Thank you!
Reply 6
Original post
by competitive-primIt looks like they don't remember unfortunately, is there any way for me to check myself if this is the case? Thank you!
Hi there. The only way to check this would be to contact us over the phone or via live chat from your account. Essentially, if there was not a Current Year Income carried out, then we do not require any information about an increase in income and this will have no impact. If there was, we need them to confirm this on an income update form so that we can reassess your entitlement. This all depends on if this was carried out or not. Thanks, David
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