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Advanced Learner Loans

 

 

 

Advanced learner loans are available for individuals aged 19 or above to undertake approved qualifications at levels 3 to level 6 at an approved provider in England. These loans give you access to financial support for tuition costs similar to that available in higher education and are administered by Student Finance England. You can find out more at www.gov.uk/advanced-learner-loan

What are the benefits of the loan?

  • You can start studying immediately, but will only have to start paying back the loan when you have completed your course and you are earning more than £25,000 per year.
  • Studying for a qualification can often lead to better career prospects that could offset the cost of studying.
  • The loans do not depend on your current income level and there are no credit checks.
  • Once you have a loan, you can also apply for a bursary to cover any exam and materials fees and you can apply for help with travel costs and childcare.

What is included in a loan?

  • The loan covers your tuition fees, which are paid directly to the training provider on your behalf.
  • There could be additional exam and materials fees, depending on the course, and these won’t be covered by the loan.
  • Once your loan has been approved, you can apply for a bursary to cover these additional fees.

What happens once you start working?

  • When you have completed your studies, the Student Loan Company will inform HMRC. The repayments are made via HMRC.
  • Once you are earning more than £25,000 per year, your employer will deduct the repayments from your salary, the same way that tax or National Insurance contributions are deducted.

Other important things to keep in mind:

  • It is important to remember that the Advanced Learner Loan agreement is a contract and contains a number of terms and conditions. It is important that you understand these clearly before you sign up.
  • You also need to keep in mind that you will need to repay any money that was paid to the college or training organisation even if you do not complete the course.
  • You will be charged interest on the loan, so it is important that you understand what the financial implications will be for you.

More information:

It is important that you make the right choices taking your circumstances into account before you choose to take out a loan. www.moneyadviceservice.org.uk has impartial advice.

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