How is household income calculated?
If you’re supported by your parents or a partner, you’ll be treated as a dependent student. This means that the income – both earned and unearned – of your parents / partner will be taken into account when calculating your household income.
You’ll also need to supply details of your own unearned income (this includes interest on savings and earnings from property). It doesn’t include any salary that you’ve earned through full or part-time work.
If you aren’t supported by your parents or a partner, you’ll be treated as an independent student and your household income will only include your unearned income (and not any income you’ve earned through full or part-time work).
These are some of the circumstances in which you’ll be treated as an independent student, not taking your parents’ / partner’s income into account:
- You’ve supported yourself financially for at least three years
- You’re 25 or over on the first day of the academic year of your Masters
- You’re caring for someone who is under 18
- You’re estranged from your parents
Whether you’re a dependent or independent student, your household income will determine how much of the means-tested grant you receive.
It’s worth bearing in mind that any of your own income from full-time or part-time work will never form part of your household income, no matter what your status is as a dependent or independent student.
How will I be paid?
The money is paid to you (not your university) in regular instalments during your course. It’s up to you to use it for tuition fees and living costs, as necessary.
You decide how much you want to borrow through the loan element of the funding (up to the maximum of £18,430, including the grant). This money is divided evenly across your course and paid in three instalments per academic year.
You’ll receive 33% of your annual funding on or near your programme start date (once your university confirms your registration), then two more payments of 33% and 34% over the course of the academic year.
The value of each instalment depends on how much loan you request, how much grant you’re eligible for and how long your course is.
The following table shows approximate instalments for students studying a one-year Masters with a household income of £35,000 who take the full funding amount of £18,430: