A 24+ Advanced Learning Loan is a government funded loan to help you pay the tuition fees charged by colleges and training organisations. Most learners aged 24 and over, studying at Level 3 and above, will qualify for these loans. It is easy to apply, your household income is not taken into account and there is no credit check. You will not have to pay anything back until your income is over £21,000 per year
To qualify you must be aged 24 and over on the first day of your course, living in England on the first day of your course and have lived in England, the Channel Islands or the Isle of Man for 3 years immediately before this. You must be studying with a college or training organisation in England that is approved for public funding.
24+ Advanced Learning Loans are available to students living in Scotland providing your attendance for a qualifying course is at a venue in England.
This depends on your course, the tuition fees charged and the maximum amounts set by the Government. The minimum loan amount is £300. You can take out a loan for the maximum amount to cover most of your tuition fee or you can pay all or part of the tuition fee yourself.
Monthly repayments will be based on your income, not what you borrowed. You will only start making repayments when your income is more than £404 per week, £1,750 per month or £21,000 per year and will only pay back 9% of any income above £21,000 per year. See table below for examples.
Student Finance England (SFE) will pay your agreed tuition fees to your college or training organisation once they have confirmed your attendance on the course. They do not forward any payments directly to you.
Once you have completed your course you will be eligible to apply for more 24+ Advanced Learning Loans up to a total of 4 loans to help you progress in your studies
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 independent financial advice from the Money Advice Service at www.moneyadviceservice.org.uk.
|Before tax||Monthly salary||Monthly repayment|
|Up to £21,000||£1,750||£0|
If you are paid monthly and earn £2,500 before tax you would repay 9% of the difference between what you earn and what the individual threshold is: £2,500 – £1,750 = £750. 9% of £750 = £67.50. Your loan repayment would be £67 in that month. If your income drops or rises, for example if you receive a bonus, your repayment amount will automatically change to reflect this. You can make voluntary payments at any time to pay off your loan more quickly.
While studying and until the April after you finish or leave your course Retail Price Index (RPI) plus 3% If you finish or leave your course before April 2016 RPI plus 3% until the April after you leave your course then RPI From April 2016 Interest will be based on your income: £21,000 or less – RPI £21,001 to £41,000 – RPI plus 3% depending on income £41,001 and over – RPI plus 3%
For more information get in touch with us on 01274 728316.