DaDa assessment queries

[Flexible Fred]

Hello all

ive made a right boo boo

 

ok DD has funding finals which is great, the news we wanted as we can't afford to send her without funding.

what I did not realise is that they took an annual bonus into the equation which means our joint income is a few thousand over the thresh hold

now my dear wife is more than happy to reduce her hours to put us back under the limit  but she has enquired this morning and they will not let her reduce her hours til next financial year. ( April )

 

what on earth am I going to do now ??:

would they take into consideration that our income will fall under the £90.000 in April 2016 ?

if they need P60's our 2014 / 2015 our income is under

if they need P60's our 2015 /2016 will be few thousand over

 

HELP !!

Any advice would be appreciated

[Lifeafterballet]

My advice would be to contact the school that you have auditions for and ask their finance dept. They may well let you put in a change of circumstances form so you can be recalculated but you may not be able to do that until after the first year ???? Worth a try and good luck ! X

[Karen]

If it is the same as mds awards, it will be figures for 2015/16 for September 16 start. I agree with Cote de Rhone, best ask the schools you have finals for as you may even find you get different answers from each of them. Hope you get a piditive answer.

[Colman]

Can you give back your bonus? If it's a small employer they might be able to sort something out.

[Yorkshire Pud]

To apply for a DADA I have been asked for info for 2014/15 and you had to note on the form if your circumstances were going to be different for 2015/16. I don't know what year they will want info for once the 'proper' DADA applications are sent out. That is if and when you are actually told you are going to get a DADA.

For any degree courses applied for it won't matter you will get the student loan of £9000 and the minimum maintenance loan towards the accommodation whether you are above or below the £90k.

[JulieW]

You used to be able to ask to have a current year assessment done rather than basing it on a previous year's income, although perhaps that was for the MDS. As others have said, contact the school and see what they say.

[Vonrothbart]

I'd just pay the £30,000 Fred, I'd still have £60,000 left.

Edited February 8, 2016 by Vonrothbart

[DancingDays]

We were able to be assessed under the CYA (Current Year Assessment) for this financial year.  They base your fees on what your earnings are expected to be in the current year - for me that was this 2015/16 year.  At the end of the financial year, you then provide your P60s and may have to pay a little more as a lump sum if you earned more in the end than you thought you would.  I know I'll be paying more than we were assessed on because my situation changed at the end of last year for the better again, so I'm waiting for my P60 before letting the school know to adjust my contribution (am keeping money aside as I know it will happen).  Then next year we'll be assessed as normal on our actual 15/16 for the year 16/17.

You need to let the school know that you would like to be assessed on a CYA because you know your salary will be less next year if that's the way you want to go...

 

Hope this helps.

[HAIRBELLES]

I m sure for Dada it will be April 2015/2016 , I cannot remember if you can estimate your earnings like you can on the MDS.

The Dada is means tested only once in that first year , you pay the same for the next 3 years regardless of a fluctuating income.

The only element that is re- assessed every year is the maintenance if you qualify for it.

I could be wrong about the tax year .

I see your dd has finals for Tring , it's possible to cut the costs by using a landlady rather than the boarding at Tring.

Good luck the finances can be a real headache .

Edited February 8, 2016 by HAIRBELLES

[Anna C]

Fred, I've edited the thread title to make it clearer to newcomers. :-)

[Lildancer96]

I'd just pay the £30,000 Fred, I'd still have £60,000 left.

If only life were that simple ....

Edited February 10, 2016 by Lildancer96

[Loulabelle]

I'd just pay the £30,000 Fred, I'd still have £60,000 left.

[Loulabelle]

Very odd comment Von Rothbart, I assume it was mean't as a joke?!

[Flexible Fred]

Thanks for all the replies, well most of them lol, that's helped a lot, will make the enquiries if Dd is actually successful in getting a DADA offer