The Advanced Learner Loan is changing. From 1st August 2016, if you’re aged 19 and over, you may be able to apply for a loan to fund an eligible course.
If you’ve decided to study for a qualification with us, but don’t have the funds to pay for it, the new Advanced Learner Loan will help you to cover the costs.
You can get a loan to cover the cost of your course, which means that you don’t have to pay anything up front for your course fees, and also, don’t have to pay anything back until you’re earning over £21,00 a year.
If you’re aged between 19 and 23 and thinking about studying for your first Level 3 qualification you could be entitled to have your tuition fees paid under the Level 3 entitlement. That means FREE training.
Also, if you’re taking out a loan to cover the cost of an Access to HE course and go onto successfully complete your degree, the Government will write off the Advanced Learner debt when you finish your degree.
The process is simple, there is no credit rating check and once you’ve applied for the loan you don’t need to do anything to pay the course fee, or organise repayments as it’s all done for you.
You can apply for an Advanced Learner loan from May 2016 for courses starting after 1st August 2016 through the Student Loan Company. The exact details on this new loan are still being finalised by the government. However, if you’ve got a question, please don’t hesitate to get in touch with us.
The amount you pay back each moth depends on your income and not how much your course costs. Once you earn over £21,000 a year, you would pay 9% of your income over £21,000.
Minimum salary level
Salary on which loan repayment calculated
If for any reason your income falls below £21,000 – perhaps due to a career break or unemployment your repayments are automatically suspended. They only start again when you earn over £21,000
If you’d like more information just email email@example.com
You can also find further information at The National Careers Service
or at The Gov.uk website
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