24+ Loans for Apprenticeships scrapped

The government announced last week that loans will no longer be required for Apprenticeship learners and that co-funding will be restored. This is a result of the very low take-up of Apprenticeship loan applications.

Loans were recently introduced for those aged 24 or over taking Level 3 or above Apprenticeships or individual qualifications.

In confirming the scrapping of the 24+ loans for Apprenticeships, Business Secretary Vince Cable explained, ‘The advanced learning loans system has taken off for non-apprenticeships, but for apprenticeships we accept it has not succeeded and we’re dropping it. Regulations have to be put through Parliament to conclude it, but we’ve accepted it didn’t work and there’s no shame in that, but it will continue with the non-apprenticeship learners.’

Skills Minister Matthew Hancock added: ‘With the confirmation of a new funding system for apprenticeships in the Autumn Statement, now is the right time to reinstate co-funding for all apprenticeships ahead of more fundamental reforms, details of which will be publicised in the new year.’

So don’t forget although the loans have been scrapped for apprentices they are still available for anyone looking to use one to complete an individual qualification. Contact us now if you would like to find out more about the 24+ loan and how it could help you.