There have been some changes on funding and loans on post grad degrees that have have only just been introduced for this academic year. The terms are mentioned on Money Saving Expert. It's anticipated that it'll be extended to Masters in the not too distant future. I can't remember if that bit is mentioned in the MSE website. But I'm sure that's the case. He'll pay it off at a low interest rate until he reaches 50, where upon the debt is wiped off clean. So it's really worth taking this into account.
Another concern you mention are redundancies. When making people redundancies the employer has to be in a position to argue to Industrial Tribunal as to why the employer has made redundant x but not y. The employer has to decide and prove that they've tried to redeploy x elsewhere within the company. If they were to make x redundant and not y. They literally draw/ make up a list of pros and cons. The pros can be length of service, level to which they're qualified, time off and any other relevant factors they choose, would should be deemed reasonable in the event of an Inducteial Tribunal I know my SIL escaped a redundancy because she had a degree and the others didn't.
So you need to consider the above when deciding whether to use your nan's money and also your ages. Particularly yours, when you decide to do further qualifications vs. your ages and pay level/type of job. If you go back it's difficult to find well paid jobs that ft in with your family commitments, child care cost vs. pay and how much you'll be left over with after tax, etc. Especially childcare costs if you have more than one child! I know the cost of childcare, despite tax credits, childcare costs an arm and a leg! Not literally though😂.
How much of a difference could it make in terms of a pay rise if he had this qualification and he was promoted to a level to which he feels that he'd be able to cope too? I ask, because any pay rises make give you all a better quality of life. Mind you, seeing as though he's effectively paying for a car 'on tick', he's bound to be paying a considerable amount extra in terms of interest. In the event of a pay rise, I may well be inclined to pay expensive debts off first. Also maybe increase your mortgage repayments, too. We did the later and in hindsight, thank goodness we did, because although we had critical life cover, when I developed MS, that paid of some of the mortgage, but we'd also been paying off a little extra off each month. Thank goodness, because I had to give up work seven years ago. My husband has now also had to retire prematurely last October too, to become my carer. Carer's only get paid about £68 or so; not enough when one of your DC is at uni, by a long stretch. Student finance will only give you money based on last year's earnings so that makes life a little tricky. Thankfully, I've also been a saver during my life! 😉. One never knows what is around the corner in life and it does tend to chuck the odd spanner into people's lives. I have to admit that I am a real worrier about money and it's a considerable relief that we now own our house outright. Feels really weird actually, when I look at our house whenever I'm going off somewhere and glance back to check for open windows (only when O/H is driving, of course!😳😂) in a good way, actually!
So yes, there are many factors to consider, almost certainly more than many people realise, because of my own valid experiences.
I'd be inclined to make it clear that if he goes ahead with this qualification, that he's 100% committed and isn't doing it at the expense of happiness and stress levels. (Yes, I did a degree with kids, a job and running the house single handed, looking after a dying very close relative, etc. It was very stressful, but oh boy, it's had a huge effect upon my self esteem! - it is incredibly hard work and often I'd sit down at 10pm to start my own work, having finished all my chores. Then I'd work until about 4am. Then d get up at 7am to get myself and two children, ready and fed, to two different schools about two miles apart and myself to work all in fifteen minutes! Yes, that was stressful too, to say the least! I forgot what a TV looked like and as for a social life...hahahaha...what?!
I too, came into a sum of money from my nan too. We went on an unforgettable family holiday that the kids still talk about now, a new kitchen and just for me, because I know my nan wanted one to hand down to me but was vetoed by someone else, an expensive well known brand of watch. I wear it all the time and every time I look at it, it reminds me of her, and truly cherish it.
Sorry to ramble...but so much for you to consider that may not have even crossed you mind. 😀 I have to say though, that apart from the skanky MS, I'm really happy and enjoying my life. 😀😀😀