Aged 24 or over and thinking about further education or training?

For the first time, you are entitled to a ‘24+ Advanced Learning Loan’ to cover your course fees – if you are planning to study at Level 3 or 4 or an Advanced or Higher Apprenticeship from 1 August 2013 and you are aged 24 or over.

You don’t have to take out a loan but its availability means that you can improve your knowledge and skills without needing to pay the course fees upfront.

How do repayments work?

Repayments start from April 2016 and you won’t have to pay anything back until your income is over £21,000 a year.

Interest on the Advanced Learning Loan will be lower than for a loan from a bank.

Your monthly repayment will be 9% of your wages above £21,000. For example;

 

Annual Income (before tax)

Repayment Amount

Up to £21k

£0 a  month

£22k

£7 a month

£25k

£30 a month

£30k

£67 a month

 

If you take out an Advanced Learning Loan to study an Access to Higher Education Diplomacourse such as a HEFC Diploma, it will be written off once you complete the subsequent Higher Education Course. This means you won’t have to repay the loan.

How much do I get?

The value of the loan will depend on the cost of the course you want to study.

What if I lose my job or take a career break?

If, for any reason, your income drops below £21,000, your loan payments will stop automatically and will only start again once you earn over £21,000. 

Your Loan (or what’s left of it) will be written off:

  • after 30 years;
  • on your retirement;
  • at death (it doesn’t get passed on to relatives).

 

Applying is easy

It’s easy to apply, your household income isn’t taken into account and there’s no credit check.

You can apply from April 2013 through The Student Loans Company.

What’s next?

We are currently working on our fees for courses starting from 1 August 2013. If you decide to enrol with us, we will contact you to let you know the cost of the course you want to study.

We’ll update this page as more information becomes available. 

Where can I find more information?

If you enrol with us, once we know our course fees for August 2013 onwards, we will contact you.

If you would like to speak to someone in the meantime, please contact Darren Heathcote, Learner and Customer Services Manager on 0191 490 4611.

You can also download a factsheet here, download FAQs here or download further information here.

Or you may find the website below useful:

www.direct.gov.uk/advancedlearningloans

You can get independent financial advice from the Money Advice Service at:

www.moneyadviceservice.org.uk