If you’re aged 19 and over and looking for financial support while you study, then you could be entitled for an Advanced Learning Loan to help with the costs of your course. Here, we answer some of your questions.
Who is eligible for an Advanced Learning Loan?
If you are 19 years and over and have lived in the UK for the previous 3 years then you would be eligible for funding. You also need to be living in the UK on the first day of your course and studying with an organisation or college in England which is approved for public funding.
Which courses do I need to be taking to qualify?
You must be enrolled on a level 3 or 4 course, which includes:
- A-Levels and AS-levels
- QAA Access to HE Diplomas
- Vocational Qualifications, including technical and professional at level 3 and 5
Is there any financial history checking before I can qualify?
There is no credit check done for the Advanced Learning Loan and your household income is also not taken into consideration. The loan is available whether you are unemployed, self-employed or employed.
Do I receive the loan directly?
No, the loan is paid to your college or training provider. The amount you receive will depend on the course you’re doing and the fees applicable to that course. There are various degrees of loan available with different maximum amounts. You don’t have to borrow the whole amount for your course, or you can apply for a maximum of four Advanced Learning Loans.
When do I start paying off the loan?
Once you have finished your course, if you are employed your employer will take the repayments from your salary each month, and only when you earn more than £404 a week, £1,750 a month or £21,000 a year. You will only pay back 9% of any income above £21,000.
If you are self-employed, your repayments will be part of your self-assessment return and in the situation that you stop working your payments will also stop and only re-commence when you reach the required earnings once again.
The balance of the loan will be written off if you commence an Access to HR Diploma and then go on to finish an HE qualification. Any balance of the loan will be written off after 30 years.
Aspire Training Team offer a wide variety of courses including, Early Years Educator, Business Administration, Health and Adult Social Care, Preparing to work in Adult Social Care, and Management. To find out more about any of these courses you can contact the Aspire Training Team on 01202 551553 or email info@aspiretrainingteam.co.uk.
Or to find out more about the Advanced Learning Loans you can apply online by visiting www.gov.uk/advancedlearningloans or for impartial advice visit www.moneyadviceservice.org.uk.
