Article: How dropping out will affect your finances

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Freemagic
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You can view the page at http://www.thestudentroom.co.uk/cont...-your-finances
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Josb
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For those who have signed for a yearly accommodation contract, many students (especially postgrads) have to do an internship in the second semester/summer. It's a good idea for you put an ad for the remaining months of your contract (perhaps on a special thread on TSR). That's what I did recently and I know that in France (where internships are almost compulsory in Masters) going to the UK is difficult because of accommodation.
Obviously it works better in a big city than Aberystwyth.
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gemmam
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You can arrange to pay the money you owe when you drop out in installments starting from £20 a month. Also if you suspend your studies due to medical reasons you're entitled to 60 days worth of loan and grant from the day you suspend (you'll need to send a photocopy of your doctor's note to Student Fiance).

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username996405
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(Original post by gemmam)
You can arrange to pay the money you owe when you drop out in installments starting from £20 a month. Also if you suspend your studies due to medical reasons you're entitled to 60 days worth of loan and grant from the day you suspend (you'll need to send a photocopy of your doctor's note to Student Fiance).

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Do you know if it's possible to defer your monthly instalments? E.g. if (while studying your new course, you need to pay back your old maintenance loans at the same time and) you can't afford a month's worth of instalments...would SFC let you defer until you can afford it?
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gemmam
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(Original post by Mochassassin)
Do you know if it's possible to defer your monthly instalments? E.g. if (while studying your new course, you need to pay back your old maintenance loans at the same time and) you can't afford a month's worth of instalments...would SFC let you defer until you can afford it?
I'm not sure about that sorry.

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primetime69
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I'm in my first couple of weeks at uni and I already don't like it. The early morning are a real issue for me as I decided to not stay on campus and I just can't handle it and it's kind of making me ill. I was wondering, because I've already got my student dominance, what will happen, will I have to pay it back straight away or when I'm earning over a certain anount because I cannot afford to drop out if I have to repay the loan straight away.
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Klix88
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(Original post by primetime69)
I'm in my first couple of weeks at uni and I already don't like it. The early morning are a real issue for me as I decided to not stay on campus and I just can't handle it and it's kind of making me ill. I was wondering, because I've already got my student dominance, what will happen, will I have to pay it back straight away or when I'm earning over a certain anount because I cannot afford to drop out if I have to repay the loan straight away.
You would be expected to repay it straight away if you drop out. However, it may be possible to negotiate a gradual repayment plan with SF if you have little or no income/money and you have already spent much of it on non-refundable expenses like rent. Unfortunately this is decided on a case-by-case basis, so you would need to talk direct with SF to find out whether it would be possible in your situation.
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jawsontheflooor
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How would it work if I dropped out at the end of first year in 2015 and didn't receive any finances for the second year. This is bearing in mind i'm going to start a 3 year course this September 2016. Will I be covered for the duration of my course?
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Klix88
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(Original post by jawsontheflooor)
How would it work if I dropped out at the end of first year in 2015 and didn't receive any finances for the second year. This is bearing in mind i'm going to start a 3 year course this September 2016. Will I be covered for the duration of my course?
Yes, your second attempt would be fully covered by SF. Everyone gets a "grace" year of funding, in case they find that they've started out on the wrong degree or need to take a resit year. Long term, the difference is that you'll end up with four years' worth of SF debt, rather than three.
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jawsontheflooor
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(Original post by Klix88)
Yes, your second attempt would be fully covered by SF. Everyone gets a "grace" year of funding, in case they find that they've started out on the wrong degree or need to take a resit year. Long term, the difference is that you'll end up with four years' worth of SF debt, rather than three.
Ah thank you very much, my mind has been put at rest.
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Markymark28
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Mine situation is quite complex and i am worried I am not entitled to anything lol

Here is a run down of the student support i have had in the past:

1998/99 - £2325 - HND Computing full time. Transitional Loan ( as in a loan paid directly to me not the institution) - I quit this course after 4 months

2000/01 - £1700 - HND computing full time - Transitional Loan (I quit this course due to illness)

2013/14 - £2562 - Open University Module (Part time study) - Completed

2014/15 - £1316 - Open University Module (Part time study) - Completed

2015/16 - £1350 - Open University Module (Part time study) - Still studying (finishes May 2016)

I want to apply for funding for a full time foundation degree at University of Central Lancashire ( 1st year - 4,000, years 2 to 4 - 9,000 each.

I guess my question is, are open university modules, even though they are part time study classed as a full years worth of funding? I have only had a total of £9253 of funding in total during my lifetime, this is just over one of year full time funding so if i follow the above calculations, i should be entitled to another 4??? but i heard the student finance company don't go off amounts they go off how many years you have studied for???

