Will cancelling my accommodation affect my student loan?

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mischamoo
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Hey
My university has given me the option to move out of my accommodation over Easter. This means I won't have to pay the final fee on my room (Saving a grand here!). I am however worried this will affect my student loan and l will end up owing SFE money. Student Finance England have shut all their call centres so I can't ask them.
Anyone know?
Much appriciated
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tputnam
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(Original post by mischamoo)
Hey
My university has given me the option to move out of my accommodation over Easter. This means I won't have to pay the final fee on my room (Saving a grand here!). I am however worried this will affect my student loan and l will end up owing SFE money. Student Finance England have shut all their call centres so I can't ask them.
Anyone know?
Much appriciated
Well that's still money you'll have to pay back when you finish your degree, but for now it'll stay in your bank account unless you spend it. It isn't going to negatively impact your loan at all.
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_gcx
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Also interested in this - my university just told us to "inform SfE" but didn't tell us exactly what we should do.
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tputnam
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(Original post by _gcx)
Also interested in this - my university just told us to "inform SfE" but didn't tell us exactly what we should do.
All that's changing is the money that would have gone to your accommodation provider will remain in your account. You'll pay it back when you finish your degree so it's up to you what you do with it now. SfE don't tell you what you have to spend that money on so don't worry
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mischamoo
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(Original post by tputnam)
All that's changing is the money that would have gone to your accommodation provider will remain in your account. You'll pay it back when you finish your degree so it's up to you what you do with it now. SfE don't tell you what you have to spend that money on so don't worry
People who live at uni get higher loans that those who live at home, so since I am living at home I wonder if SFE will want a portion of it repaying.
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hannahgeo123
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(Original post by tputnam)
All that's changing is the money that would have gone to your accommodation provider will remain in your account. You'll pay it back when you finish your degree so it's up to you what you do with it now. SfE don't tell you what you have to spend that money on so don't worry
Yeah but maybe OP doesn't need the money now that they are no longer paying accommodation and they would rather not have it at all than pay it back in the future with high interest.
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Hippokrates
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Yes they will reduce your loan amount to the living at home amount
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tputnam
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(Original post by Hippokrates)
Yes they will reduce your loan amount to the living at home amount
SFE don't know if you have spent it / what you have spent the loan on
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Hippokrates
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(Original post by tputnam)
SFE don't know if you have spent it / what you have spent the loan on
It’s called fraud
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mischamoo
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(Original post by tputnam)
SFE don't know if you have spent it / what you have spent the loan on
Lol very true 😂 Only thing is some people (like I did) had to prove we were staying in student accommodation in September. I had to send paperwork confirming, in order to get the higher ‘away from home’ maintenance loan
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Liverpool Hope University
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(Original post by mischamoo)
Hey
My university has given me the option to move out of my accommodation over Easter. This means I won't have to pay the final fee on my room (Saving a grand here!). I am however worried this will affect my student loan and l will end up owing SFE money. Student Finance England have shut all their call centres so I can't ask them.
Anyone know?
Much appriciated
Hi there,

If you notify them that you are now living at home then most likely they will re-evaluate your funding (via a change of circumstances form) so that your payments reflect what you should be receiving for the rest of the year.

Let's say that could you get £3000 overall (£1000 a term) for living outside of the parental home.
Let's say that you could get £2700 overall (£900 a term) for living in the parental home.

As your final term is going to be in the parental home they will simply adjust your final payment to match your current circumstances meaning it would not be the £1000 payment but £900.

I hope this makes sense and helps.

Patrick :lep:
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