The Student Room Group

IF i quit do i have to pay back loan?

Im looking to quit uni but not untill late may which by then i would have recieved my last instalment through from student finance. Will have have to pay them back?
If you get any grant they'll want the bit given for May to September back straight away.
Yes, of course you will. That's how loans work.
Reply 3
Avatar for NeoNerd
NeoNerd
It's a loan. As with all loans, you have to pay it back.
Original post by hazellnutt
Im looking to quit uni but not untill late may which by then i would have recieved my last instalment through from student finance. Will have have to pay them back?


Yes but repayments won't start until you earn more than £15,000 per year.
Reply 5
Avatar for reeso_
reeso_
Yes you will ahve to pay it back naturally, but what you mean is will you have to pay the installment back.

And the answer is yes. Once you withdraw, they'll find out. And they'll calculate you attandence and non-attendence.. And you'll have to pay the over payment.. Whatever you do don't spend it. I did, and got a letter back asking for 350 pound for my grant and 900 for my maintence loan. If you don't pay it off by the time you reapply for Student Finance.. You won't qualify for a grant until it's paid off and you'll recieve a reduced maintenance loan.

Hope this helps.
Original post by Good bloke
Yes but repayments won't start until you earn more than £15,000 per year.


Only in the case of the loans.

The grants they want back immediately.
Original post by Jmzie-Coupe
Only in the case of the loans.

The grants they want back immediately.


The OP only asked about loans.
Reply 8
Avatar for Sordna
Sordna
hi guys,
i have a question about student loan. i got a student loan for my course but im thinking about quitting after finishing my first year.
Do I have to pay immediately my student loan, or will they wait till I'm gonna earn 15,000 per year?xx
You will be required to pay back the portion of the loan that was given to fund you from June to September over the summer immediately.
Reply 10
Avatar for alibee
alibee
2
Original post by hypocriticaljap

Original post by hypocriticaljap
You will be required to pay back the portion of the loan that was given to fund you from June to September over the summer immediately.


I was about to say this. Any portion of grant or loan that is deemed to have been "overpaid" will be due immediately. They will accept small regular monthly payments if you can't afford to return it all as a lump sum. You won't be given any more student finance until the overpayment is cleared.

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