We have been receiving a lot of calls to the office about the new 24+ Advanced Learning Loans. To help those who are still unsure about what they are we have produced this page with the most common questions and answers on it. We hope you find it useful but if you are still unsure please give us a call.
What are 24+ Advanced Learning Loans?
24+ Advanced Learning Loans are loans for eligible learners aged 24 and above studying at Level 3 and 4, including Advanced and Higher Apprenticeships. They cover the cost of tuition fees, so that you do not have to pay them upfront.
How do the 24+ Advanced Learning Loans work?
24+ Advanced Learning Loans work in a similar way to the current Higher Education student loans systems and you will apply via the Student Loans Company. The payment, which will meet the course and material fee costs of the approved course, will then be made from the Student Loans Company directly to us.
There will be no upfront cost to the you. You will take the loan out at the start of their course, but only start repaying after your course has finished and when you are earnings reach £21,000.
You will receive one loan to cover the whole length of their course. You will not need to reapply each year like you do a loan for university.
Who can apply for a 24+ Advanced Learning Loan?
24+ Advanced Learning Loans are available if you are over the age of 24 studying for a level 3 or level 4 qualification irrispective of whether you are employed or unemployed. Loans are not be means tested or subject to credit checks so if you meet the criteria below you will be able to apply for a loan.
You will be eligible for a loan if you are:
• aged 24 or over at the start of their course
• resident in the UK
• have not previously had an FE loan to do the same type and level of qualification
Which courses are covered by the 24+ Advanced Learning Loans?
Loans are not available for individual units or awards but can be used for any of the course types listed below
• A QCF level 3 certificate
• A QCF level 3 Diploma (including extended diplomas)
• A QCF level 4 Certificate
• A QCF level 4 Diploma (including extended/subsidiary diplomas)
How do I repay my loan?
Repayments will be automatically deducted from your wages through the tax system when you reach an income of £21,000 or more.
Repayments will be made at 9% of earnings above £21,000. Therefore if you earn £25,000 a year your loan repayments would be around £360 a year or £30 a month.
Your repayments are linked to what you earn rather than the loan amount, so regardless of how much you owe, your payments will be the same.
|Annual income||Monthly Income||Monthly loan repayment|
|Up to £21,000||£1,750||£0|
You also have the opportunity to make additional voluntary payments to the Student Loans Company (SLC) if you choose.
Remember you only start to repay your loan when you are earning over £21,000. Should you never reach this level you loan will be written off after 30 years.
What do I do next?
If you are considering taking out a loan to pay for your course the easiest thing to do is give Brooks and Kirk a call and let us guide you through the steps.