Current Year Income assessment
If you’re applying for student finance based on your parents or partner’s household income, and their income has dropped by at least 15% since the income details we asked for on the application, they can apply for a Current Year Income (CYI) assessment. We’ll still need them to give us their income details for the tax year we ask for on the application form. If their current year income assessment is approved, we would base your student finance for the year on their estimated income.
How your parent or partner applies for a CYI assessment
Once you’ve applied for student finance, and your parents have filled in their details, they can download a CYI form at www.gov.uk/student-finance-forms. Both parents will need to complete this form, even if only one income has changed. We’ll ask them to estimate their income for the current tax year. If they’re eligible for a CYI assessment, we’ll reassess your student finance and send you a new entitlement letter.
Updates to their income estimates
We’ll be asking for your parents or partner to estimate their income throughout the year, so your finance payments could change during the year. As they provide their estimates, your payments might go up, but they might also go down. If your student finance changes, we’ll send you a new entitlement letter with the new amount.
After the tax year finishes
We’ll send your parents or partner a form and ask them to send us evidence of their income for the tax year.
If they don’t confirm their actual income, we’ll reduce your student finance to the basic amount for this academic year, and the next one if you’ll still be at uni or college. You’ll also need to repay any extra finance you received, so make sure they send us anything we ask for as soon as possible!
Once we have everything we need, we’ll compare their actual income to their estimates which your student finance was based on. This is to make sure you got the correct amount of student finance.
If you didn’t get enough student finance
We’ll pay you any extra finance as soon as possible – normally within 5 working days.
If you got too much student finance
If your parents or partner’s estimated income was lower than their actual income, we’ll reduce your future student finance payments or ask you to repay any extra finance you received. This may be before you leave uni or college and before you’re earning over the repayment threshold. We’ll write to you to give you more information if this happens.
If you’re returning to uni or college next year
We’ll reuse your sponsors’ information if you return to study. We’ll ask their permission to do this at the end of the tax year.