Financial implications of quitting uni.

Oldernotwiser

GlasweJen wrote: »

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

Quite agree. Much better if he can finish this year successfully.

hershman

totally agree that he should finish this second year and then take a gap year and leave the chance of going back to do a final year. However he is adamant that he does not enjoy the work, has no interest in it and so I am trying to work out the financial implications. We are not going to pay his accommodation for the next two terms - he can pay that himself from his student loan -I think the compromise will have to be that he stays for the next two terms, turns up for exams but he will not do any work. It is very disappointing as he is very bright but very lazy.

Mike1989

hershman wrote: »

totally agree that he should finish this second year and then take a gap year and leave the chance of going back to do a final year. However he is adamant that he does not enjoy the work, has no interest in it and so I am trying to work out the financial implications. We are not going to pay his accommodation for the next two terms - he can pay that himself from his student loan -I think the compromise will have to be that he stays for the next two terms, turns up for exams but he will not do any work. It is very disappointing as he is very bright but very lazy.

To be fair half way through my first year I was bored sick, had near to no motivation to do my work until it came to a few days before the essay deadlines (somehow I came out with an overall 2:1 in my first year, never know how). I was considering switching courses or just not going back. But I stuck with it and now I enjoy it more and actually do my work early!

Admitted he is in his second year, but, he would be best finishing the year. Even if he does the bare minimum and passes each assignment, that would look better than leaving half way through. You could also put the thought to him, would you throw three thousand pound in the bin?

Because that is what he is basically doing by dropping out because he doesn't want to do it no more. So if you tell him, either way you will be paying for your course, eg. 3k or so. So why not finish it, do well, and leave at the end of the year so you have not wasted three thousand?

That would be my take on it. As there is no point dropping out half way through, you might as well see it through to the end of the year if possible because your paying for it either way unless you have a good reason.

cant_think_of_a_name_3

He would be entitled to a proportion of his student support (based on the number of days he attended from the start of the academic year - 1st Sepember - divided by 365). So if he hasn't been into his classes since before xmas make him just go into one of them now as it will boost his entitlement by a bit.

He'll definitely get approached to pay back the grants. I'm not so sure about the loans.

Mike1989

He would have to pay back the loans back whether he stayed on or not. I guess because he is quitting uni he would have to start paying them back, as I don't think the loans are under the same requirements of earning 15,000 or more like tuition fees.

Oldernotwiser

Mike1989 wrote: »

He would have to pay back the loans back whether he stayed on or not. I guess because he is quitting uni he would have to start paying them back, as I don't think the loans are under the same requirements of earning 15,000 or more like tuition fees.

Neither the fee loans nor the maintenance loan have to be repaid unless you're earning over £15,000. The exception would be if you accept a loan payment for a period when you're not actually a student. In this case you'd have to arrange a payment plan immediately, regardless of your actual income.

TDQO

He would DEFINATELY have to pay council tax from the day he stops being a student. They may not find out for a few months but councils do get regular updates from univeristies on the status of their students. Several of my friends who dropped out or even just changed courses (dont qualify as students for the summer period) got stung for council tax and if he lives in a big house like we did it could be as much as 150 quid a month!

charlierevell

Quiting was the best thing i ever did.... you dont need a degree these days! Your better off by being more experienced!

hershman

Thanks for the replies and the view that a degree is not necessary! - he is not going to do any work for the rest of the year but he is going to go all the exams in order to keep the student status and not have problems with council tax etc. I have tried the argument that he will owe the money anyway so he might as well do the course but he does not care about the loans as he does not intend to earn over £15K in a ordinary job. He does not have any grants. He is already making a living as a poker player so he has money which is non taxable. There is always the OU in the future I guess if he does not make a million with the poker!

surfsister

hershman wrote: »

Thanks for the replies and the view that a degree is not necessary! - he is not going to do any work for the rest of the year but he is going to go all the exams in order to keep the student status and not have problems with council tax etc. I have tried the argument that he will owe the money anyway so he might as well do the course but he does not care about the loans as he does not intend to earn over £15K in a ordinary job. He does not have any grants. He is already making a living as a poker player so he has money which is non taxable. There is always the OU in the future I guess if he does not make a million with the poker!

If he's 18/19 now over the next 25 years or so he must eventually earn over 15K and think how much the interest will be by then? Or does he intend to go abroad?