Students will be able to apply for a loan to meet the upfront costs of their qualification, which will be paid directly to the College on their behalf. You can apply for an Advanced Learning Loan via Student Finance England from May.
Am I eligible for an Advanced Learning Loan?
Loans are available to individuals who are:
- Aged 19 or over at the start of their course
- Resident in the UK
- Have not previously had a loan to do the same qualification type and level of qualification
Loans will not be means tested or subject to credit checks and any individual who meets the criteria above will be able to apply for a loan irrespective of their current employment status.
The Advanced Learning Loan will cover up to 100% of your tuition fee, but not any other costs relating to the course. If you are in financial hardship then you can still apply to the College’s Discretionary Learner Support Fund for a Bursary to help with additional costs, such as childcare.
How and when do I need to apply?
You will be able to apply for a loan from May using an online application form available on the Student Loans Company website. Loans can vary from a minimum of £300 to the maximum linked to the funding rate.
When do I repay the loan?
The repayment arrangements for the Advanced Learning Loans are very similar to the HE tuition fee loans. You won’t have to pay anything back until you are earning over £26,568 and the loan will be written off after 30 years. Interest on the loan will be lower than anything available on the high street and will be linked to inflation. Your monthly repayments will be based on your income, not what you borrowed.
If the loan is for an Access to Higher Education programme and you subsequently go on to complete a higher education course, you won’t have to pay back your Advanced Learning Loan.
For more information on the Advanced Learning Loan please see the video below.