The Government has recently introduced 24+ Advanced Learning Loans to provide additional financial support for individuals aged 24 and over, who wish to study further education or training at Level 3.
So what does this mean for you?
If you’re considering undertaking further education and you’re starting a course on or after 1 August 2013 you may qualify for a 24+ Advanced Learning Loan (full eligibility criteria can be found below).
The advanced learning loans have been put in place to cover the tuition fees charged by colleges and training providers, and will help to remove certain financial barriers to education and training, allowing individuals to reach their goals in an affordable way.
The application process is easy and your household income won’t be taken into account. There is no credit check and you won’t have to pay anything back until your income is over £21,000 a year.
To qualify for a 24+ Advanced Learning Loan, individuals must meet the following eligibility criteria;
- Aged 24 or over at the start of your chosen course;
- A resident in the UK;
- Undertaking an eligible course at an approved college, such as Somerset College.
You can view Somerset College's course listings, and search for eligible further education courses here.
Repaying the 24+ Advanced Learning Loan is straightforward and individuals won’t need to start making their repayments until April 2016. Monthly repayments will be based on individual’s income and not the amount that has been borrowed.
Repayments will only begin once individual’s income is more than £404 per week, £1,750 per month or £21,000 per year and will only amount to 9% of any income over £21,000 a year.
Click here to view a table detailing examples of repayments based on varying salaries.
Applying is easy
You can now apply for a 24+ Advanced Learning Loan for courses starting between 1 August 2013 and 31 July 2014. To apply online, or to download an application form please click here.
For further information on the 24+ Advanced Learning Loans, including FAQ’s and the official fact sheet, please click here.