student finance for the mature student

samantha46

So..I am new to the forum, but need a question answering.
I am about to apply for student finance to study to be a nurse with the OU.
At 48, and a 3 year course, this would take me to 51 before I would need to repay anything.
What happens at retirement age as the loan is wiped after 30 years and hopefully, I am still not working at 81!! :beer:
Is it wiped at retirement age? What if I retire early ?
It will be just my luck to go ahead with finance, the tories to get booted out in the future, and the next leader bringing the bursaries back !!

Ed-1

samantha46 wrote: »

So..I am new to the forum, but need a question answering.
I am about to apply for student finance to study to be a nurse with the OU.
At 48, and a 3 year course, this would take me to 51 before I would need to repay anything.
What happens at retirement age as the loan is wiped after 30 years and hopefully, I am still not working at 81!! :beer:
Is it wiped at retirement age? What if I retire early ?
It will be just my luck to go ahead with finance, the tories to get booted out in the future, and the next leader bringing the bursaries back !!

It's not written off at retirement but you won't need to repay anything if you don't earn above the repayment threshold. Pension income doesn't count.

samantha46

How can i be earning if i am retired ?

PasturesNew

samantha46 wrote: »

How can i be earning if i am retired ?

If you aren't, then nothing to pay .... but you could be a world-renowned public speaker still ... earning £10k/booking. You could write a prize winning "50 Shades of Older Student Fun" and get an income from book sales of £50k/year for doing nothing more....

IF you earn ... over the threshold .. you have to pay.
IF not ... no payment.

I can see where you might be "nervous" - I mean, what if you sold your £1million house and bought a £200k flat .... stuck £800k in the bank .... would they want it paid off?

Inheritances too.

I think you're probably seeking assurance that they won't come after the money from "other money that plops into your account" in the coming 30 years.

Ed-1

samantha46 wrote: »

How can i be earning if i am retired ?

That's the whole point of the repayment system. You only pay back if you can afford to at the contribution rate set by the Government which is currently 9% of your earnings above the repayment threshold (the repayment threshold for students starting after 2012 is £21,000; before 2012 is £17,775). There's no requirement to pay anything if you don't earn above these thresholds (which you won't be if you're retired).

Cash-Cows

Always makes me wonder why the universities aren't full of pensioners, because they would never pay anything back.