Have you heard about the Advanced Learning Loan?
If you are aged 24 or over and want to study A levels, an Access to Higher Education Diploma, or a level 3 or 4 Certificate or Diploma, you will need to pay your college or training organisation for the cost of your course. A new loan scheme has been introduced by the government to help learners. The Advanced Learning Loan is easy to apply for, doesn’t take your household income into account and doesn’t involve a credit check.
Here are some of the 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 £21,000 a year (which is £404 a week or £1,750 a month). 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 £21,000, before tax. For example, if you earn £22,000 a year, your monthly repayment will be £7 a month; and if you earn £35,000 a year, it will be £105 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 TrainingSkills UK at + 44 (0) 203 488 1852 or visit national careers service