Restarting University from Year one - How will that affect student loan? Watch

aag1
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Restarting first year as I haven't really settled into the university I am currently at and feel a fresh start would be best for me, I will finish my first year as I am doing relatively well on my course. I want to do a year abroad as well within this course. So from 2020/21 I will restart Uni and do a 4 year course.

Main question is how that would affect my student loan? I know they will offer a grace period, but my main question is how much more do I have to pay in terms of repayments once I leave university, compared to if I didn't restart uni?

Thanks
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(Original post by aag1)
Restarting first year as I haven't really settled into the university I am currently at and feel a fresh start would be best for me, I will finish my first year as I am doing relatively well on my course. I want to do a year abroad as well within this course. So from 2020/21 I will restart Uni and do a 4 year course.

Main question is how that would affect my student loan? I know they will offer a grace period, but my main question is how much more do I have to pay in terms of repayments once I leave university, compared to if I didn't restart uni?

Thanks
I’m in the same position, any help anyone?
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thegalaxy
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I’m in the same position, any help anyone?
(Original post by aag1)
Restarting first year as I haven't really settled into the university I am currently at and feel a fresh start would be best for me, I will finish my first year as I am doing relatively well on my course. I want to do a year abroad as well within this course. So from 2020/21 I will restart Uni and do a 4 year course.

Main question is how that would affect my student loan? I know they will offer a grace period, but my main question is how much more do I have to pay in terms of repayments once I leave university, compared to if I didn't restart uni?

Thanks
You'll be able to get full funding for your new course. The formula they use is:

Length of new course + 1 - years of previous study. So for a 4 year course, 4+1-1 leaves you with 4 years of funding.

Obviously you will have an extra years worth of tuition and maintenance than if you hadn't restarted, however remember that the amount you repay each month once you start working is based on what you earn not what you owe.
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(Original post by thegalaxy)
You'll be able to get full funding for your new course. The formula they use is:

Length of new course + 1 - years of previous study. So for a 4 year course, 4+1-1 leaves you with 4 years of funding.

Obviously you will have an extra years worth of tuition and maintenance than if you hadn't restarted, however remember that the amount you repay each month once you start working is based on what you earn not what you owe.
Would I be funded for Masters if I do my masters elsewhere? If not, I wouldn’t mind doing an integrated masters if that was the case.
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999tigger
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Would I be funded for Masters if I do my masters elsewhere? If not, I wouldn’t mind doing an integrated masters if that was the case.
Masters is separate and unaffected. It is a £10k loan.
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aag1
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(Original post by thegalaxy)
You'll be able to get full funding for your new course. The formula they use is:

Length of new course + 1 - years of previous study. So for a 4 year course, 4+1-1 leaves you with 4 years of funding.

Obviously you will have an extra years worth of tuition and maintenance than if you hadn't restarted, however remember that the amount you repay each month once you start working is based on what you earn not what you owe.
Thanks, that helps alot!

So essentially if I restart, my now increased repayments wouldn't be higher once I start work, just longer as I have more to pay back?
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thegalaxy
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(Original post by aag1)
Thanks, that helps alot!

So essentially if I restart, my now increased repayments wouldn't be higher once I start work, just longer as I have more to pay back?
Most people won't repay all the loan within the 30 years but yes in effect if you're a very high earner after graduation you will be paying out for longer than had you not restarted
(Original post by closure)
Would I be funded for Masters if I do my masters elsewhere? If not, I wouldn’t mind doing an integrated masters if that was the case.
Yes. You can do an integrated masters (which you get tuition and maintenance as per the other years) or if you want to go elsewhere you can get a postgraduate loan which is about £11k, but this has to cover both tuition and maintenance
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