19+ Advanced Learning Loans
If you’ve thought about studying for a new qualification but you’ve never been able to afford it, the new 19+ Advanced Learning Loans could help you get started.
Students aged 19 or above on the first day of their course, who wish to study certain Level 3 qualifications, will be able to apply for an Advanced Learning Loan.
How does it work? Is there any catch?
- Anyone studying for a Level 3 or 4 qualification aged 19 or over on the first day of their course, there is no upper age limit
- Anyone resident in the UK, and having been resident in the UK for the past three years or who meets other residency criteria (please check with us for more information)
- Eligibility is not based on household income and you will not be credit checked when you apply
- There isn’t any catch the government wants to get as many people into employment as possible that’s why they introduced this scheme
How much can I borrow?
- The minimum loan amount is £300
- You can borrow all of the tuition fees or only part, and pay the rest yourself
- There is no help available for living costs although kits and uniform can be financed too
How is the loan paid back?
- You only start paying back the loan when your income rises above £21,000 per year
- If you’re employed you don’t need to do anything; your employer will take your repayments off your salary, similar to tax and National Insurance deductions. If you’re self employed, repayments are made as part of your annual self assessment tax return
- If you stop working your payments stop until your salary rises above £21,000 again
- If you leave or finish your course before April 2016, you won’t start making repayments until after this date
- Any loan remaining 30 years after you’re due to start making repayments will be wiped out
How do I apply?
- You cannot apply for a loan until you have been offered a place on an eligible course
- Details of how to apply will be sent out with your offer letter
- If you need help with the application process please fill in the form below