Student Finance Repayments if you withdraw Watch

Fergie21
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If you withdraw from your course now, do you start paying back your student loan straight away or do you have to be earning over so much?. Do you also pay the full lot of it back?

Thank you
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TheOFactor
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(Original post by Fergie21)
If you withdraw from your course now, do you start paying back your student loan straight away or do you have to be earning over so much?. Do you also pay the full lot of it back?

Thank you

I'm in the same position as you (although going to another uni this September). They sent me a letter about a month after my withdrawal, saying I would now start paying my loan back, as soon as I find a job....you don't have to make payments if you are earning under a certain amount...not sure what that amount is, but I imagine it would be around the 16,000 mark? You pay in installments, with them taking a small percentage of your earning each time (usually 9%?)
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Miu-Miu
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Huh? How come you guys have to pay your loans back if youve only used 1yr out of your 4? I thought you didnt have to start until you graduated?
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hypocriticaljap
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(Original post by Miu-Miu)
Huh? How come you guys have to pay your loans back if youve only used 1yr out of your 4? I thought you didnt have to start until you graduated?
so you are under the impression that if you don't graduate you never pay anything back are you?
That's what your post sounds like!
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Miu-Miu
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(Original post by hypocriticaljap)
so you are under the impression that if you don't graduate you never pay anything back are you?
That's what your post sounds like!
Ahhh no! Sorry thats not what I meant at all. I just think its a bit odd that theyre paying back what they owe for the first year after changing university to start a new 3 year course. I was under the impression that SF gave you a redeeming year in case you made a mistake but then, I havent read the TCs in full so Im probably wrong
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hypocriticaljap
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The OP has dropped out so will be required to pay back.
In the case of the second they should not be paying anything back yet, you are correct.
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alibee
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If you drop out this academic year, your loan will become eligible for repayment from April 2012. After that time, any time your earnings are over the threshold, a repayment will be taken directly from your pay packet. Nothing will be repaid until next April unless you've received an overpayment that you'll need to arrange to repay separately.
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TheOFactor
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(Original post by Miu-Miu)
Ahhh no! Sorry thats not what I meant at all. I just think its a bit odd that theyre paying back what they owe for the first year after changing university to start a new 3 year course. I was under the impression that SF gave you a redeeming year in case you made a mistake but then, I havent read the TCs in full so Im probably wrong
(Original post by hypocriticaljap)
The OP has dropped out so will be required to pay back.
In the case of the second they should not be paying anything back yet, you are correct.
Yes, but I haven't applied to student finance for my new uni yet, as I want to know where I'm going before I do so. So, as far as they know, they think I've just dropped out of uni and am going into employment permanently


(Original post by alibee)
If you drop out this academic year, your loan will become eligible for repayment from April 2012. After that time, any time your earnings are over the threshold, a repayment will be taken directly from your pay packet. Nothing will be repaid until next April unless you've received an overpayment that you'll need to arrange to repay separately.
This can't be true, as the letter they have sent me clearly states that they will start taking repayments as soon as I am in employment (and over the threshold)
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hypocriticaljap
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alibee is exactly right.
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blueberri
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I am now wanting to drop out of my first year of my degree, its not been the course I expected at all, I am not working as I have small children, and I have had loan as well as a full grant, I would be interested to know if anyone has been in a a similar situation and has had to pay back the grant straight away if you do not complete the last term? and also I was under the impression that I would not have to pay back the loans until I was earning over £15,000?
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hypocriticaljap
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the parts of any grants and the loan from when you drop out to September will need to repaid immediately.
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Fergie21
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#12
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Its my boyfriend that wanted to withdraw from his course, i went with him to see our university financial advisor today and he said he would have to pay about £500 out of his maintenance grant back for this term. Apparently he won't start paying the loan part back until he earns over 15,000 and he will also receive the final bursary but this will be deducted off his loan repayment.
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alibee
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Any portion of loan/grant allocated from the date you withdraw to the end of the year will need repaying immediately so don't spend it if you haven't already. If you don't have the money, you must contact them to set up a repayment plan. You won't be eligible for any more student loans until the overpayment is repaid.
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blueberri
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I spoke to my uni and the SLC today and was told that I will not have to pay anything back until I am earning 15 grand a year, and that I will not have to pay any of the grants back at all, also because I am not happy with the course If the uni find my complaint valid I was told that the debt for the first year will be totally written off. My course finishes on in 5 weeks .
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flipshot
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I would get that in writing from the SLC, they are known to give false information on the phone.
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alibee
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(Original post by blueberri)
I spoke to my uni and the SLC today and was told that I will not have to pay anything back until I am earning 15 grand a year, and that I will not have to pay any of the grants back at all, also because I am not happy with the course If the uni find my complaint valid I was told that the debt for the first year will be totally written off. My course finishes on in 5 weeks .
Sounds like typical dodgy phone advice. If you have completed the whole year, nothing should be repayable. If you have left early, there will be money owing outside of normal repayment procedures.
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hypocriticaljap
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(Original post by blueberri)
I spoke to my uni and the SLC today and was told that I will not have to pay anything back until I am earning 15 grand a year, and that I will not have to pay any of the grants back at all, also because I am not happy with the course If the uni find my complaint valid I was told that the debt for the first year will be totally written off. My course finishes on in 5 weeks .
oh dear, I wouldn't get your hopes up!!!!!
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blueberri
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I did tell the advisor my concerns and asked that she double check that I would not have to repay the remaining 5 weeks left, and she did go and ask someone else to look at my account and then confirmed it again, I asked to have it in writing as well, I did say that I wanted it on record that this was the information which I had been told and that I did not want any come back from it, so we shall see, I know what a pain the SLC company is and there are use to me putting in complaints..
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blueberri
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Rang the slc again today as I was very concerned that I had been given the wrong information... and yes I had.. and will have to payback the overpaid maintenance loan and grant for the five weeks , I have no idea how much it will be as they have to calculate it, but I am not happy that they have messed me about , but thanks for you advice .
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divastrop
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(Original post by blueberri)
Rang the slc again today as I was very concerned that I had been given the wrong information... and yes I had.. and will have to payback the overpaid maintenance loan and grant for the five weeks , I have no idea how much it will be as they have to calculate it, but I am not happy that they have messed me about , but thanks for you advice .
I rang them a few weeks ago as I am hoping to leave my course and start a new one in September. Even though I am completing the academic year SLC told me I would have to pay back any grants and loans that were meant for the period between when I withdraw from the course through to September. That will be about 10 weeks, which is a lot of money.
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