Changes in income
If your income for the tax or financial year in which the academic session begins is likely to be at least 15% less than for the previous tax or financial year, we may assess your son/daughter's funding again based on your estimated income for the current year. We cannot normally do this if your income changes from year to year because of the nature of the employment, investments and so on or if you no longer get a bonus. We are also not able to offer this for maternity leave.
However, due to the current financial climate, if your income has changed during the academic year then your son/daughter could be entitled to more funding. We reassess cases where the household income has reduced by 15% or more since the last tax year and where the household income has fallen as follows :
- Over £34,000 to below £34,000
- From £24,000 to £33,999 to £19,000 to £23,999
- From £19,000 to £23,999 to £0 to £18,999
Examples we may consider include:
- self employed and income has dropped due to the current financial climate
- compulsory redundancy
- long term sick leave
- have been required to reduce hours by employer
If your household income has gone down for reasons such as these, you can complete an estimate of income form and we will reassess your son/daughter's funding to see if they are entitled to more money. We will need proof of your income for the previous year, for example, a P60 or letter from your employer before we can reassess your son/daughter's funding.
We can also assess a student’s funding again if their parent or husband, wife, civil partner or partner dies, if we used their income to assess funding.
Contact us for advice as soon as possible if any of the above applies to you.