A Guide to Advanced Learning Loans , 24+ Loans funding for career progression
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The 24+ Advanced Learning Loans provide funding for individuals aged 24 and older to pay for level 3 or 4 courses at colleges or training organizations. The loans, which are independent of income and require no credit checks, must be repaid starting after April 2016 when earnings exceed £21,000. Eligibility requirements include residency in the UK, and a learning & funding information letter is needed prior to applying for the loan online.
A Guide to Advanced Learning Loans , 24+ Loans funding for career progression
- 2. The way further education is funded for people aged 24+ has changed. Level 3 or Level 4 Courses can be funded as a 24 Plus Advanced Learning Loan. These loans will help you pay your college or training organisation your course fees.
- 3. • You can apply for a 24+ Advanced Learning Loan to help with the costs of a college or training course if you’re 24 or older. • The course must be a Level 3 or 4 course. • Loans have to be paid back. Repayments don’t start until April 2016 and you won’t have to pay anything back until you earn more than £21,000 a year. • The loan doesn’t depend on your income and there are no credit checks. You can get independent money advice from the Money Advice Service. Overview: Terms & Conditions of Eligibility for Advanced Learning Loans 24+
- 4. How much you get depends on the: • Type of course. • Course fees. • The maximum loan available for your course. The minimum loan you can get is £300. You don’t have to borrow the full cost of your course; You can pay for some of it yourself. Note: The money is paid directly to your college or training provider. How Much Will I Get & How Will it be Paid?
- 5. How many loans you can get depends on your course. You can get up to four loans HOWEVER • You can only get one loan at a time. • You can’t apply for another loan to repeat the same level of a course. (e.g. You can’t get a loan to fund a Level 3 Certificate in French when you’ve already had a loan for a Level 3 Certificate in Italian) Note: A-Levels come under a different ruling. How Many Loans can you Take Out?
- 6. Whether you qualify for a 24+ Advanced Learning Loan depends on your: • Course. • Age. • Nationality or Residency Status. • Your course must be either a Level 3 or 4 qualification. Note: Your college or training provider can tell you if you qualify. Am I Eligible?
- 7. Am I Eligible? Your Training Provider You must be studying at a college or with a training provider in England approved for public funding. Your Age You must be 24 or older on The first day of your course.
- 8. Your Nationality or Residency Status You must: • Be living in the UK on the first day of your course. • Have been living in the UK, Channel Islands or Isle of Man for three years before starting your course. • Be a UK national or have ‘Settled Status’ (this means there’s no restrictions on how long you can stay.) You may also qualify if you’re: • An EU National or a family member of one, a refugee, a migrant worker, the child of a Swiss national, the child of a Turkish worker. Am I Eligible?
- 9. • Check with us that the course qualifies. Ask for a ‘Learning & Funding Information’ letter: You need this to complete the application as it contains the details about your course. • Apply online: You’ll need to register first. (If you can’t apply online you can download the forms.) Note: You’ll get a letter confirming your loan: Usually within 2 weeks if you apply online. (Postal applications take longer.) How to Apply
- 10. • You can’t apply until you get a ‘Learning & Funding Information’ letter from us. • You can apply for a loan without a National Insurance Number but you must have one before the loan can be paid. • Proof of Identity: UK Passport. If you don’t have a UK passport (or it has expired), provide a Birth or Adoption Certificate. What Things You Will Need To Apply
- 11. Income Interest rate While you’re studying and until the April after you leave the course. Rate of inflation (Retail Price Index) plus 3%. £21,000 or less. Rate of inflation. £21,000 to £41,000. Rate of inflation plus up to 3%. £41,000 & over. Rate of inflation plus 3%. You pay interest from the time your first payment is made until you pay your loan back in full. Paying Back Your Loan: Interest
- 12. If you’re an employee, your employer will work out your repayments and take them out of your salary with your tax. If you’re self employed, you make repayments as part of your Self Assessment Tax Return. Note: You can pay some or all of your loan at any time without an extra charge. Paying Back Your Loan: Repayments
- 13. You’ll have to pay back any money (plus interest) that’s been paid to your college or training provider if you leave or change your course after two weeks. The interest rate will be the rate of inflation. Speak to your college or training provider to see if they can transfer the loan to another course. Access to Higher Education (HE) Student Finance England will ‘Write Off’ any outstanding 24+ Advanced Learning Loans you owe for an Access to HE course once you complete a Higher Education Course. This means you don’t have to repay it! The Higher Education Course must be eligible for student finance. If You Leave or Change Your Course
- 14. For More Information Call: 0121 707 0550 Fax: 08444 127362 E-mail: [email protected] Visit: http://www.pathwaygroup.co.uk/Advanced-Learning-Loans-37-c.html