I was delighted to hear David Willetts, Minister of Universities and Science, encourage older learners to enrol on university courses. His comments about studying for the over 60s focused on the benefits of retraining and reskilling, and this emphasis is appropriate. Improving employability and productivity for this age group is essential, especially as the retirement age is due to rise to 68. But words are not enough. Older learners need more support to encourage them to enrol on university courses, and society’s prejudices against older learners need to be tackled too.

I have congratulated many older students on their academic achievements at graduation ceremonies over the years. The hard work they have shown to complete their courses and their courage to learn when many assume studying is only for younger people are an inspiration to us all. Their successes prove that the young do not have a monopoly on energy, intelligence and aspiration.

Aged 74, he enrolled onto Birkbeck’s BA History degree, and he graduated four years later in

Studying for the over 60s is beneficial for many reasons, not only for improving skills needed in the modern workplace. Learning in your older years keeps your brain active, and discussing ideas and socialising is an important part of the university experience. Studying is an effective way for the over 60s to tackle the spectre of isolation, loneliness and depression, which can accompany old age. Often the older the student, the more they appreciate the opportunity to study. Those students who left school at a young age and missed out on university aged 18 are often more enthusiastic about education than their peers. Moreover, it is not just the older students that benefit from their education. Younger students frequently say that their learning is enriched by the contributions in the classroom from older students with considerable life, and work, experience. Lees verder →

President Joe Biden supports forgiving up to $10,000 in federal student loan debt per borrower. The more radical Warren-Schumer proposal calls for forgiving up to $50,000 in federal student loan debt.

Just because there’s hope that you might see some student loans wiped out by Washington, though, isn’t a good reason to endlessly borrow money now to go to college.

“It’s not necessarily a sound financial strategy to be basing your life’s financial decisions on different posturing by folks in Washington,” Humann said.

We don’t know what will really happen. And borrowers need to remember that private student loans – which did not get relief during the pandemic through the CARES Act – face very high odds against seeing loan forgiveness down the road.

Should I opt for a private student loan instead of a federal student loan?

Second, you want to max out all that’s available to borrow when it comes to federal student loans. Federal student loan rates are low and you may later qualify for some benefits, such as income-driven repayment plans and some loan forgiveness programs.

Kantrowitz noted that even Parent PLUS loans are eligible for some federal student loan forgiveness programs, such as public service loan forgiveness, but not teacher loan forgiveness. Parent PLUS loans are also eligible for death and disability discharges.

Some borrowers, Humann said, may want to take advantage of extremely low rates on private student loans instead of turning to higher rate Parent PLUS loans to fill the gap.

But you’d need to compare what rates are available to you, determine whether the rate is variable and could go higher or if the low rate is fixed. You’d also need to find out if you’d need a co-signer like a parent to get a better rate. On co-signed loans, the co-signer’s credit score is used if higher than the borrower’s score.

Private student loans often take one’s credit score into consideration; rates for Parent PLUS loans are not risk-based pricing and everyone pays a fixed rate of 6.28% for PLUS Loans taken out from . Lees verder →