SCHEDULE 5FINANCIAL ASSESSMENT

Calculation of contribution – old system studentsI18

1

The contribution payable in relation to an old system student who is not an independent eligible student is—

a

in any case where the household income is £24,770 or more, £45 with the addition of £1 for every complete £12.50 by which the household income exceeds £24,770; and

b

in any case where the household income is less than £24,770, nil.

2

The contribution payable in relation to an old system student who is an independent eligible student with a partner is—

a

in any case where the household income is £24,770 or more, £45 with the addition of £1 for every complete £9.50 by which the household income exceeds £24,770; and

b

in any case where the household income is less than £24,770, nil.

3

The contribution payable in relation to an old system student who is an independent eligible student without a partner is—

a

in any case where the household income is £11,535 or more, £45 with the addition of £1 for every complete £9.50 by which the household income exceeds £11,535; and

b

in any case where the household income is less than £11,535, nil.

4

The amount of the contribution payable under sub-paragraph (1), (2) or (3) must in no case exceed £8,730.

5

The contribution may be adjusted in accordance with paragraph 10.

6

Where sub-paragraph (7) applies, the aggregate contributions must not exceed £8,730.

7

This sub-paragraph applies where—

a

a contribution is payable in relation to two or more eligible students (other than current system students) in respect of the same income under paragraph 5 or, where the relevant parent’s partner’s residual income is taken into account, under paragraphs 5 and 7; or

b

the household income consists of the residual income of an independent eligible student and the student’s partner where both hold a statutory award.