You don’t need to pay your course fees in advance
Most people know you can take out a student loan to pay for university courses, the 24+ advanced learning loan is a great option allowing learners to obtain a loan in the same way to pay for Further Education to avoid paying course fees up front.
Available to those aged 24 years or above and wish to undertake a Level 3 or Level 4 qualification. Learners can borrow from £300 up to the value of their course, and it is all managed by Government Approved, Student Loan Company. During the time the 24+ Advanced Learning Loan has been available, many students have benefit from this flexible way of covering course costs.
Are you eligible?
Eligibly is dependent on various factors, in order to access the 24+ Advanced Learning Loan you must:
- Be aged 24 years or above
- Plan on working towards a Level 3 or Level 4 qualification
- Be a UK national and living in the UK on the first day of your course and lived in the UK, Channel Islands or Isle of Man for 3 years before starting your course.
Other factors which may affect eligibility include:
- Your chosen course
- If your training provider is approved
- Other eligibility criteria may apply
Your training provider will be able to offer advice about your course and loan eligibility.
How much of a loan will I need?
Different courses and the delivery methods mean learners may need a different loan amounts. There is a minimum loan of £300 and the maximum amount is dependent on the qualification. Learners do not need to take the full cost of the course as a loan and can make part payments directly to the training provider.
The loan is paid directly to the training provider you have chosen to study with for the convenience of the learner.
How can businesses benefit for the 24+ Advanced Learning Loan?
The 24+ Advanced Learning Loan is taken out by the individual learners, however some organisations offer to part fund training which would mean you would not need to take out the full loan available. The organisation would need to make this part payment directly to the training provider. Organisations often offer to support learners with their course fees if they feel the training is going to benefit the job role, the part payment.
How will I make repayments?
You will not have to make any repayments of your 24+ Advanced Learning Loan until you are earning above £21,000 per annum.
If you are earning above £21,000, a small percentage of this will be deducted from your pay packet, just like your tax and national insurance. The amount you repay is directly related to how much you are earning, this guide on the Student Loan Company website will help you calculate the amount you may pay back.
If your earning drops below £21,000, either due to reduction in working hours, loss of jobs etc, your payments will stop, additionally if you fail to complete your training, it is likely that you will have to repay the loan.
How do I apply for the 24+ Advanced Learning Loan?
You can apply for your 24+ Loan as soon as your training provider has confirmed your place on the course with an offer letter. As long as both you and the course are eligible for the loan.
You will need the information on your offer letter in order to register and apply for the loan through the Student Finance Gov.UK
You can find more information on the 24+ Advanced Learning Loan by visiting Gov.UK – Information Section