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    after much consideration I have decided to drop out of uni. I feel as if uni really wasnt the right decision and I would give it more time but my mental health is seriously starting to suffer; my course is extremely hard and my flatmates have isolated me which has caused me to become extremely homesick. I would do literally anything to go home. my course started on the 18th of September so this is the 15th day of the course. my family fully support me and are willing to take me home this weekend as they were coming down anyway for my birthday. however, im massively put off by my financial situation. first of all, I have a £500 overdraft with Lloyds and I think they said if I happen to leave university that this may have to be payed straight up and in full. secondly I heard you have to start paying your tuition loan back immediately and I need to find a job when I get home and I don't know how long this will take. do you pay the whole £9250 back even if your course is only 2 weeks in? thirdly, will my maintenance loan stop? as I have to pay my rent in 3 instalments of nearly £3,000 each throughout the year and I know if I cant pay it then my guarantor has to and they are not in any way able to do this (I never worried about this as I assumed I would thrive at uni and would not be coming home) and I may not be able to afford to pay the instalments depending on how long it takes me to get a job once home. I feel like Im on the brink of a breakdown and have worried myself literally physically sick. can anyone please help explain to me what happens financially? or could anybody put me in contact with anyone who has been in this situation? I read so many threads on here about it but couldn't make any sense of any of them. please please help me.
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    Have you found anyone to take your accommodation contract. Doing this would be a good idea and it would deal with your guarantor worries.

    In terms of tuition loan, check if tuition loan is paid on your behalf in instalments or in one go (you should have a loan schedule after you applied). If in instalments, contact Student Finance and tell them about your situation. It may be that they only want you to pay back one instalment and there should be certain conditions or a grace period before they make you pay it back. Also, cancel your maintenance loan.

    As for the overdraft, do you have any money saved up or can your parents pay it for you, and you pay back your parents later on.

    I think you took the right step. You need to concentrate on your mental health. Money issues should be straightforward to deal with so don't worry too much.
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    (Original post by cheesecakelove)
    Have you found anyone to take your accommodation contract. Doing this would be a good idea and it would deal with your guarantor worries.

    In terms of tuition loan, check if tuition loan is paid on your behalf in instalments or in one go (you should have a loan schedule after you applied). If in instalments, contact Student Finance and tell them about your situation. It may be that they only want you to pay back one instalment and there should be certain conditions or a grace period before they make you pay it back. Also, cancel your maintenance loan.

    As for the overdraft, do you have any money saved up or can your parents pay it for you, and you pay back your parents later on.

    I think you took the right step. You need to concentrate on your mental health. Money issues should be straightforward to deal with so don't worry too much.
    Re: dropping out
    I will definitely try to get someone to take it over but there was multiple robbings here over the weekend and even a car was taken so im not sure if anyone will, also is it not dangerous to cancel the maintenance loan incase I cant pay back the rent for whatever reason? or do you think it will be stopped anyway? and yeah I think ill be able to get myself out of the overdraft
    thankyou so much for your help sorry if im coming across a bit dim but my heads just not in the right place right now as im so panicked
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    Try to find someone to take over your accommodation first. If you have trouble, you could arrange a discount - you pay a little bit, but they pay the majority. You wouldn't lose as much money this way.

    The alternative is to talk to your landlord, perhaps he can make some kind of concession or could line up another tenant? If you can sort out this, then cancel your maintenance loan. However, I would contact Student Finance as they may cancel your loan directly. They won't keep giving you the loan (if in instalments) if you aren't studying, which might be something to consider.
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    (Original post by cheesecakelove)
    Try to find someone to take over your accommodation first. If you have trouble, you could arrange a discount - you pay a little bit, but they pay the majority. You wouldn't lose as much money this way.

    The alternative is to talk to your landlord, perhaps he can make some kind of concession or could line up another tenant? If you can sort out this, then cancel your maintenance loan. However, I would contact Student Finance as they may cancel your loan directly. They won't keep giving you the loan (if in instalments) if you aren't studying, which might be something to consider.
    okay thankyou so much for your help going to do some ringing around today and see what I can do
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    Have you talked to the financial support people at your uni? They should be able to give you information on what happens when you drop out.
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    I just dropped out of Durham

    https://youtu.be/XZJbdxXUtks

    James.
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    (Original post by Tiger Rag)
    Have you talked to the financial support people at your uni? They should be able to give you information on what happens when you drop out.
    I did yesterday and they have told me to go somewhere else so im going to try that today - happy birthday to me haha
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    Fair enough if you want to drop out mate but have you considered the following?

    The feeling is only temporary. I hated my flat mates in my first year, I didn't get on with any of them. But things got better. Use your personal time more productively, meet other people in societies etc. The University experience does get better IMO, as long as you meet the right people, and are doing a course you enjoy.

    Fees - you've been on the course for basically a week. You're not going to be charged anything. As long as you quit before the end of October you should be able to get your first instalment back. However you need to find someone to take over your tenancy, that's non-negotiable otherwise you'll be (however much your accom cost) worse off.

    It's not the end of the world. Your situation is much more common than you might think, you need to decide whether or not you think things will get better.
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    (Original post by James1997c)
    Fair enough if you want to drop out mate but have you considered the following?

    The feeling is only temporary. I hated my flat mates in my first year, I didn't get on with any of them. But things got better. Use your personal time more productively, meet other people in societies etc. The University experience does get better IMO, as long as you meet the right people, and are doing a course you enjoy.

    Fees - you've been on the course for basically a week. You're not going to be charged anything. As long as you quit before the end of October you should be able to get your first instalment back. However you need to find someone to take over your tenancy, that's non-negotiable otherwise you'll be (however much your accom cost) worse off.

    It's not the end of the world. Your situation is much more common than you might think, you need to decide whether or not you think things will get better.
    the flatmates are the least of my worries I only mentioned it so that it wasn't suggested that I speak to them about it as I don't really even know them.
    I did join some societies but no time for it trying to keep up with presentations and reading etc.
    they've told me I wont be charged tuition but I haven't found a tenant so I have to work full time basically just to pay my rent - but id rather do that than stay here as I was actually scared about my mental state at the time. I go home tomorrow. thanks for your advice though
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    Honestly, t's been 15 days. Give it some time and see how it plays out?

    Do you actually like the course and the uni? Do you even want a degree or were you pressured? These are important things to consider.
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    (Original post by Sabby888)
    Honestly, t's been 15 days. Give it some time and see how it plays out?

    Do you actually like the course and the uni? Do you even want a degree or were you pressured? These are important things to consider.
    I dislike both, I was extremely pressured by my sixthform, they like to be able to advertise that 100% of students that attend get a place at university.
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    (Original post by loub123)
    I dislike both, I was extremely pressured by my sixthform, they like to be able to advertise that 100% of students that attend get a place at university.
    In that case try to go for something you actually want to do. Good luck
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    If you leave a course before a set amount of time, you will not be liable for any tuition fees. You will need to speak with your university to confirm, but normally if you withdraw temporarily or otherwise within a short period, you will not be liable for any tuition fees.

    You will need to repay a portion of your maintenance loan pro-rata based on how long you have been on the course. In your case, this will be most of it. You may be able to keep your overdraft, however it will likely be changed from a student overdraft to one of their other ones, and it's likely you'll be charged interest on the amount you've borrowed as with any other overdraft or credit card.

    It's better to go out sooner, rather than later. You can always go back next year or later in life if you want to, and if you leave now then you don't have much more serious financial implications of long term debt and lack of SFE funding in future.
 
 
 
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