There is currently no upper age limit on the government loans, meaning mature students can access them on the same terms as young people, repaying 9 per cent of their income over £25,000.
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Read MoreIn contrast, younger students entering the workforce face several decades of loan repayments, on top of mounting housing, childcare and utilities expenses.
Around three-quarters of those over 60s who have now finished their course have not yet repaid anything as their income isn’t high enough to do so – compared to only a fifth of people overall who have yet to re-start re-paying their loans.
Unlike mortgage debt, student loans are also not repayable when someone passes away, being wiped upon death.
“Unlike those taking out loans in their sixties, who are unlikely to repay in full, many taking out loans at 18 will face four decades of repayments, throughout their whole working lives.
The Government provides loans for undergraduate students to cover tuition fees and help with living costs and there is currently no upper age limit for tuition fee loans, meaning students over the age of 60 can access them.
Over-sixties are not allowed to take out postgraduate fee loans, with ex-education minister Robert Halfon telling MPs in 2023 that this rule was “designed to restrict eligibility to those statistically most likely to continue in long-term employment and be able to repay the loan.”
Most people’s incomes drop back significantly by their sixties, to an average of £33,852 per year.
There are around 1.43 million workers aged over 65 in the UK, but many are self-employed or working part-time.
However, they may still have to make repayments if their income goes on their self-assessment tax return.
A Department for Education spokesperson said: “This Government is committed to breaking down barriers to opportunity and boosting economic growth by ensuring we have a workforce with the skills needed for the 21st century. This includes supporting older students who wish to undertake higher education for the first time in order to reskill.
“We are also committed to maintaining a sustainable student finance system which is fair to students and to the taxpayer.”
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