I depends on when you drop-out: For tuition fee loans, according to
https://www.gov.uk/student-finance-if-you-suspend-or-leave/print:
"
Tuition Fee LoansYou’ll need to repay at least some of your Tuition Fee loan for the year that you suspend or leave your course.
You’ll need to pay back:
• 25% of the loan for the year if you suspend or leave in term 1
• 50% of the loan for the year if you suspend or leave in term 2
• all the loan for the year if you suspend or leave in term 3
This is repaid in the usual way once you start earning over the threshold amount."
For the maintenance loan (covering living expenses) the same document says:
"
Maintenance LoansYour student finance provider will reassess your Maintenance Loan based on the number of days you attended your course.
If any of your loan covers the period after you’ve left your course, this counts as an overpayment and you’ll need to repay it straight away.
The Student Loans Company will write and tell you how much you must repay. If you cannot repay the full amount, you can ask them to set up a repayment plan.
The rest of your Maintenance Loan is repaid in the usual way once you start earning over the threshold amount."
So the question you need to ask yourself is whether that cost (debt) is worth it to attend BCU. Obviously, if they don't offer you a place next year then you just stay at Coventry and incur no additional cost/debt.
One other thing to consider is that the student loan company with loan you funds to cover the normal length of your course plus one year. (The "plus one year" bit is to cover you having to retake a year, or something like that.) So if you drop-out of Coventry and start again at BCU, you'll have used-up that option, meaning that you wouldn't be funded for a retake year at BCU if that became necessary.