Advanced Learner Loan
The Advanced Learner Loan will help you pay the fees charged by colleges and training organisations. Most learners aged 19 and over, who are studying at Level 3 or above, will qualify for the loan. It’s easy to apply, your household income isn’t taken into account, and there’s no credit check. Even better- you won’t have to pay anything back until you are earning over £26,575 a year!
How much can I get?
The amount you can get depends on your course, the fees that are charged by the college or training organisation, and maximum amounts set by the government. The minimum loan amount is £300, but the amount you take out is flexible- you can take out the maximum to cover all your fees, or you could pay all or part of the fees yourself.
You can have up to 4 Advanced Learner Loans, although only one at a time.
When will I pay it back?
You will only need to start repaying the loan when your income rises above £26,575 a year. You’ll be due to start repaying your loan in the April after you leave/finish your course.
Your monthly repayments will be based on your income, not on the amount you borrow. If you’re employed, your employer will automatically take your repayments off your salary, in the same way as tax and National Insurance. If you’re self-employed, you will be responsible for making repayments as part of your annual self-assessment tax return.
If you have not paid off your entire loan within 30 years, the remaining balance will be written off.
Do I qualify?
To qualify for the Advanced Learner Loan, you must;
- be 19 or over on the first day of your course
- be starting a course on/after 1 August 2016
- be living in the UK on the first day of your course
- have lived in the UK/ Channel Islands/Isle of Man for 3 years prior to your course
- be studying with a college/training provider in England approved for public funding
- be enrolling on an eligible course at level 3 to level 6.