While things may be quiet for some and you’re wondering how to fill those evenings whilst stuck indoors, you could do worse than get your funding sorted for next year.
If your family income has dropped, or is likely to drop during these challenges hitting every aspect of our economy, you may be able to ask Student Finance to reconsider the amount they lend you. When you make your application, you will need to ask them to look at your household income initially for the 18/19 tax year. This typically means your parent/s income for tax year April 18 – April 19, but it could also be your partner’s income if you are an independent student. Your parents or partner will need to complete their PFF2 application.
At the same time, your parent/s can complete a Current Year Income Assessment form. This asks parents to predict how much their earnings will be during the 20/21 tax year, and if that figure is 15% or more lower than the income they had in 18/19 tax year, Student Finance will reassess your application, which may mean that you can receive more maintenance loan.
Student Finance will need evidence to back this up – in the first instance they work on the prediction, but by the end of the tax year in April 2021, they will ask to see the P60 of the parents, to make sure the prediction was correct. If they have overpaid you, they will take the money back from the next year’s student loan – so it is important for your parents to be as accurate as possible when they estimate their income for the current year.
Part-time applications and applications for Master’s funding are not open yet, but both of these should be available for students to apply to in June 2020.
Our very best wishes to you all, please email us if you have any questions of queries. We are here for you, albeit remotely.