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Getting a current year income assessment if your income was over £70,000 or if your child or partner isn’t getting student finance based on household income

If your household income was more than £70,000

You can ask for a current year income assessment, but your household income would need to drop below £70,000 for you to get any more student finance.

For example, if your household income was £90,000 and it dropped by 15%, this would still be more than £70,000, so you could not ask for a current year income assessment.

If your child or partner is not getting student finance based on household income

They can still ask for their student finance to be based on household income, but your current income would need to be below £70,000 for them to get any more student finance.

For some courses, like NHS bursary funded years for medicine or dentistry courses, students cannot get student finance based on household income. This means they will not usually be able to ask for a current year income assessment.

But you can still ask us for a current year income assessment if they need it to get a bursary or scholarship from their university or college. They should check with their university or college before you ask us.

Forms to send us

PFF2 – Send us this form if you haven’t already given us your income details for the 2018-19 tax year. You need to give us these details before you ask for a current year income assessment.

Download: PFF2 - income details form (PDF, 320KB)

CYI – Send us this form to apply for a current year income assessment and estimate your income for the current tax year.

Download: CYI - current tax year income assessment form (PDF, 77KB)

NMT to MT – Your child or partner will need to send us this form if they’re not getting student finance based on their household income but want a current year income assessment.

Download: Applying for student finance 2020/21based on household income form (PDF, 119KB)

Current Year Income assessment - Has your income dropped?

1 Check if you’re eligible

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If your household income has not dropped by 15% over the full year

You will not be able to ask for a current year income assessment unless you expect your household income to drop by at least 15% over the 2020-21 tax year. Keep in mind, being on furlough for a few months during the COVID-19 outbreak may not give you a 15% drop in income over the full 2020-21 tax year.

Remember it’s the combined income for your household, so if only one person’s income has dropped, this might not be enough to ask for a current year income assessment.

For example, if both people in the household earn £20,000, the household income would need to go down by at least 15% of £40,000. In this example, this would be a drop in income of at least £6,000 across the year, regardless of whether one or both people in the household have had a drop in income.

If your household income was less than £25,000

Your child or partner will already be assessed for the maximum amount of funding, so there’s no need to ask for a current year income assessment.

But you might still be able to ask us for one if:

  • they need it to get more bursary or scholarship from their university or college
  • they have children or an adult who depends on you financially

This is because the income threshold for bursaries and Dependants’ Grants can be lower than other types of student finance. They should check with their university or college before you ask us for a current year income assessment.

If your household income is expected to be more than £70,000 or if your child or partner is not getting student finance based on household income

It’s unlikely they will be able to get any extra student finance, but you can find out more to see if you can ask for a current year income assessment.

2 Apply

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You can apply for a current year income assessment by downloading a form and sending it to us.

You can apply until the last day of your child or partner’s academic year.

Don’t worry about applying just now if you’re not able to. If you send us a current year income application towards the end of the academic year, we’ll make sure your child or partner doesn’t lose out on student finance because of it.

If you’re not sure if the COVID-19 outbreak will have an impact on your income, you don’t need to apply now. You can wait until you know more.

3 Keep your income estimates up to date

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Once you’ve applied and we’ve done a current year income assessment, you must let us know if your income changes at any point throughout the year. For example, if you’ve:

  • worked overtime or extra hours
  • changed jobs
  • had any pay rises, bonuses or redundancy pay

! If you don’t keep your income estimates up to date, or if you underestimate your income, your child or partner could be paid too much student finance and will be asked to pay it back.

4 Confirm your income at the end of the tax year

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After the tax year finishes, we’ll ask you to let us know what your actual income was and send us evidence of this. We’ll usually ask you for this at the end of the tax year in April 2021.

Find out what you need to do and what you need to send us.

! If you don’t do this, your child or partner’s student finance payments will be reduced and they’ll be asked to pay some of it back.

5 What happens next

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Once we know your actual income at the end of the tax year, we’ll be able to check if the amount we gave your child or partner was correct.

? Find out what happens if your estimated income was higher or lower than your actual income.

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