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Permanent Withdrawal

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    Hi!

    I'm permanently withdrawing from my university within the first week. My start of term date was on 03/10/2016, and I have put on my form that my last date of attendance was the 06/10. However, I have been told it may take up to ten days (from yesterday, 07/10) for it to be processed and my tuition fee loan is supposed to get to the uni on 19/10. Since I put that my last date attending was in the first week, will my tuition loan still go out and will I then have to pay it back? If so, when? If it does take 10 days, it should be complete on the 17/10, which is 2 days before student finance goes out but the start of the second week. Would this mean that I would have to pay it back?

    Also, my maintenance loan arrived at the start of this first week, and I wondered if I would have to pay that back immediately, or would it work out so that I just wait since I am hoping to reapply to university next year. So would I pay back my maintenance loan with the rest of my student finance once I've reapplied, or would I do that as soon as I leave?

    Thanks,
    Kate
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    (Original post by MartinisSkip)
    Hi!

    I'm permanently withdrawing from my university within the first week. My start of term date was on 03/10/2016, and I have put on my form that my last date of attendance was the 06/10. However, I have been told it may take up to ten days (from yesterday, 07/10) for it to be processed and my tuition fee loan is supposed to get to the uni on 19/10. Since I put that my last date attending was in the first week, will my tuition loan still go out and will I then have to pay it back? If so, when? If it does take 10 days, it should be complete on the 17/10, which is 2 days before student finance goes out but the start of the second week. Would this mean that I would have to pay it back?

    Also, my maintenance loan arrived at the start of this first week, and I wondered if I would have to pay that back immediately, or would it work out so that I just wait since I am hoping to reapply to university next year. So would I pay back my maintenance loan with the rest of my student finance once I've reapplied, or would I do that as soon as I leave?

    Thanks,
    Kate
    Pay back everything or you will go into overpayments and they will chase you for the money.

    If your tuition fee payment goes out which I don't think it will, then the university will pay it back, although they(your uni) might charge you for some of the course.
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    There's some choices here if you end up being overpaid. From an economic standpoint, it's essentially free money - no-where could you borrow money commercially at such a token interest rate (even in the current climate). If you told them you didn't have it now to repay it in full but set up a realistic payment plan and never, not once, deviated from it, you could take advantage of the overpayment as a cheap loan. This only works if (a) they allow you to repay it in instalments (likely), and (b) you are aware of how important it is to pay it back in a reasonable time and never miss a payment. They will chase you for it, and will refer it to a debt collection agency if your account goes into sustained arrears.

    Alternatively, you may not have need for such a loan and not want a debt hanging over your head, no matter what repayment arrangement you've come to. In that case, you'd be best off 'ring-fencing' the money when it comes into your account and paying it back as soon as your receive your reassessment of support from SFE.
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    You need to look at the withdrawl rules of your uni. They will be on the website. For first years theres normally an allowance of 2-3 weeks. There is no such allowance for 2nd and 3rd years and it is from enrolement. Each uni may differ, so check.
    You should also talk to fees if you do not understand the rule.
    I would put it in writing that your date of withdrawal is the date you hand in the intention to withdraw and not the date they decide to process.
    Ibform SFE not to pay them.
    The cost of being liable tends to be 25% or £2250 for the fees. Thats why its worth your while making sure it doesnt happen.
    You will need to make arrangement for paying back SFE maintenance they class as overpayment.
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    You are not entitled to Student Finance if you are not a student. Any Maintenance Loan calculated as covering you from your leaving date up to your (now cancelled) next instalment, will be demanded back by SF, in full, immediately. You can usually agree a repayment plan if you've already spent it on e.g. accommodation deposit/rent.
 
 
 
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