What happens to my student finance if I drop out of uni? Watch

Klyn98
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Hello! I'm currently weighing up the options in relation to whether or not to withdraw from my current course in university. One of those major obstacles is of course student finance. I want to take the Christmas break to make my decision and have a serious think about what I want to do before officially withdrawing. I'm currently applying to study in London in September 2017 through UCAS. My next loan and grant payment is due at the beginning of January. If I were to get that loan and grant before dropping out and I dropped out sometime in February after the Christmas holiday would I be asked to pay back the loan and grant? Even if I'm applying to continue my studies in September?

This is really stressing me out! 😞

Any response would be great at this point!!
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Abdukazam
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I studied in Wales but it may be the same, I dropped out after one semester, didn't have to pay anything back immediately other than some money which had been 'overpaid'. You should be able to talk to SF directly to sort it out, they're quite understanding, they do want the money after all.
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999tigger
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It doesnt say on the stydent finance N ireland site, so you should ring them.

If you are going to leave imo then it would be a bad choice to take the next loan instalment. This is becayse you will be paying the tuition fees fro a course you know you will leave and when you do leave in February, then they are likely to ask for the return of the rest of the maintenance loan they consider to be an overpayment. That would amount to the pro rata portion of the loan they consider unspent i.e overpaid. That necomes payable immediately.

Thus for a ten week term and you leave after 5 weeks, then they would ask for 5 weeks money back immediately. The rest of the money and tution fees would be normal student debt. You cnat take the grant for the whole term and then just add it all to student debt.

Btw my impression was that you are a first year and that you are applying for a different course.
My advice is to leave your current uni officially and follow the correct procedures. Not to take the next loan instalment because you will only be asked to repay the maintenance overpayment element immediately and you cna avoid increasing your student debt by several thousand £.
You should familiarise yourself witht the formal leaving procedures for your current uni or they will still be paid.

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