Overpaid Student Loans/Grants - Left University

DailyClicker

Hi,

I left university in November 2010 only after a few months of being there. I informed Student Finance that I had suspended my studies.

I owe around £5,800 after the amount I get to keep due to the time being there.

I received a letter saying no further action or payments would be needed.

I am returning back to university in September and have re-applied for Student Finance, using the same account as last year. The payments I will be receiving are below.

Expected payment date Payment type Amount
Total £6,403.00
29/09/2011 Maintenance Loan £1,154.01
29/09/2011 Grant £969.00
09/01/2012 Maintenance Loan £1,154.01
09/01/2012 Grant £969.00
16/04/2012 Grant £968.00
16/04/2012 Maintenance Loan £1,188.98

What would you do with the £5,800 as I have already informed them but they have not asked for it back? Will they realise and pay me less this year?

DailyClicker

Anybody able to help?

Oldernotwiser

Put it in a savings account and forget about it; they'll want it back at some point.

robpw2

You will have to pay it back but when your earning over the threshold ,

robpw2

you are entitled up to 4 years worth (thats what they will pay for) and they will just count that you have had one years payment and so even though you were not at uni the terms regariding paying it are still the same

Taiko

Expect those payments to be reduced heavily, due to regulation 113, which permits them to deduct overpyaments from future amounts.

bestpud

I agree with Taiko - they take it from future awards.

If you have the money then hold onto it and use it to cover the shortfall from this year.