withdrawing from uni. Watch

123rebecca
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Hi,

I'm thinking of withdrawing from my course on the final day of term 1. (i'm in my 3rd year)

With the reassessment, what does this mean? Is it just for the first term I attended or is it for the full 3 terms aka the academic year?

I spoke with a man from Student Finance on monday who told me that since I will have attended all of my lectures before withdrawing on the last day of term it is unlikely that I will have been overpaid. Even though I will be blocking my second and third payments will I need to pay back any of this terms loans/grants that I received? If I do have to how much do you think it would be? If it's over £600 I will not be able to afford to pay this back in one go, however if this is the case could I pay back £10 per month? (I've read a few other threads on this board and you state that you can either pay it back in full or if you cannot afford it you can pay £10 a month)
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123rebecca
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Just a quick update,

I went to my student support area where they have someone for student finance (I'm not sure if its an official employee of SFE or just an adviser with knowledge) He told me that with the Grant, since I will have attended from my course start to course end date for this term I should not owe SFE a thing for the grant.
I then spoke with an adviser for SFE on the phone who told me if I was overpaid (she could not tell me how much she thinks it would be as shes not the one who does the re-assessment) it would be less than £500 as she does not believe I will have to pay that much back. She also mentioned I may have to pay back some of the maintenance loan but as its a loan would I only have to pay it back once I enter employment? (She did tell me I would only pay back the tuition fee once I'm in employment)

Also with the re-assessment, will they only class this first term (of 3rd year) in it? They wouldn't class my previous 2 years of University in it would they?
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123rebecca
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Hello,
Can you please answer my posts?
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Mark Lee - SFE Official Adviser
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Hi Rebecca,

If you withdraw from your studies at the end of the current term, a portion of the Maintenance Grant you received will be classed as an overpayment. You will be asked to return this overpayment as soon as possible, although you will be welcome to set up a monthly repayment plan if you are unable to return the overpayment in one lump sum.

The same scenario would apply for the Maintenance Loan, with the non-overpayment section of the loan entering repayment in April 2014 (you would also need to be earning over the earnings threshold, which is currently £16,365 before tax).

You can be sure that if you withdraw from your course, your first two years of funding will not be re-assessed.

If you do decide to withdraw form your studies, please ensure you get your university to confirm this to us.

Thanks
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123rebecca
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How big a portion do you think they would class as overpayment? My term started on the 25th September 2013 and my University will send the withdrawal form on the 20th December 2013 (which is the last day of term)

Would a £10 per month repayment plan be okay with Student Finance do you think?
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Mark Lee - SFE Official Adviser
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Hi Rebecca,

Thank you for your reply.

Until we officially receive confirmation of your withdrawal date from your university, we are unable to advise how much your overpayment will be.

We have a dedicated overpayment team who will ask you to confirm them once your withdrawal has been processed. They will be able to arrange a monthly repayment plan based on what you can afford.

Thanks
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