Have you heard about the Advanced Learner Loan?
The Advanced Learner Loan is a government-funded loan to help learners pay their tuition fees.
It’s easy to apply for, doesn’t take your household income into account and doesn’t involve a credit check.
To check if your course is eligible to be funded by an Advanced Learner Loan please contact email@example.com or 01590 625500.
What are the key facts I should know 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.
Can I apply for an Advanced Learner Loan?
If you’re aged 19 or over and want to study A Levels, an Access to Higher Education Diploma, or a Level 3 to 6 Vocational Qualification, you’ll need to pay your college for the cost of your course.
If you are still not sure, whether the loan is suitable for you, use the tool below.
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Is there anything else I should be aware of?
- You will not be eligible for a loan if you have already taken one to complete the same type and level of qualification.
- If you are aged 19-23 and are applying for your first Level 3 qualification, this may be free. Please contact us to check your eligibility.
- If you are taking out a loan for an access course, you will not have to repay it if you then go on to complete a higher education qualification.
- Loans are available irrespective of your current employment status and will not be means tested or subject to any credit checks.
Watch this film to find out about how Katrina, Jodie and Geoff used the Advanced Learner Loan to fund their studies.