All students aged 19 and above will be able to apply for an Advanced Learner Loan for courses at level 3, 4, 5 & 6, starting on or after the 1st August 2016. This is a government-backed loan that you can use to cover all or part of the cost of your tuition fees. There is no credit check and the loan does not depend on your household income. You won’t need to pay back the loan until you are in work and earning over £21,000 per year. Once you earn this amount, you will repay in monthly instalments. These are based on 9% of the difference between any salary earned above £21,000.
YES IF YOU ARE:
You can apply for this loan once you’ve got a place on your chosen course. After you’ve accepted your place we’ll send you a learning and funding information letter which you need to complete your loan application. You can do this online on the UK government website.
This will depend on the course, the tuition fees charged by the College and maximum amounts set by the Government. The minimum amount you may borrow is £300.
You can take out a loan for the maximum amount of your tuition fee or you can pay all or part of the tuition fee yourself. There is no loan to cover living or maintenance expenses.
Once you have completed your course you will be eligible to apply for more Advanced Learning Loans to help you progress in your studies. You can have up to a total of four loans, but only one at anytime.
Student Finance England (SFE) will pay your tuition fees to College once the course has started and we have confirmed your attendance on it. Your loan will start to accrue from the course start date.
You will only start to repay the loan after you have completed your course and are earning over £404 per week, £1750 per month or £21,000 per year. You will only pay 9% of any income earned over this threshold.
If you are studying on an HE course (i.e. HNC/HND, extended or foundation degrees), you will be able to apply to Student Finance England for a full tuition fee loan and additional funds (if on a full-time course) to help you with living costs while you are studying.
Please chat to us at open days and evenings, or give us a call. You can also visit www.gov.uk/student-finance to apply.