Have you heard about the Advanced Learner Loan?
If you’re aged 19 or over and want to study A Levels, an Access to Higher Education Diploma, or a Level 3 to 6 Qualification, you’ll need to pay your college or training organisation for the cost of your course.
The Advanced Learner Loan is a government-funded loan to help learners. It’s easy to apply for, doesn’t take your household income into account and doesn’t involve a credit check.
Here are some 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 £25,000 a year (which is about £480 a week or about £2,080 a month before tax). 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 £25,000, before tax. For example, if you earn £26,000 a year, your monthly repayment will be £7.50 a month and if you earn £35,000 a year, it will be £75 per month.
- Interest is charged on a sliding scale between the Retail Price Index (RPI) and RPI +3%, depending on how much you earn.
For further information, contact ICON Training or visit the National Careers Service website.
Advanced Learner Loans are administered by Student Finance England (SFE).
Student Finance England is a Student Loans Company service, providing financial support to students on behalf of the UK Government.