Withdrawing from University. Watch
I am currently a first year undergraduate studying Computer Science, but am looking to withdraw from this course as it is not right for Me. I have applied and received the first instalment from Student Finance England for the maintenance loan. As I withdraw what will happen to the money I have received, how or when will I pay this back? I am going to be rejoining University in 2017.
Your first instalment of loan covers your living costs up until your second instalment arrives - so if you withdraw partway between instalments then SLC will ask for a portion of that first payment to be repaid quickly (they'll arrange something manageable but it will usually be repaid within a few months).
Your student support/finance team at your university should be able to help you work out how much of the first instalment will be required to repay.
The best way to minimise this would be to stick things out until Christmas (if that's possible) and submit your official withdrawal over the Christmas break/in January. That way you'll be withdrawing pretty much at the end of the period before your second instalment. However CHECK with your university small print about tuition fees and what they charge people who withdraw partway through a year - some universities will demand tuition fees above what the SLC will pay if you withdraw mid year (and they're entitled to do that if it's clear in their terms and conditions).
The part of your first instalment that covered you between when you were paid and when you withdrawn will be added to your tuition fee loan and wont be repayable until after you graduate and earn above £21k.