Second Year University Drop Out

You can look at transferring. Do some research about where and what the entry requirements are and contact the unis to ask about the process. This won't affect your finances but you need to let SFE know. Dropping out means that you may have to restart when and if you decide to come back unless you decide to do the same course and are allowed to start in the second year. You get finance for 4 years so again this may not affect you but you have to let SFE know. Have you worked out why you're feeling this way though? Maybe talk to your tutors and a counselor? Maybe consider living on campus (I assume you commute?) and getting involved with other things. Missing home is common but you have to make a life for yourself away from home and make new friends and living between two places doesn't help with that.

I'm not commuting at the moment I'm living quite far away from home. I'm worried about leaving as I'm sharing a house and I don't want to cause problems for my housemates.

At this point I think you need be a little selfish. It's your education and mental health at risk so just do what you have to. Make it easier by all means, advertise for a new roommate or something. But don't let guilt force you to stay somewhere that's not going to make you happy.

You said you're feeling quite depressed? Have you gone to talk to a doctor or a counselor about this?

When starting uni I thought I wanted to be away from home. However as soon as the experience began I changed my mind. I've completed first year and am just about to begin second year, but I don't feel I can continue. I'm getting extremely depressed and am missing home more and more everyday to the point where's I no longer feel I can function. Just wanted any advise on whether there's a possibility of a transfer or whether I should drop out, and how either of these decisions will affect my finances. Thanks in advance.

You need to get onto this really quickly.

Yes you cna transfer if you cna find someone to take you.
Alternatively you cna start again if they wont accept a transfer.

Fees
The key point is if you know for sure, then DO NOT ENROL for your second year. As soon as you do then you start to use your student finance. Normally your first term will cost you £2,250 i.e 25%. If you dont enrol it will cost nothing. You need to check with student fees about this or look at the info on the wesbsite.

Maintenance
SFE will also wnat paying back most of the terms money they gave you for maintenance as they will consider it an overpayment.

Accommodation. You sound like you have gone private student house. You are liable for the rent for the period of the tenancy. The way this is resolved is that you need to fidn someone to replace you and they take over the obligation. Yntil you do then you have to pay the rent. landlords normally accpet a replacement and obviously it will need to be acceptable to the flatmates. Do it now whilst people are still looking.

If you do it quickly beforeyou enrol then you cna avpid tapping into student finances for that year. You normally get course length +1 year.

This means if you avoid tapping into second year finances, then you would sill have full funding for any new degree you wanted to do locally.

If you find somewhere who will accept a transfer into 2nd year, then you wll still be funded for the rest of the course

The problem is if you start your second year, cant find a transfer and have to start fresh, then you will already have used two years finance. In this case you need to make a compelling perosnal reasons claim to SFE to disregard this years finance. This is a special claims form pus you need to probide evidence to explain why they should disregard the fees. Depression backs up with medical evidence would help.

I realise now I should of sorted this sooner as SFW have recently paid me this terms maintenance loan. I suppose my only hope now is for a transfer. The only reason I have delayed the process is because I felt guilty for my housemates.