Financial implications of quitting uni.

MiaWallace_2

I have been at university for one term but for various reasons need to quit

I have received my second loan instalment today.

Do I have to pay it all back straight away?

I have received a special support grant too. Will this have to be paid back?

pinkshoes

Grants usually have to be paid back if the course is not completed.

You need to speak to the student loan company about when you'd have to pay your loan back, but I don't think it would be straight away!

Are you sure you want to quit? Have you considered transferring to another course? Quitting uni is a BIG decision, so don't do it lightly! I nearly quit, but decided not to in the end, and it was the best decision I made.

MiaWallace_2

Thanks for the advice pinkshoes.

I haven't taken the decision to quit lightly but being a single mother to a 2 year old and being 120 miles away from my family has made it pretty impossilbe to do well on the course.

I'm planning on reapplying to a uni closer to my family where I might be in a better position to commit to 3 years of study.

melancholly

it might be worth seeing if you can do an academic transfer - i'm hazy on the details, i just know that someone i knew did it a few years ago when fees were introduced so that they didn't have to reapply and pay the fees! try you uni support centre (you can probably send them an email for advice too). it might remove the chance of having to pay the loan back until you have completely finished.

(apologies if this is completely out of date info - this all happened in 1997/98 but it seems worth a try!)

MiaWallace_2

Thanks melancholly. I've booked an appointmet with my personal tutor to discuss my options.

bestpud

It is probably worth contacting the finance person in your student welfare department too. They should know you options.

I am pretty sure you can still transfer uni without it affecting your funding.

Either way, you will be more likely to not get a big bill if you can prove there are extenuating circumstances behind your decision. I would say your situation is a valid reason for transferring mid year so make sure they know your reasons.

Good luck!

isaac_3

ITS NOT AS BAD AS YOU THINK
i did the same last year i quit at xmas but still got the last 2 installment of my student loan each of about £2000
i put them in a high interest rate account knowing i would need it the following year.
The only down side is if you know you are going to go back next year Dont Tell them you are quiting keep them guessing then put the money in an ISA account you get it all in april.
the only other thing you need to know is that they would not pay your tuition fees and you wont get a loan to cover the same year.

Oldernotwiser

isaac wrote: »

ITS NOT AS BAD AS YOU THINK
i did the same last year i quit at xmas but still got the last 2 installment of my student loan each of about £2000
i put them in a high interest rate account knowing i would need it the following year.
The only down side is if you know you are going to go back next year Dont Tell them you are quiting keep them guessing then put the money in an ISA account you get it all in april.
.

Are you always this gung ho about stealing?

Oldernotwiser

Why not wait until you actually have a full time job before leaving university?

Obviously you must do what's right for you but I'm not sure how you think working full time is an easier option than being a student!

hershman

This discussion is exactly the one I have been looking for - my son has just said that he intends to leave uni - he has done one year and one term. He has been paid his student loan for this term. He got no grants at all and we paid for his accommodation. The questions are these - will he have to pay back his students loans and fees as soon as he tell the uni or education department he is leaving - he has no money - or does it get paid back on the same terms as if he had done the full course - ie after he is earning over £15K. Secondly he is obviously committed to pay everything this term but are the fees paid to the uni for the whole year so he would be liable for the summer term fees even if he has left? Is it better just to continue living at uni in his student house which is a private house with other students and which he signed a year's contact so it has to be paid until the summer anyway and then properly leave at the end of his second year? There is also the problem that if he officially leaves now but continues to live in the student house that he might be liable for council tax for the house. I know he could ask his student welfare centre about all this but he wont and I want to know all the financial implications in case there are dire consequences and I can try to change his mind. thanks for any advice.

GlasweJen

Would your son not consider finishing second year as this would mean he leaves with a qualification of sorts?