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Maintenance Loan

im 2 and a half years through a 4 year course, and i know i knowwww it will be a waste of time to quit now. But i literally can not carry on, i am failing everything. My decision isnt made up completely yet but it does look like i will be dropping out.

If i drop out after i get my maintenance loan in a few days what will happen? will i pay it back in installments when i earn enough money or will they take it straight back off me in one go?

Thanks
I don't think you have to pay anything back if you flunk the course, you only pay if you graduate :smile:

Students don't repay, graduates do, but only if they earn £21,000+. You repay 9 per cent of everything earned above £21,000 starting the April after graduation (2017 for most). This £21,000 will rise from 2017. Those who never earn over it, never repay.


http://www.telegraph.co.uk/education/universityeducation/student-finance/9554693/Student-finance-Students-wrongly-worry-about-repaying-tuition-fees-study-shows.html


Hope this helped :smile:
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Avatar for TenOfThem
TenOfThem
18
Original post by ThomasTE
im 2 and a half years through a 4 year course, and i know i knowwww it will be a waste of time to quit now. But i literally can not carry on, i am failing everything. My decision isnt made up completely yet but it does look like i will be dropping out.

If i drop out after i get my maintenance loan in a few days what will happen? will i pay it back in installments when i earn enough money or will they take it straight back off me in one go?

Thanks



Original post by Aero_aspirant
I don't think you have to pay anything back if you flunk the course, you only pay if you graduate :smile:



http://www.telegraph.co.uk/education/universityeducation/student-finance/9554693/Student-finance-Students-wrongly-worry-about-repaying-tuition-fees-study-shows.html


Hope this helped :smile:



When do I start paying back the loan?
You only start repaying your loan once you have left university or college and your income is above the threshold of £15,000 per year (£1,250 a month or £288 a week).
You will have to start making repayments in
the April after you finish or leave your course.

From

http://www.direct.gov.uk/prod_consum_dg/groups/dg_digitalassets/@dg/@en/documents/digitalasset/dg_194538.pdf
The above post is wrong. If you're 2 and a half years into a course i assume that you started before 12/13ay making you an old cohort student meaning you will enter repayment the year after you withdraw and start repaying when your level of income exceeds £15,000 a year.

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