Advanced Learner Loans from August 2016
The funding arrangements for learners aged 19 and over and studying Level 3 to Level 6 courses has changed.
For the first time, Advanced Learner Loans will give learners in further education access to financial support for tuition costs, similar to that which is available in Higher Education. This means rather than an individual having to pay for their course upfront they have the option of accessing a loan, from the Student Loans Company, that they will only start to repay once they have left the course and are earning over £21,000.
Learners aged 19 and over will therefore have the option to either:
- Pay the course fees themselves
- Have an employer/sponsor pay the course fees for them
- Apply for an Advanced Learner Loan to help pay for the course fees.
The Advanced Learner Loans are for anyone who is:
- Aged 19 and above at the start of their course
- Studying at Level 3 - 6 in Further Education and training
- Resident in the UK
Before taking out any loan, you should consider all of your options. If you want advice on managing your finances, visit the Money Advice Service at moneyadviceservice.org.uk for impartial advice.
For information and advice on learning , career and funding options, visit nationalcareersservice.direct.gov.uk.
Level 3 Entitlement
If you are aged 19-23 and want to study your first full Level 3 qualification, you may qualify for free tuition, exam and awarding body fees.
To be entitled to this offer you should?
- Be aged 19-23
- Be studying your first full Level 3 (or equivalent) qualification
- Be a UK national i.e. you were born in the UK, have UK citizenship or a UK passport or have indefinite leave to remain or refugee status, or you are from a European Union or European Economic Area country and satisfy the Home Learner criteria – see #ww.homeoffice.gov.uk# for more information.
19-23 year olds will need to pay other course costs such as trips, equipment and/or other materials.
Repaying the loan
Repayments will automatically be deducted from your salary through the tax system, in the April after you complete or leave your course and you are earning over £21,000. Repayments are based on your income, not on what you borrow or the number of student loans you have. You'll repay 9% of your income above the £21,000 threshold. If your income drops below £21,000, then repayments will be stopped.
Minimum salary level: £21,000
Salary on which repayment is calculated: £4,000
Interest rate: 9%
Monthly repayment: £30.00
How to apply
To find out more, call our Admissions team on 01293 442 372 and 01293 453 436. Alternatively for further information on Advanced Learner Loans visit gov.uk/advanced-learner-loans.