Paying for (mature) student loan beyond retirement age

bobobrussel

I'm 57 and looking to do a masters degree. Can anyone tell me what happens to the payments when I reach retirement at 67? Naturally I will have income from various pensions when I retire. If my pension income is higher than the level applicable for making repayments, do I still have to continue paying? I would expect my pensions to add up to about 30K year so anticipate not having to repay anything. But my part of my pension is in income draw-down so I can vary what I take.

Les79

probably best fielding that one to the source of the funding (usually Student Loans Company). They'll know precisely how it works.


I personally feel that you should be liable to pay student loan contributions for the same length of time as, say, a 25 year old will (is it 25 years?) if you are drawing 30k a year from pensions. Even if you aren't liable, I would personally suggest that you consider making a charitable donation to the same amount each month/year. But each to their own in that respect.






You have piqued my interest, though, as I have a student loan which I pay back and will be paying back for about 20 years (if I remain in a similar or higher paid job). It begs the question, does repaying the student loan money back affect my pension contributions? Because it would be a bit crappy if it does, more so if yours is written off upon retirement, because I'll be in a worse-off position than you pension-wise.

silvercar

I understood that pension counts as income and so you would be expected to repay out of your pension income.

You may get better responses on the student board here.

post-grad repayment is something like 6% of everything over 25k I think, so £300 a year on a £30k pension.