Doing a degree for first time at 55 and repaying student loan.

bluenose1

crv1963 wrote: »

I think a degree is calling me......................have to be History or Archaeology as they are my "out of work" interests!

Ha, totally agree, it is definitely calling me!!!
I have been looking at the student finance calculator and no matter what household income eg £1M+ plus per annum the student can apply for the £9,960 tuition fees and a maintenance loan of a minimum of £4,168 per annum.
Would be good to do a degree in something that really interests as well as getting financial support to do it.
Just need to persuade my oh to do a degree. No council tax woukd be a real bonus.

westv

bluenose1 wrote: »

Just need to persuade my oh to do a degree. No council tax woukd be a real bonus.

They would get 25% discount.

zagubov

It's a good idea. As long as you're under 60 when you start you may be entitled to financial support.

I've heard somewhere that if you're applying for certain approved subjects (mainly STEM ones, including Psychology) you can even get support if you already have a degree.

If you can't find a suitable degree near enough to attend, don't give up but look into distance learning (but there the catch is that most OU degrees run beyond the four years support you're entitled to.

Have you looked into Access courses?

pensionpawn

So if you and your wife / husband decide to embark on a degree in retirement you would pay only 50% council tax and you would both effectively get a free student loan?

jackieblack

pensionpawn wrote: »

So if you and your wife / husband decide to embark on a degree in retirement you would pay only 50% council tax and you would both effectively get a free student loan?

If you and your wife / husband are the only adults living in your home and both full time students, you won’t pay any council tax at all

“You will not have to pay any Council Tax if everyone in your home, including you, is a full-time student.”
https://www.gov.uk/council-tax/who-has-to-pay

marlot

Student Loan deductions and Occupational Pensions

If you are in receipt of an occupational pension that is not subject to Class 1 National Insurance Contribution (NIC) deductions, your pension payer should not take any student loan deductions.
Student loan deductions should only be made from income that is subject to Class 1 National Insurance Contributions at the point of payment. If you are unsure what kind of pension you are being paid you should ask your pension payer for information. The pension payer will however still have to deduct income tax in the normal way.

The only time an occupational pension could attract student loan amounts would be if you are required to complete an annual Self-Assessment (SA) Tax Return for HM Revenue & Customs and the total of all your unearned income exceeds £2,000.


Edited to add source: http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678571&_dad=portal&_schema=PORTAL

nigelbb

When tuition fees were first introduced student loans were written off after the earlier of 25 years or when you reached age 50.

bluenose1

Thanks Marlot, my oh and I have to complete self assessment forms for properties we own so it looks like our occupational pensions income would count.
Just done the figures and even taking this into account my income wont be greater than £25k so I don't think I would ever have to repay.
Though my oh would have annual income of £30k before SP kicks in at 67 so would have to repay some of it.

Zanderman

zagubov wrote: »

It's a good idea. As long as you're under 60 when you start you may be entitled to financial support.

I've heard somewhere that if you're applying for certain approved subjects (mainly STEM ones, including Psychology) you can even get support if you already have a degree.

If you can't find a suitable degree near enough to attend, don't give up but look into distance learning (but there the catch is that most OU degrees run beyond the four years support you're entitled to.

Are you sure about that last point? Surely it's 4 years support for full time study, and support will be longer than that if part time?

Joey_Soap

Slightly off topic but my daughter did an American Studies honours degree, four years at a Russel Group universtity. She did an academic year (year 3) in America and thoroughly enjoyed the entire experience over the four years. She has loads of friends in the USA now too.