SCHEDULE 4 FINANCIAL ASSESSMENT

8 Calculation of contribution- old system eligible students
(1) The contribution payable in relation to an eligible student who is an old system eligible student is calculated—
(a) in any case where the eligible student is an independent old system eligible student, in accordance with sub-paragraph (2); and
(b) in any case where the eligible student is not an independent old system eligible student, in accordance with sub-paragraph (3).
(2) The contribution payable in relation to an independent old system eligible student is,—
(a) in any case where the household income is £10,505 or more, £45 with the addition of £1 for every complete £9.50 by which the household income exceeds £10,505; and
(b) in any case where the household income is less than £10,505, nil.
(3) The contribution payable in relation to an old system eligible student who is not independent is—
(a) in any case where the household income is £22,560 or more, £45 with the addition of £1 for every complete £9.50 by which the household income exceeds £22,560; and
(b) in any case where the household income is less than £22,560, nil.
(4) The amount of the contribution payable under sub-paragraph (2) or (3) must in no case exceed £7,430.
(5) Where sub-paragraph (6) applies, the aggregate contributions must not exceed—
(a) £7,430; or
(b) the contribution which would have been payable if only one eligible student held an award.
(6) This sub-paragraph applies where a contribution is payable in relation to—
(a) two or more eligible 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) two or more independent eligible students each with a partner in respect of the same household income.