Paying for OU degree

[Acqndalous]

I'm wondering if anyone can help here. I've registered for an OU access course, which I have already paid for. It starts in Feb.
I'm keen to do a degree afterwards- also with the OU. The funding system has me a bit flummoxed though. I can't afford to pay outright, and I'm not sure if I'm eligible for a student loan as I'm a mature student (53)
From what I've read I think I'm eligible, but unsure whether the rules about paying it back still apply.
I would hope to get my degree before I'm 60, and it would certainly help me progress in my career (social care sector) so I'd expect to be earning over the threshold for paying it back out of my salary.
I'm not sure if it's taking the piss at my age basically as I also understand that loan repayments are cancelled when you reach 60 ( though I intend to work at least till my pension starts)
But what is the situation if I'm unable to?

Tldr: if I start a degree and take out a loan at 54, and achieve it by the time I'm 57/58, would I be expected to pay it all back, and if not would it be in appropriate to start now?

Go on student finance site and have a read through
A student loan isn’t like other loans, you’d pay back maybe £8 a month if your pay is over £28000 (check the actual amounts) if you don’t earn over that don’t part. You have 30 years (again check) to pay back and if you don’t it’s wiped out.

If you have an undergraduate degree already you can only do certain courses eg teaching/medical type to get get funding twice. You cannot get funding for a Foundation degree if you have an undergraduate degree.

Also undergraduate degrees of you’re over 21 can be based on your work experience not necessarily GCSE/A levels dependent on the course and Uni. You may not need to do an Access course.

Call uni’s and ask them. It could save you time and money.

Martin Lewis money man on ITV explains this too. Try his website

Well done on signing up!

You won't be alone in starting at 53.

Students age-range reallly varies - you will not be the oldest and will probably be right in the middle.

The OU student support will be able to advise where to go to find out about the loans etc.

Thank you all. That's very helpful advice.
I'm excited about the access course anyway, even if it turns out I'll need to pay for the degree and can't do it. I'm doing People, Work and Society. I left school after O levels so my study skills are rusty, though I have since achieved maths and English gcses with quite good grades, which is why I felt the need to do the access.
Anyone else here doing same one? It was a toss up for me between that and humanities/languages.

I've just started a course and I got a student loan. I'm 39 so also classed as a mature student.

… taking the piss at my age

… inappropriate

You’ll have to forgive me for feeling somewhat dismayed by your phraseology. The assumptions behind the words probably reference half the people on this board.

I would have missed out on some of the most fulfilling years of my life if I hadn’t been able to take out a student loan, when I was older than you are now, to pursue a postgraduate course. I’m only sorry the loans aren’t offered to people over 60.

But between this thread, the OU site and the Student Loans site, I hope you’ll achieve clarity on the loans issue!

@LiterallyKnowsBest

… taking the piss at my age

… inappropriate

You’ll have to forgive me for feeling somewhat dismayed by your phraseology. The assumptions behind the words probably reference half the people on this board.

I would have missed out on some of the most fulfilling years of my life if I hadn’t been able to take out a student loan, when I was older than you are now, to pursue a postgraduate course. I’m only sorry the loans aren’t offered to people over 60.

But between this thread, the OU site and the Student Loans site, I hope you’ll achieve clarity on the loans issue!

Sorry, @LiterallyKnowsBest I didn't mean to be rude. I was under the impression that loan repayments stop at 60, plus I'm not certain that I'll able to go full time and earn enough to pay off the loan. So therefore I'm potentially going to be taking out a loan with only half an intention of paying it back. That's why it crossed my mind that it might not be appropriate. If everyone else is doing it, that's fine. I guess mature people have already paid enough in taxes over the years to compensate.

I am an OU student. You can get a student loan for any subject with the OU if you do not already have a degree. Repayments would only be a small amount monthly even if earning over £28k.
I have never heard that repayments stop at 60. I think it is based on income, not age but you would need to check this out. The only restriction for over 60s which I am aware of is that you cannot get a loan for a Masters over 60.

