Student Finance Change University

Changing universities mid-degree can significantly impact your student finance. Understanding the potential consequences is crucial before making this decision.

Tuition Fee Loans: Your tuition fee loan entitlement is based on the typical length of your course, plus one ‘gift year’. This gift year is designed to account for unforeseen circumstances like needing to repeat a year. If you switch universities and your new course is longer than your original one, or if you’ve already used your gift year, you might not receive full tuition fee coverage for the entire duration of the new course. For example, if your initial 3-year degree became a 4-year degree after transferring, you would have to self-fund the additional year, as your loan entitlement would only cover 3 years + the gift year.

It’s essential to contact Student Finance England (or the relevant student finance body for your region) *before* transferring to understand your remaining entitlement. They can assess your specific situation and provide a clear picture of how much funding you’ll receive.

Maintenance Loans: Your maintenance loan is means-tested, meaning it’s based on your household income. Switching universities can affect the amount you receive, particularly if your living costs change. For example, moving from a university in a smaller town to one in London will likely increase your living expenses. You’ll need to update Student Finance with your new university details and address to ensure your loan reflects your current situation. The updated assessment could result in a higher or lower maintenance loan depending on the change in circumstances.

Repaying Your Loans: Changing universities doesn’t change your repayment terms. You’ll still repay your student loan according to the repayment plan you’re on (Plan 1, Plan 2, or Postgraduate Loan), and repayment will only begin once you’re earning above the relevant threshold. The terms of the loan itself are not affected by the university you attend.

Additional Considerations:

• University-Specific Bursaries and Scholarships: You’ll likely lose any bursaries or scholarships offered by your original university upon transferring. Check if your new university offers any equivalent financial support.
• Impact on Graduation: Switching universities can sometimes delay your graduation. Factor this into your financial planning, as a delay could impact your entry into the workforce and your loan repayment timeline.
• Appeal Process: If you believe you’ve been wrongly assessed or have extenuating circumstances, you may be able to appeal Student Finance’s decision. Gather evidence to support your claim and contact Student Finance for guidance on the appeals process.

In conclusion, thoroughly research the financial implications of transferring universities before making your decision. Contact Student Finance, your original university, and your prospective university’s finance departments to gain a comprehensive understanding of your financial position.