Quitting uni after the first year

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Also, will i have to pay any of my last loan back? I don't get any grants, just the minimum loan and after paying rent and living expenses i don't have much of it left.

Reply 21

Taiko

You do, because the loan covers over the summer holidays to the start of year 2. You would have had to attend for one day in your 2nd year in order to not have the overpayment.

Reply 22

Jadel_L

Taiko

You do, because the loan covers over the summer holidays to the start of year 2. You would have had to attend for one day in your 2nd year in order to not have the overpayment.

Any idea about how much that might be? And when i need to pay it by?
I got 1500 for it and i can't actually afford to pay any of it back.

Reply 23

roubiliac

work it out. When you got your last payment, say in March/April to when year 2 starts, say september. Work out the number of weeks. Divide £1500 by that figure. That's approx how much a week you got. You presumably need to pay back from the end of term, around now, to September.

Reply 24

Jadel_L

roubiliac

That means i'd be paying over £1000, how does that work. That would leave me with £500 to pay rent and living expenses which cost a lot more than that.
I could understand if i had a grant. But all i have is a loan which i will be paying back soon enough anyway.
I can't pay it back if i don't have it. And since i've been home i haven't spent any of it, so its not as if i'm wasting it all.

Reply 25

Controversial

Phone student finance?
They'll know exactly how much you'll need to pay back, and will be able to sort out a payment plan with you.
I believe you are paid less for Summer per week then you are in term time, but I'm not entirely sure.
It's better to be safe than sorry, so phone them and ask, and then you'll know. They are quite reasonable, so you should be able to make an agreement.

Reply 26

Jadel_L

I've just been told that because i finished the year i get to keep all of my last installment which is good to know.

Reply 27

Controversial

Who told you?
If it was SF, then that's brilliant, but if not, be careful who you trust. Taiko (sp?) works for student finance, so will know their stuff.

Reply 28

Jadel_L

Controversial

Who told you?
If it was SF, then that's brilliant, but if not, be careful who you trust. Taiko (sp?) works for student finance, so will know their stuff.

Yep, it was. Maybe its different because i'm in Wales, but i asked him a couple of times and he said no because i've completed the year.

Reply 29

Taiko

We've sometimes written off the loan bit from being paid back until earning over £15,000. Grants are always repayable straight away. You still needed to inform them, as not doing so could make it payable on demand, as per the T&C's

Reply 30

Jadel_L

Taiko

Well he's said that i can keep it so they can't change their mind now. I've got the form too so i'll be sending that off by Monday probably and that will be the end of that.

Reply 31

Taiko

I'd still get something in writing to confirm this though. All it needs is the person you spoke to to "forget", and you're paying out.

Reply 32

roubiliac

Well he's said that i can keep it so they can't change their mind now.

and you can prove that can you? I'd love to see a judge's face when you come out with that in court!

Reply 33

Controversial

I wouldn't worry too much. Send the form off, and if you can, put the name of the person you spoke too on it. If you send it off soon, he's unlikely to forget.

Reply 34

rachae97

My son is not sure if he is going to return to uni in September when do we need to let the uni know and what happens about the loan he has had for his first year

Reply 35

Stk1010

Original post by rachae97

My son is not sure if he is going to return to uni in September when do we need to let the uni know and what happens about the loan he has had for his first year

Hey, I also left uni after my first year.

Obviously you need to let your university know that you are leaving, I did this by emailing my course leader.

You also need to contact student finance and let them know that you are leaving the course too and that you'd like to stop your student loans/grants. (They will then explain what the process is etc)

In regards to the student finance your son has already received, he will have to pay it back just like he'd have to pay it back if he had completed university, so the same rules apply I.e. You don't start paying it back until you're earning over 21k and it's only a very small amount each month.

If he has a student bank account and has an overdraft you need to pay the overdraft off and close the account and open a normal one.

I think that covers everything really. Hope this helps!

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