Student finance refund
Hi . If I finish the foundation year and after that I want to withdraw my course , will I be obliged to return the money ? How it works ? I heard some people that if you finished the year you don’t have to return , other people said that I will return only if u will have the salary more than 27.000. Other people said that I will have to return the whole amount of money at once , if I don’t finish the university . So I don’t know what to think . Thank you in advance
(edited 5 months ago)
Original post by dumi12
Hi . If I finish the foundation year and after that I want to withdraw my course , will I be obliged to return the money ? How it works ? I heard some people that if you finished the year you don’t have to return , other people said that I will return only if u will have the salary more than 27.000. Other people said that I will have to return the whole amount of money at once , if I don’t finish the university . So I don’t know what to think . Thank you in advance
If you complete your foundation year and don't withdraw from uni until the end of the academic year (around August), then you won't have to return any of your maintenance loan. If you don't complete the year, you might have to repay back a proportion of your maintenance loan, which is calculated on a pro-rata basis. For example, if you leave 10 weeks into a 16-week term, you might have to pay back 6 weeks of maintenance loan (this is a very simplified example, as holidays are also covered by maintenance loans).
Repayments for both loans (tuition fee and maintenance loans) will only start the April after you leave your course and only if you earn above the income threshold. The repayment threshold differs according to the student loan plan you are on. If you started studying in September 2023, then it is likely your are on a Plan 5 student loan and your income threshold will be £25,000 per year.
More info here:
https://www.gov.uk/repaying-your-student-loan/what-you-pay
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