Definitely didn’t think you were rude! Just inviting extreme hopelessness in the over-50-yet-strangely-still-alive MN population.

So many people miss out on the opportunity to fulfill their potential first time around - either straight into a job, or strong-armed by parents (or their own not-knowing) into subjects for which they have no love or talent. This is a wealthy country. And it is enhanced by having a well educated / well trained population able to give their best for as long as they can. So, yeah - do the degree. Nothing inappropriate about it.

I should have also said that you can get a loan to start your degree when you are over 60. If you are on a low income, the Access course is also free.

(My phone seems unfamiliar with the word ‘inciting’. )

Thanks Literally I appreciate it. Also you made me laugh!

@Bathshebahardy

I am an OU student. You can get a student loan for any subject with the OU if you do not already have a degree. Repayments would only be a small amount monthly even if earning over £28k. I have never heard that repayments stop at 60. I think it is based on income, not age but you would need to check this out. The only restriction for over 60s which I am aware of is that you cannot get a loan for a Masters over 60.

Thank you. I don't know where I heard it but will investigate further

i think

you can't GET a student loan if over 60
If you get it at 59, you repay for next 25 years. it doesn't stop at 60 i(it used to, but that was many years ago)
Basically, too many people i suppose would start a degree at 58 as it was all free. So they want to stop that.

(of coutse you can do it and pay upfront, i just did that for 2nd undergrad degree - no funding as second degree) and masters (as i thought I was likely to work again over next 25 years so would probably end up paying back the £11k anyway PLUS interest at 6% when my savings only make 1-2%)

I'm in England, and sadly I'm not eligible for free Access course as it's based on household income ( had that confirmed by OU) It seems that the degree loan payments would be based on my income alone.

Most graduates won't repay the loan, it is more of a graduate tax than a loan. You are also definitely not too old either. If you only have GCSEs then an access course sounds like a good plan and it will develop your skills ready for when you start the degree. You might not finish it by 57 though, if you were studying full time it is about 30-35 hours studying per week. It is hard if you are also working. I would maybe do level 1 in one year and then consider dropping to just 60 credits a year, especially at level 3.

It depends when you take out your loan - I think a while ago they did write it off when you hit 60 but not now, I think.

Basically too many people I suppose would start a degree at 58 if it was all free

Yes that was exactly my concern. I have no issue paying a loan off if I was earning enough, but I don't want to be caught out and have to find the money to pay for it later if I've had to retire earlier than anticipated, or the hoped-for increase in pay doesn't come about.

I'm currently doing the people work and society access course! Good luck to you!

@Stiffcondomhat are you enjoying it? I must say it sounds interesting.

@Acqndalous

Basically too many people I suppose would start a degree at 58 if it was all free

Yes that was exactly my concern. I have no issue paying a loan off if I was earning enough, but I don't want to be caught out and have to find the money to pay for it later if I've had to retire earlier than anticipated, or the hoped-for increase in pay doesn't come about.

no, i think you are fine

it gets written off at a certain point - 25 years after you finished it, so doesn't matter if you don't actually work again after you do the degree (but the income calculations also takes into account pension income etc)

@Acqndalous I am but I must admit to doing the bare minimum. I am a sahm so thought I'd do it to put something on my cv as dd has just started school. But then I managed to get a job the same week the course started. I am determined to finish and pass it though, a lot of it is interesting and will be useful in work and home life!

@SuperLoudPoppingAction

It depends when you take out your loan - I think a while ago they did write it off when you hit 60 but not now, I think.

That's probably where I heard it then - DH muttered something about it

@lastminutetutor thank you that's interesting 😊

[quote Stiffcondomhat]@Acqndalous I am but I must admit to doing the bare minimum. I am a sahm so thought I'd do it to put something on my cv as dd has just started school. But then I managed to get a job the same week the course started. I am determined to finish and pass it though, a lot of it is interesting and will be useful in work and home life![/quote]
Very best of luck with it and for your future
I'm glad to hear you're finding some of it interesting.