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Financial support for Students in Higher Education - capital assets

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A decision made (01.10.07) to revise the level at which a family's capital assets can be taken account of for the purpose of student financial support.

Decision Reference: MD-ESC-2007-0037

Decision Summary Title :

Financial Support For Students In Higher Education: Capital Assets

Date of Decision Summary:

18th September 2007

Decision Summary Author:

D Greenwood

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

D Greenwood

Written Report

Title

Financial Support For Students In Higher Education: Capital Assets

Date of Written Report:

9/9/07

Written Report Author:

D Greenwood

Written Report :

Public or Exempt?

Exempt

Subject: A revision to the level at which a family’s capital assets can be taken account of in determining the level of parental contribution to be made by the family towards the costs of higher education.

Decision(s): to increase the threshold at which capital assets are taken account of (excluding the value of the family principal home) from £500,000 to £750,000. The new threshold to be applied to all assessments for the purposes of student financial support with effect from September 2007.

Reason(s) for Decision: The Minister published his intention to review this aspect of student financial support in his proposals for student financial support published in December 2006. This decision is taken following a consideration of the decline in purchasing power of £500,000 since the introduction of this policy and the potential impact on the Student grants budget.

Resource Implications: The costs of supporting students through higher education will be slightly reduced.

Action required: Inform appropriate officers within ESC and adjust published literature.

Signature:

Position: Minister for Education, Sport & Culture

Date Signed:

Date of Decision:

 

 

 

 

 

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