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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To take a student loan at the age of 58?

34 replies

Bachingupthewrongtree · 25/08/2017 17:40

I have recently retired and have been offered a place on an MA course in a subject I really want to study. I am very excited if more than a little anxious at going back to student life at the age of 58. The degree is purely for pleasure and is obviously not for career reasons, given my age.

However, I feel a bit guilty, as I would be applying for a student loan of just over £10k to finance the course and some maintenance, which I am unlikely to ever pay back.

AIBU to proceed?

OP posts:
DontLookBackIntoTheSun · 25/08/2017 17:41

Of course not! Good luck

McDougal · 25/08/2017 17:42

YADNBU. Go for it and good luck!

Snausage · 25/08/2017 17:44

Go for it!

Millieja · 25/08/2017 17:44

Not at all! Go for it!

IrritatedUser1960 · 25/08/2017 17:45

If they let you have it then take it.

cardibach · 25/08/2017 17:46

YADNBU! Go for it. I really want to do more study. If I won the lottery and could give up work I'd definitely be going back to University!

WaitrosePigeon · 25/08/2017 17:47

Oh just do it! Flowers

Floisme · 25/08/2017 18:07

Absolutely not. Not unreasonable that is. If it was me, I would just be careful about the repayment conditions, particularly the interest rate. If it's the same as for undergraduate loans, then it's about to almost double.

Otherwise go for it and enjoy every minute.

redexpat · 25/08/2017 18:43

Can you get a student loan for post grad study? I couldnt but that was 11 years ago.

gingergenius · 25/08/2017 18:45

I recently turned down a uni place because I couldn't face the rest of my life in debt. I'm 48 and a degree is on my bucket list.

ImperialBlether · 25/08/2017 18:45

Isn't it a Career Development Loan, rather than a student loan? I thought you could only get a student loan for a first degree. With a Career Development Loan you have to start repaying the month after you finish the course.

Enidblyton1 · 25/08/2017 18:53

As it's on offer, why not? I'd probably do the same. Just as long as you're prepared to pay it back if the government changes its mind at any point over the next few years - I guess there is always the risk.
Personally, I think it's crazy that they are allowing people up to the age of 60 to effectively have £10k free, but I suppose the majority will be paid straight to a university, so not much left for the individual to spend for themselves. And I'm all for life long learning. Go for it!

NotMyPenguin · 25/08/2017 18:56

I think the loans you can get for postgraduate are different from your normal student loans - basically commercial terms and you have to pay it back. So do check and tread carefully.

Well done for doing something you love!

DrHarleenFrancesQuinzel · 25/08/2017 19:03

Get it.

Yes you can get a PGL which is a loan for a post grad now, which you still apply for through Student Loans.

What's the worse that happens. They will just say no. You've not lost anything by applying.

ImperialBlether · 25/08/2017 19:09

Blimey, when did this post-graduate loan start? My son has just graduated from his MA and I had to pay a fortune to keep him in that time.

scrunchSE18 · 25/08/2017 19:17

Post graduate loans for Masters courses only started last yr I think. I'm a lot closer to 50 than 40, took one out and haven't looked back. Go for it, but don't be surprised if you are mistaken for staff rather than student occasionally. Now I must stop reading mumsnet and get on with writing my dissertation...

Original poster
Bachingupthewrongtree · 25/08/2017 22:30

Thank you so much for your encouragement everybody.

Enid, you may well be right that it's crazy to give loans to people up to 60 and I do feel guilty for taking a loan, even though it is all perfectly legal, as nobody will gain any benefit from it but me. But it would be an amazing opportunity!

OP posts:
sailorcherries · 25/08/2017 23:12

It might be different in England/Wales but SAAS will fund up to £10,000 worth of postgraduate study (£5500 for course fees and £4500 in living costs). They will fund 1 year diplomas and two year masters courses, with an agreement to extend this to three years for open uni courses.

It's fairly new and, previously, they only funded certain postgraduate study.

QueenOfVipers · 25/08/2017 23:20

I think part of the reason that tuition fees are so mental are that they often aren't paid back, so they have to make more off of higher earning professions to balance the books. I think that's more down to low paid professions and degrees that will maybe get you a graduate fast track course somewhere if you're lucky because there are no jobs in the sector where you live/it's too poorly paid.
either way though I wouldn't do it for that reason as I could never take out a loan I don't intend to pay back be it from the government or a credit card company.
That said it's perfectly legal and I wouldn't judge you for it just wouldn't do it myself

Original poster
Bachingupthewrongtree · 26/08/2017 15:51

I see your point Queen, but it's not like other loans really is it? Apparently 75% are never paid back. It's not like defaulting on the mortgage. It's a case of the loan isn't due to be repaid until you earn over a certain amount, which admittedly I won't because I am no longer working.

OP posts:
Floisme · 26/08/2017 16:01

I suspect what they will do is never raise the repayment threshold beyond 21k. (That's assuming it's the same for post graduate loans). So over time, more and more people will be sucked into repayments.

Lillygreen · 26/08/2017 16:23

I'm not sure to be honest. If you could claim benefits (but didn't need them), would you claim them just because they were on offer?

CockacidalManiac · 26/08/2017 16:25

I took out a student loan last year for the OU. I'm 48, unlikely to pay much of it back.
I'm not having any sleepless nights with the guilt.

Gruach · 26/08/2017 16:32

For goodness' sake! Why are you so down on yourself and every other person of your generation who is looking forward to the rest of their life?

What could there possibly be to feel 'guilty' about?

And why on earth might the degree not be for career purposes? Is everyone over fifty supposed to crawl into the ground and pretend they never existed?

sallyokkay · 26/08/2017 16:45

You should do it. People used to get maintenance grants after all!