- Thu Jun 26, 2014 5:42 pm
Just to expand a wee bit on what Sarah has said, it Sarah has said it is counted as income, but the whole amount is received as a lump sum.
What you need to do is show how many weeks it is for (i.e 38 weeks) and then divide the lump by 38 to get you weekly income. The loan is not for a full year, please do not attempt to make out it is, as most ORs have been to Uni and know that it is for part of the year only
You MUST also show this calculation in section 13, and be prepared to provide the OR with a copy of you letter confirming how much and for how many weeks.
Something else to be aware of is that you must declare to Student Finance that you are bankrupt, especially if you are applying for continuation funding. As the loan for will be for over £500!
Do not overly worry I know of a few people who are bankrupt who obtained the loan, but ONLY after they had declared it, and they may contact the OR to make sure your bankruptcy didn't contain an element of fraud (which it wont), so get the application in earlier and be prepared to hassled SFC a wee bit!
Also you need to be aware that the bankruptcy may well effect other sources of income that as students you may be able to get.