Advanced Learner Loan
Advanced Learner Loan – Eligibility criteria expanded
Advanced Learner Loans will replace 24+ Advanced Learning Loans. This is because the remit of these loans is being expanded so they are available to everyone aged 19 and over and for study at Level 3 to Level 6 (check to see which courses are included). Applications for the expanded Advanced Learner Loan can be made from May 2016 for courses starting from 1 August 2016.
Advanced Learner Loans are available to individuals who are aged 19+ and who are studying qualifications at Level 3 to Level 6, may be eligible to apply to the Student Loans Company for an Advanced Learner Loan to cover the cost of their tuition fee and any registration or exam fees. Further information on Advanced Learning Loans is available at www.gov.uk/advancedlearningloans
Here are some of the key facts about the loan:
- Repayments are linked to what you earn and not how much you borrowed.
- You only have to start making repayments when you’ve finished your course and you’re earning over £21,000 a year (which is £404 a week or £1,750 a month). Until then you don’t need to pay back anything, but you can make voluntary repayments at any time.
- You pay 9% of the money you earn over £21,000, before tax. For example, if you earn £22,000 a year, your monthly repayment will be £7 a month; and if you earn £35,000 a year, it will be £105 per month.
- Interest is charged on a sliding scale between the Retail Price Index (RPI) and RPI +3%, depending on how much you earn.
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*note information correct at time of release, you will be advised at interview and enrolment stage of any changes.