Please can someone clear this up for me as I am getting different answers off different people :/
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Klix88
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(Original post by Markymark28)
Mine situation is quite complex and i am worried I am not entitled to anything lol

Here is a run down of the student support i have had in the past:

1998/99 - £2325 - HND Computing full time. Transitional Loan ( as in a loan paid directly to me not the institution) - I quit this course after 4 months

2000/01 - £1700 - HND computing full time - Transitional Loan (I quit this course due to illness)

2013/14 - £2562 - Open University Module (Part time study) - Completed

2014/15 - £1316 - Open University Module (Part time study) - Completed

2015/16 - £1350 - Open University Module (Part time study) - Still studying (finishes May 2016)

I want to apply for funding for a full time foundation degree at University of Central Lancashire ( 1st year - 4,000, years 2 to 4 - 9,000 each.

I guess my question is, are open university modules, even though they are part time study classed as a full years worth of funding? I have only had a total of £9253 of funding in total during my lifetime, this is just over one of year full time funding so if i follow the above calculations, i should be entitled to another 4??? but i heard the student finance company don't go off amounts they go off how many years you have studied for???

Please can someone clear this up for me as I am getting different answers off different people :/
You need to check direct with Student Finance, but yes, it is down to both how many years you've had funding (not the amount you've had) as well as the type of qualifications you've gained to date. If you have any uni-level qualifications then you will also fall foul of the Equivalent or Lower Qualification ("ELQ") rule, which states that you cannot be funded for the same qualification twice.

If you start your own thread mentioning the Open University in the title, you'll probably get responses direct from people who've been through this already.
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millie37
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Back in september 2014 I was at a uni for a week before deciding to take a gap year, and I didn't have to pay any tuition fees back as none were given to my uni, due to the short amount of time I was there. Then in September 2015 I started a new course at a different uni, but it's not for me and can't see myself carrying on, and want to do a completely different course at a different uni, will I be able to get funding for this coming September?
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Callume123
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I am first year student and I want to drop out of the current course I am doing now, and go to a different university and study a different course, what happens with my money in this case?

I know about the extra year you get, but will I have to pay monthly instalments to repay?
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Charlie92_
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I started a degree in 2012 but the university didn't seem very good to me, so on the second or third day I spoke to my tutor and decided to leave. I also contacted student finance and explained the situation.

Is it correct that I have to pay back the full years tuition fee even though I dropped out so quickly?
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Klix88
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(Original post by Charlie92_)
I started a degree in 2012 but the university didn't seem very good to me, so on the second or third day I spoke to my tutor and decided to leave. I also contacted student finance and explained the situation.

Is it correct that I have to pay back the full years tuition fee even though I dropped out so quickly?
It depends on your uni's policy. Most will permit a few days to a week or two, before which you won't be charged anything if you drop out. It depends when they officially found out that you'd gone.

Did you do anything to inform your uni other than speaking to your tutor? There may have been a formal process to follow when withdrawing. If you didn't follow that, then the admin side of the uni might not have been aware that you had left, for several months.
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username2244141
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Hi!

I recently dropped out of a 3 year degree course at my uni at the end of the first week. My tuition loan doesn't need to be repayed, and I have payed the majority of what I owed for my maintenance loan and am paying the rest back on a monthly bases which I can afford.

I wondered, since I know about the +1 year thing, if I did a BA and then wanted to do a PGCE, would student finance still support this?

Thanks
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Klix88
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(Original post by MartinisSkip)
Hi!

I recently dropped out of a 3 year degree course at my uni at the end of the first week. My tuition loan doesn't need to be repayed, and I have payed the majority of what I owed for my maintenance loan and am paying the rest back on a monthly bases which I can afford.

I wondered, since I know about the +1 year thing, if I did a BA and then wanted to do a PGCE, would student finance still support this?

Thanks
Yes. PGCE funding does not take undergrad SF into account - they are separate types of funding.
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Cherribelle
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I'm really stuck on where I'm left with funding. I started uni 6 years ago doing a course that I knew I didn't really want to do, ended up failing 1st year, so used my 'grace' year to redo 1st year, still didn't enjoy it or pass the module but the uni wouldn't let me drop/change the module, they told me I had to resit it in 2nd year so started 2nd year and dropped out after 1st semester. Looking back I really wish id of just quit to start with as now I know what I want to do and need a 3 year degree to do it, but am I right in thinking I have no funding left? Help would be appreciated!
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Klix88
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(Original post by Cherribelle)
I'm really stuck on where I'm left with funding. I started uni 6 years ago doing a course that I knew I didn't really want to do, ended up failing 1st year, so used my 'grace' year to redo 1st year, still didn't enjoy it or pass the module but the uni wouldn't let me drop/change the module, they told me I had to resit it in 2nd year so started 2nd year and dropped out after 1st semester. Looking back I really wish id of just quit to start with as now I know what I want to do and need a 3 year degree to do it, but am I right in thinking I have no funding left? Help would be appreciated!
The calculation is:

Number of years of your new degree course (minus) Number of previous years of uni-level study (plus) One year = Number of remaining years of SF entitlement

For the purposes of the calculation, partial years are counted as complete. If you start a new three year degree, the calculation gives you 3-3+1=1 year of SF funding left. You would get that in your third year and would have to self-fund (including tuition fees) the first and second years.
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