Reckonable income for the purpose of the third level student support schemes is normally the income of the candidate and his or her parents or guardians in the tax year ending 5 April of the year of entry to college.
In cases where there is a change of circumstances income is assessed on a current basis. This is done by annualising the revised weekly income to arrive at the earnings for the current year.
Most cases of this nature occur when there is an unfavourable change in circumstances. For example, if a person becomes unemployed the reckonable income for grants purposes is calculated by annualising the weekly social welfare payment.
In such instances the 1996 student support schemes provide that the change in the award of grant takes effect in the college term in which the change in circumstances occurs.