Are you aged 19 or over and thinking about further education? An Advanced Learner Loan could be just for you!
What are they?
Advanced Learner loans are student loans similar to higher education loans, but for the further education sector. Loans are available for learners aged 19 and over. You can apply for a loan to meet the upfront costs of your qualification, which will be paid to the Training provider on your behalf
Who is eligible?
Individuals who are:
• Studying at level 3, 4, 5 or 6
• Access to HE
• Aged 19 or over at the start of their course (there is no upper age limit)
• Resident in the UK on the first day of your course and have lived in the UK, Channel Islands or the Isle of Man for 3 years immediately before this or be a UK National and have a ‘settled status’.
What does this mean for you?
Loan eligibility doesn’t depend on your income and there are no credit checks. You don’t pay anything upfront for your course fees and will not be required to start repaying the loan unless you earn more than £21,000 per year. You can apply for up to 4 loans in total and can get more then one loan at a time providing it is for a course at the same level as your existing loan. If your loan is for an Access to HE programme and you progress and complete HE study, you will not have to pay back your FE loan. You may be eligible for money from the Loan Bursary Fund if you need help with some costs while studying – example: childcare, materials, travel or accommodation related to your course.
Repayments start the April following the completion of your course. You pay back your loan (plus interest) when you finish your course and earn more than £21,000 a year. Your repayments will stop if your income drops below £21,000 a year. Your annual repayment amount will be 9% of any income you earn over £21,000.
Your monthly repayments would be:
• £7.50 a month – if you earned £22,000 a year
• £30 a month – if you earned £25,000 a year
If you are employed the payments will automatically be deducted from your salary at source. If you stop working, your payments will stop. Loans over 30 years old are cancelled. Bursary Fund You may also be eligible for money from the Loan.
For more information visit: www.gov.uk/advanced-learner-loan/overview