How do Advanced Learner Loans work?
They work in a similar way to the current student loans system. The learner will apply for them via the Student Loans Company, and the payment will then be made directly to the College. More information can be found here.
When are Advanced Learner Loans available?
From 1 August 2016 Advanced Learner Loans are available for learners 19 and over studying at Level 3 to 6 (24 or over if your course begins before 1 August 2016 and Level 3 and 4 only).
Advanced Learner Loans are available for full and part-time courses at Level 3 to 6, including Diplomas, Certificates and Access to HE courses. Loans are not available for individual units or awards, only for full Level 3 to 6 qualifications that are on the eligible qualifications list.
How do I apply for an Advanced Learner Loan?
You can apply either online or via a paper-based application to Student Finance England – click here for more details.
What will I have to repay and when?
You won’t start repaying your loan until after you have finished your course and your income is over £404 a week, £1,750 a month or £21,000 a year. Repayments will be automatically deducted from your earnings starting the April after you finish your course. The repayments are fixed at 9% of your income above £21,000. Use this handy online calculator to find out more.
Any learner taking out an Advanced Learner Loan to pay for an Access to HE Diploma course and go on to complete a HE qualification will have their outstanding balance written off on completion of their studies.
How much will the Advanced Learner Loan be for?
For all eligible courses the loan will be up to the 100% of the cost of the training, which includes course and material fees.
Do I need to apply for an Advanced Learner Loan for each year I am studying?
No. You will apply for one single loan to cover the whole length of your course.
From the 1 August 2016 you can apply for up to four loans at the same time for courses of the same type and level.
There is may also be a national bursary fund available to help vulnerable learners, such as those with learning difficulties or disabilities, parents who need help with childcare, and ex-military personnel.