Parents who are in full-time higher education may be eligible for a Childcare Grant that can be used to pay partially for their childcare. This will cover 85% of their cost, up to £174.22 per week for 1 child, or £298.69 a week for 2 or more children.
Weekly Payments in arrears
Tiney will collect these payments from Student Finance on your behalf. Student Finance release payments in arrears, the week after care has happened. This can impact your monthly payouts, as we pay out all payments received for your account within a month.
For example: if care has taken place throughout October 2020, we will request payments from Student Finance on weeks commencing 5/10, 12/10, and 19/10 - these will be included in your payout on 28th October as tiney will have received them in time. However we won't be able to request the funds for the week commencing 26/10 until November - therefore the funds for this week of care will be included in your November payout.
Payments by parents
Parents are liable for the remaining cost of care over the 85% or capped amounts of £174.22 or £298.69.
For full year contracts*, tiney will calculate the total cost to the parent after the Student Finance contribution across the full year, and average this out to a fixed monthly payment. This will be charged in advance, as with normal payments.
For example - weekly cost of care is £200. Student Finance contribute £170 per week, meaning the parent pays £30 per week. This is multiplied by 52 weeks, and divided by 12 months to a fixed monthly fee of £130.
*These figures depend on the parent getting their Student Finance allowance from September 1st to August 31st - some grants run for fewer weeks in the year. Tiney will work with the parents to calculate the correct amount.
For shorter contracts, tiney will bill the parents weekly in arrears, in line with the Student Finance payments, to ensure the full payment amounts are correct. This can mean some payments fall into a payout for the month following care.