Student loan advice

[Sofasurfingsally]

My husband keeps saying he plans to take a degree at 64 because he won't pay back. I'm very suspicious about the truth of this-what do people think?

I understand the general rules as I still have children at university. Surely there is a significant risk that in the future the student loans company will find a way to plug that gap. They could claim from the estates of deceased pensioner students, for example.

[moonpiggle]

Hi, im in higher education myself and my understanding of it is, if I earn enough after my degree then I will pay it back as Its deducted from your salary and also if its not been paid after 30 years apparently it gets wiped, not sure about the whole ins and outs of not paying back.Martin Lewis money expert has a website and advises on this.

[Mustbetimeforachange]

www.gov.uk/student-finance/who-qualifies

[willowandsage]

I think - although it may have changed - you can only receive maintenance loans if you start a degree prior to 60.

After that, you can get tuition fees paid for but nothing more.

However, best bet is checking the student finance website to see if it’s changed because it’s usually pretty helpful

[Sofasurfingsally]

Thank you. I will check. It's tricky, as they seem to feel emboldened to change the rules to suit themselves, now its privatised.

[BubblesBuddy]

Well at 64 his tax paying days are limited so effectively others will be paying for the degree that he wants but probably doesn’t need to boost his earnings. Therefore it’s a bit of a luxury! He is hoping to get something for nothing, unlike younger people. I’m that age and I would just do other, cheaper, courses or pay it myself. As a baby boomer I feel I’ve had lots of advantages.

[titchy]

SLC gets the money for loans from the Government - that doesn't make it private. The rules don't and can't change willy-nilly for current loan holders despite what the Daily Mail says. Outstanding loans cannot be taken from deceased's estates. There is no cash shortfall from non repayment - the system was designed with 50% RAB charge in mind. So yes he's right (although I think it's 60 rather than 65 at the moment), assuming he won't get a large pension.

[Sofasurfingsally]

@BubblesBuddy , I tend to agree. There are some excellent moocs, for example.

[Sofasurfingsally]

That's helpful @titchy.

[BubblesBuddy]

Could he do OU? I know quite a lot of people who have paid for that from their pension lump sums. Would this be possible?

[titchy]

Could he do OU? I know quite a lot of people who have paid for that from their pension lump sums. Would this be possible?

Or he could get a loan to do OU!!!!