household

What is a household income assessment?

If you want to get the maximum funding for living costs available to you you’ll need to give Student Finance England (SFE) details about your household income. You’ll get non-income assessed funding otherwise. In the 2017/18 academic year SFE will ask for income details from the 2015/16 tax year.

Whose household income is assessed?

This depends on whether you’re a dependent or independent student. You can find out if you’re independent by checking with SFE

If you’re an independent student you’ll need to provide your own income details if you’re working full-time while studying. If you live with a partner they might need to send income evidence too.

If you’re a dependent student SFE ask for the household income of your sponsors, who are usually your parents. They’ll also ask for details of your own income if you’re working full-time while studying. Our leaflet (PDF:493KB) outlines what SFE ask for.

What is residual household income?

Once SFE have income evidence they’ll calculate your residual household income. This is your gross household income minus certain allowances, which include:

  • a deduction of £1,130 for each financially dependent child other than yourself who lives in the household
  • deducting pension payments and additional voluntary contributions
  • deducting allowable expenses on which tax relief was claimed
  • a deduction of £1,130 for parents who are also students

What if my household income has dropped since 2015/16?

If your household income has dropped by 15% or more then you can ask SFE for a Current Year Income Assessment (CYIA) which could result in you getting more money.

If you have any queries about your household income assessment calculation please call SFE on 0300 100 0607.