What if my circumstances change?
What if my circumstances change?
- Your award is made on the basis of your household income in the previous tax year but in some cases may now be made on the income of the year prior to that - the so called 'prior year tax'. This means asking you for financial details further in the past than previously ie in 2011/12 students may be asked for income details for the financial year 2009/10.
- If your household income drops in the year in which you are studying (if for example your father/mother loses their job) or you already know it will be lower when you apply, ask your award making body if your award can be reassessed on your family’s current year income details.The drop in income generally has to be about 15%. This is particularly important to be aware of during these difficult economic times. It's always worth asking/applying even if you are unsure if your situation meets the 'rules' - you won't find out unless you ask.
- Tell your award making body of any other significant changes during the year e g the birth of a child as this may mean you are entitled to more money.
- If you move away from your parental home you may be able to receive the higher rate of loan - again ask your award making body.
- If in doubt contact your award making body or seek advice.
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