A Guide to Advanced Learning Loans 24+ talks about all the stages of understanding and applying and repaying an Advanced Learning Loan. Advanced Learning Loans help people aged 24+ to complete the education and training that they need but may not be able to pay for straight off. With the help of Advanced Learning Loans people can up-skill and become more employable.
If you would like to find out more information please call: 0121 707 0550, Fax: 08444 127362 or e-mail: info@pathwaygroup.co.uk
2. The way further education is funded for
people aged 24+ has changed.
Level 3 or Level 4 Courses can be funded
as a 24 Plus Advanced Learning Loan.
These loans will help you pay your college
or training organisation your course fees.
3. • You can apply for a 24+ Advanced Learning Loan to help with the costs of a
college or training course if you’re 24 or older.
• The course must be a Level 3 or 4 course.
• Loans have to be paid back. Repayments don’t start until April 2016 and
you won’t have to pay anything back until you earn more than £21,000 a
year.
• The loan doesn’t depend on your income and there are no credit checks.
You can get independent money advice from the Money Advice Service.
Overview:
Terms & Conditions of Eligibility
for Advanced Learning Loans 24+
4. How much you get depends on the:
• Type of course.
• Course fees.
• The maximum loan available for
your course.
The minimum loan you can get is £300.
You don’t have to borrow the full cost of
your course; You can pay for some of it
yourself.
Note: The money is paid directly to
your college or training provider.
How Much Will I Get &
How Will it be Paid?
5. How many loans you can get depends on your
course.
You can get up to four loans HOWEVER
• You can only get one loan at a time.
• You can’t apply for another loan to repeat
the same level of a course. (e.g. You can’t
get a loan to fund a Level 3 Certificate in
French when you’ve already had a loan for
a Level 3 Certificate in Italian)
Note: A-Levels come under a different ruling.
How Many Loans
can you Take Out?
6. Whether you qualify for a 24+
Advanced Learning Loan depends
on your:
• Course.
• Age.
• Nationality or Residency Status.
• Your course must be either a
Level 3 or 4 qualification.
Note: Your college or training
provider can tell you if you qualify.
Am I Eligible?
7. Am I Eligible?
Your Training Provider
You must be studying at a college
or with a training provider in
England approved for public funding.
Your Age
You must be 24 or older on
The first day of your course.
8. Your Nationality or Residency Status
You must:
• Be living in the UK on the first day of your course.
• Have been living in the UK, Channel Islands or Isle
of Man for three years before starting your course.
• Be a UK national or have ‘Settled Status’
(this means there’s no restrictions on how
long you can stay.)
You may also qualify if you’re:
• An EU National or a family member of one, a
refugee, a migrant worker, the child of a Swiss
national, the child of a Turkish worker.
Am I Eligible?
9. • Check with us that the course qualifies.
Ask for a ‘Learning & Funding Information’
letter: You need this to complete the
application as it contains the details
about your course.
• Apply online: You’ll need to register
first. (If you can’t apply online you can
download the forms.)
Note: You’ll get a letter confirming your
loan: Usually within 2 weeks if you apply
online. (Postal applications take longer.)
How to Apply
10. • You can’t apply until you get a ‘Learning & Funding Information’
letter from us.
• You can apply for a loan without a National Insurance Number
but you must have one before the loan can be paid.
• Proof of Identity: UK Passport.
If you don’t have a UK passport (or it has expired), provide a
Birth or Adoption Certificate.
What Things You Will Need To Apply
11. Income Interest rate
While you’re studying and until the April
after you leave the course.
Rate of inflation (Retail Price Index) plus
3%.
£21,000 or less. Rate of inflation.
£21,000 to £41,000. Rate of inflation plus up to 3%.
£41,000 & over. Rate of inflation plus 3%.
You pay interest from the time your first payment
is made until you pay your loan back in full.
Paying Back Your Loan: Interest
12. If you’re an employee, your employer will
work out your repayments and take them
out of your salary with your tax.
If you’re self employed, you make
repayments as part of your Self
Assessment Tax Return.
Note: You can pay some or all of your loan
at any time without an extra charge.
Paying Back Your Loan: Repayments
13. You’ll have to pay back any money (plus interest) that’s been paid to your
college or training provider if you leave or change your course after two
weeks. The interest rate will be the rate of inflation.
Speak to your college or training provider to see if they can transfer the
loan to another course.
Access to Higher Education (HE)
Student Finance England will ‘Write Off’ any outstanding 24+ Advanced
Learning Loans you owe for an Access to HE course once you complete a
Higher Education Course. This means you don’t have to repay it!
The Higher Education Course must be eligible for student finance.
If You Leave or Change Your Course
14. For More Information
Call: 0121 707 0550
Fax: 08444 127362
E-mail: info@pathwaygroup.co.uk
Visit: http://www.pathwaygroup.co.uk/Advanced-Learning-Loans-37-c.html