A free degree may sound like a thing of the past in the UK but that is not the case for the majority of the country's retirees. Research has shown that most of Britain's retirees are eligible for student's loans that they will never have to back, and many are taking advantage of this to study for a degree in later life.
Prudential Insurance group released figures showing that retirees in 2013 will have an average income of £15,300 per year from their pension annuities payments. This means the majority of retired Britons fall considerably short of the £21,000 threshold that must be exceed before student loan repayments are eligible.
With no age limit on tuition fee loans, which are paid directly to the higher education institution that the student is studying at, growing numbers of retirees are choosing to go to university. There is also no requirement on whether the course is taken full time or part time.
There is, however, an age limit of 60 years of age on maintenance loans, which are used to cover everyday costs of living, such as rent and food.