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ADVICE NEEDED -- Withdrawing in APRIL

Hi everyone, thanks for looking at this thread.

Ok, basically.. Im currently in my 4th year of animation.. the first three years were a BA.. the 4th is an MArts...

For certain circumstances I am going to have to withdraw from my course after April and i was wondering what would happen in terms on my student loans.

I get my final Loan payment on the 2nd of april, this includes maintenance lone AND a £1000 grant. I also got a £700 bursary in feb.

My question is this. If i were to drop out, say, mid april.. What would happen about my student loans?

The final loans would have been payed to me already on the 2nd of april (£1000 maintenance and £1000 grant) , would i have to return the maintenance and grant immedietly ? Or would i be able to just add them to my previous 3 years worth of debt and pay them back once i have a job. ... And what about my bursary? would i be expected to return that?

Thanks

Reply 1

Shani

Check with the uni regarding the bursary, they all seem to have different rules.

If there is an overpayment in your funding from SF (ie, you get funding for the whole term but drop out after a week or two) then that will become immediately repayable. SF will usually work out a monthly payment plan with you, but this will not be on the same terms as the rest of the funding you will pay back. It will be X amount per month, regardless of your financial situation.

Reply 2

Lyde

I'm withdrawing at the end of March, to restart on a new course at a new University in September.

The way I understood it was that if I worked out how much loan/grant/bursary I received in the period between 30th December and 2nd April (from my second student finance payment to the third) and divided it by the number of days within that period, I could determine how many days worth of finance I will have to pay back based on the number of days until 2nd April when the third sf payment goes in from the date that I officially withdraw.

I may be way off track, but thats how I understood it in my case. For you, you would need to find out how long the third sf payment is supposed to fund you for, to the last day of your course or the last day of the academic year, then work out how many days from withdrawing you owe back.

Sorry if that's unclear, tried my best. That's how I've understood it anyway. I'm going to withdraw before the third payment so that I don't end up owing a lot of money back.

(edited 12 years ago)

Reply 3

Scoot433

So if i were to withdraw at the latest possible moment, I would have less money to pay back straight away ?

Reply 4

Lyde

Original post by Scoot433

So if i were to withdraw at the latest possible moment, I would have less money to pay back straight away ?

That's how I've understood it from the advice I've been given, but check with your university anyway. I'm going to withdraw on something like the 30th March. If sf do make payments into my bank on the 2nd April, I'll just keep hold of the money and pay it straight back.

In your case, I'm not sure how long your third student finance payment is supposed to last for, that will affect the number of days you need to repay and therefore the amount that you need to repay. I still need to check whether it is just a bursary/grant that is immediately repayable or your maintenance loan aswell. Still not sure if your loan joins with your tuition loan to be repayed once you meet the income threshold on graduation, or if it is the same as your bursary and grant, and repayable immediately.