Ocean, beware! I've gone back to university (full time). Went back last year and have worked hard at it! I was 47 as well and am still hard at it. It's a great thing to do and not many people our age can go back. I'm enjoying the heck out of it, but it comes at a price...I don't get to ride much anymore. Between the mileage (33 miles one way), all the homework and study time invloved and the normal everyday tasks at home...I have no time to ride, ever! Oh, once in a great while I make it out, but not often.
If you can commute to school and your commute is good "fair" miles...then you have it a bunch better than I!
Have fun! I'm jealous, looks like you get to cycle to school!