Post Grad finance - anyone an expert?

[RosiePoseyPocket]

I applied for a Masters on a bit of a whim, and to my shock I've actually been offered a place!

So now I'm starting to get the wobbles - I'm in my 50's, it's a long time since I last studied, and I'm well and truly in the sandwich of elderly parents and young adult children away at Uni.

The course I've been offered has options of PG Cert, PG Diploma, and Masters, and I understand I have to apply for the Masters to be eligible for student finance.

But what if it is too much - as far as the Uni is concerned I can stop at a PG Cert, but what would happen with regard to the finance? Would I need to repay it immediately, or as normal (ie for the rest of my working life!) I know payments to me would stop if I withdraw, but I guess I'm just worried about a sudden demand for several thousand pounds back!

Help!

Nothing! You'd repay on the same basis as if you'd stayed on the Masters, same as UG degree - leaving early with a DipHE doesn't mean you have to repay immediately. Go for it!

I only needed a PgDip and did not want to write a dissertation, but I needed the postgraduate loan. I only applied for MAs where I knew that I could easily exit at the PgDip level. Which I did. I started paying the loan back as normal but nothing more.

It seems to be a handy loophole.

Thank you both, that's reassuring to know

If it helps, Aberystwyth weren’t very helpful with the idea of leaving an MA at PgDip level where as the University of Sheffield were, so I went with the later. It’s not down to the Uni, it’s the funding rules, but I needed to know the Uni wouldn’t make it difficult for me to leave.

Thank you Jane, that's interesting.

Does anyone happen to know if student finance is deducted from pensions? Am I going to be paying it back till I retire, or till I die

Ignore me, I'd forgotten it was proportional to income, so even if I'm lucky enough to come out with a pension over £21,000 it would only be payable above that. Sorry!

https://www.gov.uk/repaying-your-student-loan/when-your-student-loan-gets-written-off-or-cancelled

This seems to indicate 30 years … (But yes, you’ll only pay if your income is above the threshold.)

By the way, @RosiePoseyPocket , you might find it useful to wander over to MN’s

Mature Study and Retraining board

which is dedicated to people returning to study and training beyond early adulthood.

Ooh thank you @DisneyHag, I didn't realise that existed!

Uhm nope. I pay my postgraduate fees every month regardless of my earnings.

I pay UG depending on my earnings.

According to the link posted by @DisneyHag above:

If you’re on a Postgraduate Loan repayment plan
If you took out a Master’s Loan or a Doctoral Loan, you’ll only repay when your income is over £403 a week, £1,750 a month or £21,000 a year.

?

I have no idea. But I am not a huge earner. I'm NHS mental health. About 30k.

I pay between 40 and 60 pounds per month for postgraduate loan. My UG can be as little as £5.

It does not appear to be dependent on my income. I pay PG out of every pay packet.

Oh, 21k a year? I'd absolutely expect that if you have a masters.