Advanced Learner Loan

 

 

Advanced Learning Loan

The Advanced Learning Loan is similar to the Higher Education loans but has been introduced for Further Education learners. Study for the career you want now without having to pay course fees up-front with the Advanced Learning Loan.

 

Qualify now pay later

  • Advanced Learning Loans are available to cover tuition fees for learners who are enrolling on courses at Level 3 and above
  •  No credit check
  • No repayments until you earn over £21,000 per year
  •  Loan applications begin in April 2014 for September 2014 starts.

An Advanced Learning Loan can help you to:

  • Retrain
  • Boost your career prospects
  • Refresh your industry skills
  • Progress to Higher Education.

 

To qualify for the Advanced Learning Loan you’ll need to be:

  • A resident in the UK for three years prior to the start of the course
  • Enrolling on a publicly funded course at Level 3 or 4, such as: A-Levels, Access to HE Diplomas, other Diplomas and Certificates.

 

How is the loan paid?

  • Student Finance England (SFE) pay your course fees directly to the College
  • You will only start to repay the loan once you have completed your course and are earning over £21,000 per year
  • Any loan remaining after 30 years will be written off
  • You will pay 9% of any income earned over £21,000 – for example:

Income each year before tax

Monthly salary

Monthly repayment

Up to £21,000

£1,750

£0

£22,000

£1,833

£7

£25,000

£2,083

£30

£30,000

£2,500

£67

£35,000

£2,917

£105

£40,000

£3,333

£142

 

It is important that you consider your own circumstances and look into all options for paying for your course before choosing to take out a loan. You can get impartial money advice from the Money Advice Service at www.moneyadviceservice.co.uk

 

Useful links

Official website: www.direct.gov.uk/advancedlearningloans

Qualifications and careers information: www.nationalcareersservice.direct.gov.uk