To take a student loan at the age of 58?

[Bachingupthewrongtree]

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?

It depends on your wage and how much you will be paying off. The interest rate for the MA loan is higher than the undergraduate one, and the rate of repayment is also different. Also, you are vulnerable to the terms of the loan being changed at any point in the future, as has happened with other student loans. It may be that you save more money if you are able to pay it yourself. If not, go for it!
The loan is there for a reason, just be sure to read the small print.

Rate of repayment is lower than for UG loans (6% of income above £22k rather than 9%).

OP go for it!

Do it!

Is the cut off at 60?

I would start from the basis that the repayment threshold is frozen indefinitely at 21K. I assume you're now on some kind of index linked occupational pension? That might be well under 21K at the moment but factor in your state pension in 10 years time or thereabouts plus inflation..... is that likely to take you over the threshold?

I hope I don't sound like a naysayer! It may be highly unlikely that you'll end up repaying it in full but I think it's quite conceivable that, in time and with inflation, you could end up having to make repayments while not being on a large income. If it were me, I would plan for that eventuality.

Drat! You can't get one if you already have a Masters degree.

It does seem like a golden opportunity. And who knows, maybe afterwards someone will offer you a fab job that you just can't turn down.

Not unreasonable at all. I'm starting a second undergraduate degree next year, funded by student loans (it's a part time STEM degree which they will give a loan for) at the age of 49, for a field I've always been interested in but realistically have no prospect of entering. Should be lots of fun though and I will probably do a MSc afterwards.

I'd go for it too. I'm considering doing an OU degree. My first degree. I was very surprised to learn that there is no upper age limit for the loan.

You are right Gruach, I do not intend to crawl into the ground!

Good luck to others starting their degree courses!!!