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Advanced learner loan

 

 

Have you heard about the Advanced Learner Loan?

 

If you're aged 19 or over (24 or over if your course begins before 1 August 2016) and want to study A Levels, an Access to Higher Education Diploma, or a Level 3 to 6 (Level 3 or 4 only if your course begins before 1 August 2016) Vocational Qualification, you'll need to pay your college or training organisation for the cost of your course.

 

The Advanced Learner Loan is a government-funded loan to help learners. It's easy to apply for, doesn’t take your household income into account and doesn’t involve a credit check.

 

Here are some key facts about the loan:

  • Repayments are linked to what you earn and not how much you borrowed.
  • You only have to start making repayments when you’ve finished your course and you’re earning over £21,000 a year (which is £404 a week or £1,750 a month). Until then you don’t need to pay back anything, but you can make voluntary repayments at any time.
  • You pay 9% of the money you earn over £21,000, before tax. For example, if you earn £22,000 a year, your monthly repayment will be £7 a month; and if you earn £35,000 a year, it will be £105 per month.
  • Interest is charged on a sliding scale between the Retail Price Index (RPI) and RPI +3%, depending on how much you earn.

Eligibility Criteria

  • 19 or over on the first day of your course
  • A UK resident
  • Have not previously had a loan for this type of qualification
  • Studying at Level 3 or above (Including Access to HE and some substantial part time courses and Advanced and Higher Apprenticeships)

 

How to Apply:

 

You can make your online application at www.gov.uk/advanced-learner-loan.

 

We will be offering workshops throughout the year to support you with your application. You will be advised of dates once you have applied.

 

For independent financial advice please contact the Money Advice Service at www.moneyadviceservice.org.uk.

 

 

 

 

 

 

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