In my 60s and wondering whether to repay student loan

freeasabird

I know Martin Lewis says ignore the interest on a student loan but seeing it increase over time is quite stressful especially when you have been brought up to pay debt.

I earn under the repayment threshold of  ££27,295 and so far I have only made repayments when I got backdated salary. 

As the cut off for postgraduate courses is 60 years old ; I'm wondering whether to save the money and pay for an MA course and just leave the student loan as it is. 

spendthrift33

I, too, am in my 60's and currently enjoying studying History with the OU. I qualified for a student loan and took it.  I considered whether or not I'd worry about the loan and accruing interest as I, like you, come from the 'no debts' brigade.

But then I thought about all the tax and NI I've paid HM's Treasury over the last 47 years of being PAYE and decided that were I to ever get into the post 27k bracket then that'll be the time for me to start worrying.

I say, go for your MA . . . I hope you have fun with it!

freeasabird

Thank you Spendthrift33. I did not think about all the tax I paid and the MA means I can improve my circumstances and even at my age earn more money and pay contributions at a time when some people are lucky enough to retire.

Sncjw

spendthrift33 said:

I, too, am in my 60's and currently enjoying studying History with the OU. I qualified for a student loan and took it.  I considered whether or not I'd worry about the loan and accruing interest as I, like you, come from the 'no debts' brigade.

But then I thought about all the tax and NI I've paid HM's Treasury over the last 47 years of being PAYE and decided that were I to ever get into the post 27k bracket then that'll be the time for me to start worrying.

I say, go for your MA . . . I hope you have fun with it!

Hi sorry to jump on. 

I am looking at doing the History degree. How are you finding it. I am concerned about funding and having the debt over my head for 40 years so when I am in my 70s it will be wiped off.