Dh going to uni aged 58 - worried about money!

[Meowsmol]

Dh had to stop working 3 years ago due to a disability, FND. He was high up in IT but can't do it as his hands don't work properly anymore.
He now wants to do a psychology degree looking at neurodiversity. he's thinking about some sort of business/ coaching thing.
He called me today to tell me he's been accepted onto the course and they'll help him with student finance.
We have 2 children 1 in last year of college in sept so looking at 2026 uni. She wants to do forensics and biomedical science. So will need a fee loan and maintenance loan.
Ds is starting college in September for a level.
I'm the only one working. Dh gets pip. But I can't see how we can make this happen.
We rent and my dm has recently been diagnosed with dementia and df has mobility issues.
My brain is broken.

It's obvious you as a family can't afford for him to take three years out of work to a degree and it's odd he can't see this. Is he aware of the forthcoming changes to the PIP assessment? Has he talked to you about how AI could negatively impact him after he finishes the degree? And as mentioned by a PP, he won't be eligible for a maintenance loan once he reaches 60. Studying part-time whilst working full-time would be a sensible compromise, but even then I would make sure he does his homework about the likelihood of gaining a relevant job after graduating. His current planned subject doesn't seem worthwhile studying at degree level.

It's obvious you as a family can't afford for him to take three years out of work

He’s out of work now. And has been for three years.

If he doesn’t have a degree he will get student finance and possibly hardship funding until he’s 60. He’s at least ten years from pension age. If it gives him more skills and qualifications I’d say go for it.

If your DM & parents are state pension age & have health issues apply for this

It is not means tested

https://www.gov.uk/attendance-allowance

I believe that students can work up to 20 hours per week & during the holidays

He diesn't need a Psychology degree for Business Coaching.
He needs a lot of hands on Business related experience, a great network, Sales and marketing skills and a LOT of energy and tenacity.
So aside from the costs of the degree and financing your lives while he does it his plan for a career afterwards are pretty unrealistic

I did a psychology degree, graduated in 2021 (I was 30). It was a verrrrrry intense workload, a lot of essays.

There was 25 in my class, only one went on to work in the field. Three started masters but dropped out (myself included!)

I really wouldn’t recommend. Most jobs in the field require post grad or further training, and are very competitive as the market is oversaturated with psychology grads. The degree needs to be BPS accredited or he’ll need to do a further conversion course, FYI.

He's been a high-earning IT professional and yet you are still renting in your 50s and he has no pension? There has to be a back story to this.

FWIW I've known several people who've obtained psychology degrees in later life, hoping to work in the profession. Some have done three-year courses, some conversion courses. I also know a couple of professional psychologists — clinical and educational — working at the top of their profession. None of the older psychology graduates has managed to get into the profession and as far as I'm aware none is working in a related area at the moment, though one has gone on to psychotherapy training and another was in learning support for a couple of universities but has since been made redundant. My psychologist friends say that older graduates are less attractive because the lengthy post-grad training often means they only have a limited time practising once qualified. And many older graduates don't have the science and maths background that's required for clinical work.

This! His capabilities seem at odds with what I would expect given he receives PIP for the FND. I’ve lived with MS for a while. I had to give up employed work eventually. Not because of the physical limitations as there are workarounds for these now, but due to fatigue & cog fog. My brain just doesn’t function like it used to. Is he being realistic about being able to manage the intensity of studying?

Unfortunately I agree with this 100%
He is taking a piss and downgraded himself from a man to a manchild. Now you have 3 children and you're supporting this family on your own. Difficult situation to be in.
As pp suggested I would sit him down and tell him you can't stretch to support two students and DD's degree is a priority here whether he likes it or not.

I’m not sure I’m understanding the financial side. He’s not been working for 3 years already, so you must be “managing” on current income. Or have you been limping along on the assumption he’ll be able to get work? If so, does he know that?

If the choice is between him not working and staying at home, or not working and studying, surely studying is better even if it were only to benefit his quality of life. That is of course assuming “help with the cost” covers all costs of him attending the course.

That's not right. Dd will.be counted as living in her uni accommodation not home if she lives away, you don't get counted as living in two places, even if you come home for the holidays.

If he can study for a degree he can almost certainly find some sort of paid work

Sense at last. And the maintenance element of his student finance will make the household a taxfree £11k better off.

Where did you get £11K from?
Maintenance loan for living at home in England is a max of around £8.8k, but OP has said she would need to top up her DD by about £5k, so assume she qualifies for only near minimum loan. DH would also be assessed on the same household income, so near minimum of £3.9k

Are you suggesting he maxes out the maintenance loan and then aged 60 plus he won't have to pay it back? I guess that's an idea..

He won’t be assessed on household income. Because of his age he’ll be assessed as a single person. £11k a year. Which will never have to be repaid.

What about disabled student allowance is that something he might also qualify for?

I don't think this is correct. I was a 'mature' student, at over 25 they count your partners income when working out your maintenance loan if they are part of the same household. I was only eligible for the minimum due to my husband's salary.

edited to add this link from student finance just to show it is based on household, not individual income regardless if you are a typical student or an adult (over 25 for student finance purposes).

Also, they are no longer written off at 60.

Repayment plan 5
Any loan plus interest remaining 40 years after you’re due to start making repayments will be cancelled.

(although you don't make payments until you reach the salary threshold).

https://www.moneysavingexpert.com/students/student-loans-england-plan-5/

Please ensure you do your own research, there is a lot of incorrect info on this thread.

In this instance it’s unlikely there will ever be any repayment. This man will be receiving a state pension in ten years time - currently about £20k below the threshold for repayment.

Might be worth asking whether any conversion course providers would be willing to consider his professional qualifications as equivalent to a degree.

https://www.moneysavingexpert.com/banking/budget-planning/

You need to sit down and have a grown conversation about budgets. (See budget planner)

Would doing the course part-time be an option?

@Meowsmol I think it would be worth at least looking into it, with an open mind, as to what the financial impact would be while your DH was studying.

You might be financially better off, just the same, or worse off, but I don’t think you have all the information yet to make the decision.

I realise there are separate questions about whether you feel he should be working instead, but at least find out the financial facts first. And remember, any student loan he was eligible for is very unlikely to have to be repaid.

Food for thought- if he could study and increase the household income at the same time (because of student finance), how would you feel about it?

I might be missing something but is it right that he doesnlt work at the moment? Is he able to work at all?

If he isn't/can't, and if his studying can be paid for with loans are only repaid as a proprtion of his future earnings, then what is the additional financial cost of him studying?