Financial Help Needed.

OohSoHolly

Ive just finished my first year at University and have since applied for my 2nd year finance from the SLC which has been accepted.

But im having concerns over whether i am doing the right course and am wondering where i would stand financially if i left.

I think if i did leave id want to take a year out to make sure that i chose a course that was right for me.

But, i have Student Account where i am into my overdraft by about £400, and £170 on a credit card. My finance for september is approved, so would it be better for me to enrol for yr 2, get my maintenance loan, and pay off what i owe then leave?
My fees arnt paid till February.

Theres no other way of me paying this money off if i leave before September enrolment. I cant ask my parents as they cant afford it either!:o

Unsure as to what to do for the best:rolleyes:

Oldernotwiser

OohSoHolly wrote: »

Ive just finished my first year at University and have since applied for my 2nd year finance from the SLC which has been accepted.

But im having concerns over whether i am doing the right course and am wondering where i would stand financially if i left.

I think if i did leave id want to take a year out to make sure that i chose a course that was right for me.

But, i have Student Account where i am into my overdraft by about £400, and £170 on a credit card. My finance for september is approved, so would it be better for me to enrol for yr 2, get my maintenance loan, and pay off what i owe then leave?
My fees arnt paid till February.

Theres no other way of me paying this money off if i leave before September enrolment. I cant ask my parents as they cant afford it either!:o

Unsure as to what to do for the best:rolleyes:

At the moment you've only had one year's finance so would be ok to return to do another 3 year course. Once you've had finance for the second year you're going to be in trouble when you want to return as you'll have to self fund your first year.

Of course there's a way of paying off £570 if you leave - get a job! For goodness sake, don't mess around with your future for the sake of a few hundred quid. Your credit card certainly won't have to be paid off in one lump sum and you should be able to pay off the overdraft in installments as well. Taking your maintenance loan to pay off these debts is a really bad idea.

tootiefrooties

Yeah, don't use your loan because that would mean you are only entitled to 2 more years of SLC, and if you do go back (albeit self-funding first year) you might need to retake a year or do PGCE (I don't think any other post-grads are eligible for SLC but could be wrong).

It's such a tiny amount that you have to pay back (in the scheme of things!) - just don't tell the bank you have left, because as far as I have experienced, once your student account is open, it runs as a student account for 3 years. I haven't had to provide proof of study each year. This means you have plenty of time to pay back o/d, say £100 a month over 6 months. Then go and tell the bank that you are leaving uni, so that they can convert your account and remove o/d allowance so you're not tempted to go over.

I would say, if you're having doubts now, don't let piddling bits of money stop you. In 3 years time you could owe nearly £30k, a rubbish degree (if your heart's not in it) and wasted time. Plus no opportunity to start another.

Good luck!

tootiefrooties

PS - i just noticed you said "take a year out to see if it's the right course for me".

Just wanted to make sure you know that most unis have a policy for this, so don't just drop out/not enrol. Search the uni website ASAP for who you need to speak to, an academic advisor or something like that, and get it arranged if it's what you want to do. Then you won't have to reapply to go back into the course, and you can start off from year 2 like you would have.