If I drop out this soon (year 1) of uni , what about my loan?

I haven’t spent any of the loan can they just take it back and it be done? Realising uni isn’t for me I don’t wanna do it for three years

Reply 1

Scienceisgood

You’ll have to pay it all back, long story short, yes.

That also means you’ll have to either shift any accommodation contracts you have or keep paying them.

Reply 2

normaw

Volunteer Team, Clearing and Applications Advisor

Original post by vlvtlix

I haven’t spent any of the loan can they just take it back and it be done? Realising uni isn’t for me I don’t wanna do it for three years

If you have been at uni for a couple of weeks or more, you will be liable for 25% of the tuition fees (check the terms of withdrawal with your unis finance department). This is paid direct to your uni from SFE, SFW, etc. You will be required to pay back most of your maintenance loan now. This is calculated on a pro-rata basis so if, for example, you have been there three weeks of a 16-week term, you will need to pay back 13 weeks now. The amount covering the three weeks you were at uni plus the 25% tuition fee amount will be paid back as per the standard terms - once you are earning above the repayment theshold from the April following withdrawal.

Make sure that you officially withdraw from uni and then inform SFE (or other funding body). Do check your liability for accommodation before you do this.

Reply 3

vlvtlix

Original post by Scienceisgood

You’ll have to pay it all back, long story short, yes.
That also means you’ll have to either shift any accommodation contracts you have or keep paying them.

So if I haven’t spent any of the loan I’ve been given is that all the amount they’ll need back?

Reply 4

Scienceisgood

Original post by QUOTE=vlvtlix

So if I haven’t spent any of the loan I’ve been given is that all the amount they’ll need back?

Hypothetically, say your entire entitlement loan was 9k for maintenance (for the whole year) and your first semester was say 93 days (£2,999.25 total over Semester 1).

£3k over said first 93 days is £32.25 per day (£2,999.25 for semester 1).

If you were at university for say 2 weeks, you would have to be entitled to 14 x £32.25 which is £451.50.

The remaining £2,547.75 (£2,999.25 - £451.50) would have to be paid back to SF and you would not be entitled to any further agreed loans for the 2024-2025 academic year as you are no longer a student. Repayments for the £451.50 would begin in April 2025 once you meet the threshold for repayment that is.

EDIT:
So it’s not a case of how much you spend, it’s a case of how long you were at university which shows how much you were entitled to, anything extra (the difference as shown above), would need to be paid back.

EDIT2:
The above does not include your tuition fee loan paid directly to the university.