Transferring Your Student Finance: A Guide

Changing universities mid-course is a significant decision. Navigating the student finance implications requires careful planning. This guide explains how transferring affects your funding.

Informing Student Finance is Crucial

The first and most critical step is to immediately inform Student Finance England, Student Finance Wales, Student Awards Agency for Scotland (SAAS), or Student Finance Northern Ireland (depending on where you initially applied). Do not delay this process. Failure to notify them can lead to incorrect payments and potential overpayment recovery.

How to Notify Student Finance

The exact method varies depending on your funding body, but generally involves logging into your online account or contacting them by phone. Be prepared to provide your Customer Reference Number and details about your new course and university.

Assessing Your Remaining Entitlement

Student finance is typically allocated for the duration of your intended course, plus one extra “gift year” should you need to repeat a year. When transferring, Student Finance will reassess your remaining entitlement based on the length of your new course and the years you’ve already studied. If you’re progressing to a higher year than you were previously in, this can affect your funding.

Maintenance Loan Adjustments

Your maintenance loan amount is influenced by your household income and where you study. Transferring to a different university, particularly one in a different part of the country, might alter the loan amount you’re eligible for. Re-assess your household income information and update your address to ensure accurate calculations.

Tuition Fee Loan Considerations

The tuition fee loan covers the cost of your course up to a certain limit. Ensure your new university is aware that you are a transfer student and that they liaise with Student Finance to confirm the correct tuition fee to be charged and the corresponding loan amount needed.

Impact on Future Funding

Bear in mind that transferring can affect your eligibility for future funding, especially if you’ve already used your “gift year”. If you require additional years of study due to the transfer, you may need to self-fund part of your tuition or living costs.

Appeal Process

If you disagree with the reassessment of your student finance, you generally have the right to appeal. Ensure you understand the appeals process outlined by your specific student finance body and gather any supporting documentation that strengthens your case.

Seek Advice Early

It’s always best to contact Student Finance as early as possible in the transfer process. This allows them ample time to assess your situation and provides you with a clear understanding of your funding options. Don’t hesitate to contact your university’s student support services for guidance as well. They can often help navigate the complexities of student finance and provide advice specific to your situation.