Aged 24 or over and thinking about further education?
If you're starting a course on or after 1st August 2016, you may qualify for a 24+ Advanced Learning Loan. These loans help you to pay the tuition fees charged by colleges and training organisations.
Most learners aged 24 and over, studying at Level 3 and above, will qualify for these new loans from the UK government. It's easy to apply, your household income isn't taken into account and there's no credit check. You won't have to pay anything back until your income is over £21,000 a year.
Do I qualify?
To qualify you must be:
- Aged 24 or over on the first day of your course (there's no upper age-limit) and starting your course on or after 1 August 2016.
- Living in the UK on the first day of your course and have lived in the UK, the Channel Islands or the Isle of Man for three years immediately before this
- Studying with a college or training organization in England approved for public funding
- Enrolling on an eligible course at Level 3 and above which includes: A levels, Access to HE Diplomas, other Diplomas and Certificates.
Applying is easy
You'll be able to apply online or download an application form at www.gov.uk/advancedlearningloans
. You will need a Learning Loan letter from the college before you start your application. You can get further details on how to apply from our Finance Officer in Student Services by ringing 01691 688029 or e mailing firstname.lastname@example.org
Making the right choice
It's important you consider your own circumstances and look into all options for paying for your course before choosing to take out a loan. You can get independent financial advice from the Money Advice Service at www.moneyadviceservice.org.uk
How much can I get?
The amount you can get depends on your course, the tuition fees charged by your college and maximum amounts set by the Government. The minimum loan amount is £300 You can take out a loan for the maximum amount to cover your tuition fee or you can pay all or part of the tuition fee yourself.
Course Tuition Fees
North Shropshire College will confirm the tuition fee before you apply for your loan.
How's the loan paid?
Student Finance England (SFE) will pay your agreed tuition fees to us once they've confirmed your attendance on the course.
You can apply more than once.
Once you've completed you course, you'll be eligible to apply for more 24+ Advanced Learning loans (up to a total of four loans) to help you progress in your studies.
Repaying your 24+ Advanced Learning Loan is straightforward:
- Your monthly repayments will be based on your income, not what you borrowed
- You'll only start making repayments when your income is more than £21,000 per year, £1,750 per month or £404 per week
- You'll only pay back 9% of any income above £21,000 a year
- If you are paid monthly and earn £2,500 before tax, you would repay 9% of the difference between what you earn and what the individual threshold is: £2,500 -- £1,750 = £750
- 9% of £750 = £67.50
- Your loan repayment would be £67 in that month
If your income drops or rises, for example if you receive a bonus, your repayment amount will automatically change to reflect this. You can make voluntary repayments at any time to pay off your loan more quickly. Your employer will take your repayments directly off your salary as they do with tax and national insurance contributions.
If you stop working, your repayments will stop and only start again when your income is more than £21,00 a year.
You'll be due to start repaying your loan in the April after you leave or finish your course - whichever comes first. If you leave or finish you course before April 2016, you won't start making repayment until after this date.Any loan remaining 30 years after you're due to start making repayments will be wiped.Loans are not means-tested, and the first loan does not take prior qualifications into account.
Where do I find further information?
Contact Student Services at North Shropshire College on 01691 688029 or email: email@example.com
Alternatively, you'll find more information at: www.gov.uk/advancedlearningloans