The effect of transferring on student finance varies according to individual circumstances. It depends on your present course, your stage of study and the course you have chosen to transfer to.
If you transfer to another course at another university within the same academic year, Student Finance England (SFE) can usually carry forward your financial support without any ramifications, but you must keep them up to date with any changes.
If you transfer to another course and start again at the beginning of a new academic year, the situation is more complicated. SFE offer their services for the length of your course plus one additional year, and count a single day of study as a year of support. So if you start again, you will have used up one year of that support and cannot claim money back for the year that you didn’t finish.
For example, in the case of a three-year course, you could complete one year of study and still be entitled to three further years of support. However, if you transfer during your second year and begin another course from the beginning (totalling five years of study), you will have to self-fund part of it.
If you started your course in 2011 or before and are applying to study at another university it is important to ensure that you are recorded as 'transferring'. Provided you aren’t also changing your mode of study this will ensure that you aren’t charged the 2012 fees at your new university.