How will dropping out of university affect my student finance money? Watch

sadsushi
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I'm a first year uni student and a few months ago I posted a forum where I have considered dropping out of uni; since then I have been doing research where I've been looking at the pros and cons of this decision since I am not 100% sure about what I want to do. I have decided to see the first year through so I can give myself some time to make a decision.

In terms of dropping out, I wanted to clarify how it would affect my student finance money in terms of how much I would have to pay back + future funding (this is if I chose to drop out and return to uni in the future)?

Thanks.
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Daveboi115
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Student finance will fund you for the length of a course +1. So if you leave after finishing out the year you will have funding for another full course regardless of how many years it is, with the caveat that if you have to repeat a year for whatever reason you’ll not be funded. You’ve used your +1 if that makes sense. If you leave and decide not to return then you just start paying back student finance equivalent to the total you’ve borrowed for your one year. Again the threshold applies so you won’t start paying back until you earn above £17,000 (not the exact figure but not far off). For example if you got £9,000 tuition fees loan plus £4,000 maintenance loan you’ll begin to pay back your £13,000 plus any interest accrued. Grants obviously do not have to be paid back.
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sadsushi
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(Original post by Daveboi115)
Student finance will fund you for the length of a course +1. So if you leave after finishing out the year you will have funding for another full course regardless of how many years it is, with the caveat that if you have to repeat a year for whatever reason you’ll not be funded. You’ve used your +1 if that makes sense. If you leave and decide not to return then you just start paying back student finance equivalent to the total you’ve borrowed for your one year. Again the threshold applies so you won’t start paying back until you earn above £17,000 (not the exact figure but not far off). For example if you got £9,000 tuition fees loan plus £4,000 maintenance loan you’ll begin to pay back your £13,000 plus any interest accrued. Grants obviously do not have to be paid back.
I get it; I was also wondering if I were to drop out halfway into the second year (which may be possible idk), would that count as a full year of funding (-1?)
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Daveboi115
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(Original post by sadsushi)
I get it; I was also wondering if I were to drop out halfway into the second year (which may be possible idk), would that count as a full year of funding (-1?)
I’m honestly not 100% how that one would work I’m afraid! Perhaps some else could shed some light on that. I do believe this would count as a full years finance and you would be eligible for the length of your next course -1 so regardless of the length of course you would be required to fund at least one of the years. Again though, somebody else would perhaps need to clarify that!
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