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EPQ

Is okay to fail your EPQ? Does it matter?

It depends is the short answer.

Long answer is some unis will look at the EPQ and make deductions on predicted grades. Exeter - one grade (if my offer was AAA they could make it AAB if you got an A* on your EPQ)

I'm applying to my uni's now, and I've not seen it as a debilitating factor on my application, I got a C and I only put 2 weeks of hard work into it. Just do something else equally impressive if you're worried about beefing up your personal statement.