Aged 19-23 and already have a Level 3 qualification?
Aged 24 or over and thinking about a Level 3 or Level 4 course?
If you are starting a course on or after 1st August 2016 you may qualify for an Advanced Learner Loan. These loans help you to pay the tuition fees charged by the College. It’s easy to apply, your household income isn’t taken into account and there’s no credit check. You won’t have to pay anything back until your income is over £21,000 a year and repayments do not start until April 2018 or the April of the year following the course end. If your loan is for an Access Course and you progress to complete a Higher Education programme (and you earn under £21,000 during your degree) you will not have to pay back your FE Loan – it is written off! However, if you earn more than £21,000 you will need to start making repayment and only the balance is written off.
To qualify you must be:
You will not have to make any repayments until your income is over £21,000 a year. In addition, students who progress from an Access to Higher Education Diploma course to complete a Higher Education Degree can have their outstanding 19+ Advanced Learning Loan for the Access course written off.
You can apply online or download an application form from https://www.gov.uk/advanced-learning-loans/overview
To apply you will need to be issued a Learning and Funding letter by admissions, this is normally issued prior to your enrolment
Making the right choice
It’s important you consider your own circumstances and look into all the options for paying 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
More information Can be found at: www.direct.gov.uk/advancedlearningloans