At the end of 2011, there were 2.7 million people unemployed in the UK. This was the highest it had been for 17 years. Now, just over three years on and the unemployment rate is at its lowest since 2008. There will be a multitude of factors that have caused a decrease in the unemployment rate, but how big a part has the introduction of 24+ Advanced Learning Loans played?
If you haven’t heard of the 24+ Advanced Learning Loan before, then you can find out more about them on our 24+ Advanced Learning Loans page. Essentially, they are very similar to a student loan, but they are only for learners that are aged over 24 and studying a level 3 or 4 course. These loans are accessible to both unemployed and employed learners.
The one and a half years young loans scheme can be used as a funding option for people out of work who need/want to achieve a qualification to get them back working. And it does seem like people are using them to do just that; since the introduction of 24+ loans back in August 2013, the employment rate has gone up 1.5%.
There will be varying reasons for the unemployment rate falling, however there is a lot to be said for the impact that 24+ loans have had on the unemployment rate over the last 18 months. If the loans scheme is influencing the rise in employment then we should see the unemployment rate falling further over the coming years as the 24+ Advanced Learning Loans grow in popularity.
Final data for the 2013/14 academic year from the Statistical First Release published at the end of last month, showed that there were 59,100 learners with 24+ Advanced Learning Loans. It’s obvious that the uptake of 24+ loans is already growing rapidly, given that provisional data for the first quarter of the 2014/15 academic year shows that there are already 51,700 learners with Advanced Learning Loans.
Whether you’re unemployed and looking for a way back into work, or employed and need funding to cover the cost of NVQs a 24+ Advanced Learning Loan could help you to build your career.
If you have any questions or queries about the 24+ Advanced Learning Loans or what courses can be funded by these loans, then please call us on: 01205 355464.