You will be paying off your nursing student loans well into your old age!
We make no apology about our ageism on this post and we`ll tell like it is.....
If you are a 21 year old nurse who has just graduated you WILL NOT pay anymore student loans after you turn 52.. in short after 30 years, irrespective of your earnings to loan repayment ratio the debt is wiped clean!
You can do the maths but let's suppose you are a career changer and you embark upon your nursing career in your later 30's- you won't be repaying this loan well into your retirement years and also do consider that it's highly unlikely that you`ll pay anywhere near the full tuition loan back.
Even if you decide to embark on a nursing career in your late 40's or 50's you will NEVER pay the full student loan amount back and if you keep your earning below the £26,250 threshold you won't pay a penny back.
Furthermore, with new maintenance nursing grant of £5,000 per year, you could greatly reduce your total debt!
So don't assume you`ll be sat in your conservatory in your later years thinking about student loan repayments... they'll be long gone.