Owing student finance money
Hi,
I received my tuition fee loan this September from student finance. However I am going to drop out of my course, will i need to immediately pay that back to student finance
I received my tuition fee loan this September from student finance. However I am going to drop out of my course, will i need to immediately pay that back to student finance
Hi there,
You're not required to pay the loan back until you begin to earn a certain amount of money.
Here's more information regarding the repayment of student loan: https://www.gov.uk/repaying-your-student-loan/when-you-start-repaying
I hope this helps.
Best wishes,
Narusha
Coventry University Student Ambassador
You're not required to pay the loan back until you begin to earn a certain amount of money.
Here's more information regarding the repayment of student loan: https://www.gov.uk/repaying-your-student-loan/when-you-start-repaying
I hope this helps.
Best wishes,
Narusha
Coventry University Student Ambassador
Original post by Shanheaney
Hi,
I received my tuition fee loan this September from student finance. However I am going to drop out of my course, will i need to immediately pay that back to student finance
I received my tuition fee loan this September from student finance. However I am going to drop out of my course, will i need to immediately pay that back to student finance
You say that you have received your tuition fee loan - this doesn't happen as the loan is paid direct from SFE to your university. You will be liable to pay back 25% of your tuition fee loan if you withdraw from your course in the first term. This is paid back in the usual way once you are earning over the threshold for your plan.
If you mean that you received your maintenance loan in September, then you will be required to repay any overpayment straight away. SFE will recalculate the amount you were entitled to based on the number of days you attended your course. If you have difficulty paying back any overpayment, they can set up a repayment plan for you.
More info here:
https://www.gov.uk/student-finance-if-you-suspend-or-leave/repaying-your-student-loan
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