Query Regarding Rental Income Impact on Student Finance Entitlement
Hi there,
I'm seeking some advice regarding how potential rental income might affect my student finance entitlement, and I'm hoping someone from Student Finance England can help clarify.
Background:
- My mother is considering purchasing a flat but registering it in my name.
- The flat would be rented out to tenants.
- We're thinking about setting up a deed of assignment to transfer all rental income generated by the flat directly to my mother.
- The deed of assignment would be effective while I'm studying and receiving student finance. While a student, I would receive no rental income from the flat, since it would all go directly to my mother as per the deed of assignment, however I would remain the legal registered owner of the property.
My Question Is:
In this arrangement, would the rental income still be considered as my unearned income for the purposes of student finance assessments, even though it's legally assigned to my mother and I do not receive any of it? Are there any specific guidelines or regulations provided by SFE regarding deeds of assignment and the assignment of rental income from properties owned by students?
Getting a clear answer on this in advance is extremely important since I am currently in receipt of close to full student finance, and I require that to meet my rent, bills, and other living expenses. My SFE reported housold income also automatically qualifies me for my university's bursary scheme, which I would also need to retain to meet my expenses.
Thank you in advance for your help
I'm seeking some advice regarding how potential rental income might affect my student finance entitlement, and I'm hoping someone from Student Finance England can help clarify.
Background:
- My mother is considering purchasing a flat but registering it in my name.
- The flat would be rented out to tenants.
- We're thinking about setting up a deed of assignment to transfer all rental income generated by the flat directly to my mother.
- The deed of assignment would be effective while I'm studying and receiving student finance. While a student, I would receive no rental income from the flat, since it would all go directly to my mother as per the deed of assignment, however I would remain the legal registered owner of the property.
My Question Is:
In this arrangement, would the rental income still be considered as my unearned income for the purposes of student finance assessments, even though it's legally assigned to my mother and I do not receive any of it? Are there any specific guidelines or regulations provided by SFE regarding deeds of assignment and the assignment of rental income from properties owned by students?
Getting a clear answer on this in advance is extremely important since I am currently in receipt of close to full student finance, and I require that to meet my rent, bills, and other living expenses. My SFE reported housold income also automatically qualifies me for my university's bursary scheme, which I would also need to retain to meet my expenses.
Thank you in advance for your help
Reply 1
Hi there,
If the property is in your name then it would be your earned income and then we would need to know about this when we assess your entitlement.
Thanks, Drew
If the property is in your name then it would be your earned income and then we would need to know about this when we assess your entitlement.
Thanks, Drew
Quick Reply
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