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

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bluenose1
bluenose1 Posts: 2,667 Forumite
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in Pensions, annuities & retirement planning
Left school at 18 with a couple of A Levels and have worked ever since.
Going to retire at 55 at latest and amongst many other things musing over doing a History degree full time. Assuming I get accepted according to Student Finance calculator I would qualify for the full tuition fees being paid and a maintenance loan of £5,864 per annum.
As I don't intend to work again I assume I would not pay this back as will not have income over £25k per annum.
Am I missing something?
Thanks in advance.
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  • jackieblack
    jackieblack Posts: 10,316 Forumite
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    edited 18 May 2019 at 11:05AM
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    bluenose1 wrote: »
    Left school at 18 with a couple of A Levels and have worked ever since.
    Going to retire at 55 at latest and amongst many other things musing over doing a History degree full time. Assuming I get accepted according to Student Finance calculator I would qualify for the full tuition fees being paid and a maintenance loan of £5,864 per annum.
    As I don't intend to work again I assume I would not pay this back as will not have income over £25k per annum.
    Am I missing something?
    Thanks in advance.

    My understanding is the same as yours.
    I’m planning to do the same in a few years time (not History though).
    But I will need to do a foundation year, which I think I will have to fund myself, so I will need to save for that first.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shading
    Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the end
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    2021 £1250.00, 2022 £1500.00, 2023 £1500
    Target for 2024 (offset) = £1200, YTD £345
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  • bluenose1
    bluenose1 Posts: 2,667 Forumite
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    jackieblack wrote: »
    My understanding is the same as yours.
    I’m planning to do the same in a few years time (not History though).

    Always thought I had missed the boat on going to University for free, by the sounds of it maybe not.
    What are you thinking of doing?
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  • prowla
    prowla Posts: 13,162 Forumite
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    Hmmm - that's a thought...
  • jackieblack
    jackieblack Posts: 10,316 Forumite
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    edited 18 May 2019 at 11:18AM
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    bluenose1 wrote: »
    Always thought I had missed the boat on going to University for free, by the sounds of it maybe not.
    What are you thinking of doing?

    Me too. Family circumstances meant it just wasn’t an option for me at 18.
    American Studies. It’s just something I am interested in and think I would enjoy.
    But I need to get my mortgage paid off first!
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shading
    Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the end
    MFW #4 OPs (offset): 2018 £866.89, 2019 £1322.33, 2020 £1337.07,
    2021 £1250.00, 2022 £1500.00, 2023 £1500
    Target for 2024 (offset) = £1200, YTD £345
    Quidquid Latine dictum sit altum videtur
  • Westie_Fan
    Westie_Fan Posts: 13 Forumite
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    Lots of universities offer four year degrees with a foundation year included, which is funded by student finance in exactly the same way as a three year degree.
  • bluenose1
    bluenose1 Posts: 2,667 Forumite
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    jackieblack wrote: »
    Me too. Family circumstances meant it just wasn’t an option for me at 18.
    American Studies. It’s just something I am interested in and think I would enjoy.
    But I need to get my mortgage paid off first!


    American History sounds very interesting. Have you checked if the University you want to go to has a Foundation year course. If so I think you can get Student Finance for the full 4 years.
    I wouldn't mind doing a Foundation Year myself first to make sure my brain is up to a degree plus and would increase my potential funding from 3 years to 4 years.
    Money SPENDING Expert

  • jackieblack
    jackieblack Posts: 10,316 Forumite
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    edited 18 May 2019 at 11:30AM
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    Westie_Fan wrote: »
    Lots of universities offer four year degrees with a foundation year included, which is funded by student finance in exactly the same way as a three year degree.
    bluenose1 wrote: »
    American History sounds very interesting. Have you checked if the University you want to go to has a Foundation year course. If so I think you can get Student Finance for the full 4 years.
    I wouldn't mind doing a Foundation Year myself first to make sure my brain is up to a degree plus and would increase my potential funding from 3 years to 4 years.

    The course I have my eye on (at my local university) is 5 years, as it includes a foundation year as well as a term/year studying abroad.

    My understanding is that I will need to fund myself (at least living expenses, but probably tuition fees as well) for at least one of those years.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shading
    Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the end
    MFW #4 OPs (offset): 2018 £866.89, 2019 £1322.33, 2020 £1337.07,
    2021 £1250.00, 2022 £1500.00, 2023 £1500
    Target for 2024 (offset) = £1200, YTD £345
    Quidquid Latine dictum sit altum videtur
  • Albermarle
    Albermarle Posts: 22,158 Forumite
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    I would qualify for the full tuition fees being paid and a maintenance loan of £5,864 per annum.
    The tuition fees loan is largely dependent on what previous higher education you have had and not dependent on your age and financial circumstances.
    The living expenses loan is dependent on whether you live at home ( you get less) and/or if you study in London and is dependent on your or your partners income ( not sure what would be classed as income)
  • jackieblack
    jackieblack Posts: 10,316 Forumite
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    edited 18 May 2019 at 6:38PM
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    Also, full time students are exempt from Council Tax :)
    https://www.gov.uk/council-tax/who-has-to-pay
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shading
    Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the end
    MFW #4 OPs (offset): 2018 £866.89, 2019 £1322.33, 2020 £1337.07,
    2021 £1250.00, 2022 £1500.00, 2023 £1500
    Target for 2024 (offset) = £1200, YTD £345
    Quidquid Latine dictum sit altum videtur
  • crv1963
    crv1963 Posts: 1,372 Forumite
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    I think a degree is calling me......................have to be History or Archaeology as they are my "out of work" interests!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
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