Uni/Student Tuition Fee

loverri

I am in my early 50's and thinking of going to university to do a degree. I would require a Tuition Fee Loan. I am very anxious about the thought of debt. I don't have any debt. I am married and we are mortgage-free.


I have read that I don't pay any money back until I am earning
£494 a week or £2,143 a month - i am in England.

If I knew that was rock-solid certain I would not be so worried but the:

[COLOR="Red"]Warning. This is how it works now – sadly it can be changed – even retrospectively[/COLOR]

My main worry is 'can they ever make me sell my house to repay the loan'?

Having our own home is the most important thing in the world to me, I cannot risk this. Could that happen?

Also, is it only MY income that has to reach a certain level before being repaid, this doesn't include my husband's income?

Can 'income' mean profit from sale of our home?

Many thanks.

[Deleted User]

income is earns through employment or self employment. Savings and house profits don't count.

No they can't take your house. They may change interest rates, they might change the income levels before repayment etc but nothing as drastic as taking your house. Your loan will be written off before you know it.

loverri

Thank you, is it 30 years though before it's written off?

Sncjw

Usually and it’s only a percentage you pay baxk on earning over the amount.

Spendless

There's a student board further down this forum.

You won't pay anything back until you start earning a certain amount. Then you pay a % of anything above that amount. Anything still owed is written off after 30 years. Considering you are likely to be retired within that time span, there's a high chance you won't ever pay back the total amount (obviously this is to do with how much you will earn).

You won't get savings or your house taken off you.

I'm guessing because you've only mentioned tuition costs you can afford living costs whilst you study.