Navigating the student finance application process can be complex for both students and their families. Parental or partner income plays a key role in determining the amount of student finance available to a student. This article will explore how household income affects student funding and what parents or partners can do to support a student's finance application.
How does household income affect student finance?
When applying for student finance in England, the amount a student receives can depend significantly on the income of the household. This income includes both the student’s parents and any partners who may live together. The government uses this information to calculate the level of maintenance loan a student is eligible for.
Generally, students from households with lower household income receive a higher maintenance loan. The more a household earns, the less financial support the student will receive. It’s important to be honest and accurate when submitting household income details because underreporting can lead to penalties or reduced financial assistance.
Supporting a student's application
Once a student submits their student finance application, you'll receive an email within 24 hours asking you to provide your financial details. This can be done by creating a separate account on the student finance portal (not the same account as your child or partner). You should be ready to provide your National Insurance number and details about any dependent children or additional financial contributions you may provide.
It’s important to note that you must submit your details independently from the student’s application. This information helps verify the student's financial need, ensuring they receive the appropriate level of funding.
How to submit the information
In most cases, income details are cross-checked directly with HMRC (Her Majesty’s Revenue and Customs), and you aren't required to upload additional tax documents like P60s or Tax Returns unless specifically requested. This process is streamlined to avoid delays, ensuring that students receive their student finance funding on time. If there's a significant change in household income, you may be allowed to submit an estimate of their income for the current year, which can adjust the financial support accordingly.
Ongoing support for current students
The process of submitting income details isn't a one-time event. You must submit your financial information every year of the student’s course to ensure continued support. This step is essential in maintaining the appropriate level of funding for university students each academic year.
Household income is a crucial factor in determining student finance eligibility, and parental and partner support for student finance applications plays a vital role in the application process. By understanding how to submit accurate financial information and when to do so, you can help ensure that the applicant receives the necessary financial support to succeed at university.
Published: 28 February 2025