What is the Advanced Learner Loan?
Advanced Learner Loans are there to help learners aged 19 and over to cover the cost of course fees of a level 3, 4, 5 and 6 college or training course. The course must have started on or after 1st August 2016. Your loan application will last for the duration of the course so there is no need to reapply if your course is longer than a year.
Who is eligible?
Learners aged 19 or above (at the start of their course) and who are resident in the UK and studying an eligible Level 3, 4, 5 or 6 course.
Does the loan depend on my income or credit history?
No, the loan doesn’t depend on your income and no credit checks are carried out.
Do I have to take out an Advanced Learner Loan?
No, it’s up to you to decide on your best option, depending on your circumstances.
How much will I get?
The amount you’ll receive depends on:
The minimum loan you can get is £300. You don’t have to borrow the full amount of your course fees, you can pay for some of it yourself.
How many loans can I take out?
Unless you are studying an Access to HE Diploma you are entitled to access up to four loans which you can take out one after the other or at the same time. You can only access one loan to complete the Access to HE Diploma.
How is the loan paid?
The funds are paid directly to the college.
When do I have to pay back my loan?
Repayments don’t start until the April after your course has finished and you don’t have to pay anything back unless you earn more than £25,000 a year. If your income is over £25,000 a year your annual repayments will be 9% of any income you earn over £25,000.
£15 a month – if you earned £27,000 a year
£37 a month – if you earned £30,000 a year
Repayments are based purely on income, not on the amount borrowed or the number of loans. If your income drops below £25,000 the repayments stop and only re-start if your income increases to more than £25,000. Repayments are taken directly from your wage in the same way as tax. Rates of interest on the loans are lower than anything available from banks.
If you need help with your learning or living costs, you may also be eligible for money from the Advanced Learner Loan Bursary Fund. The money can help with things such as: childcare costs*, accommodation, travel, classroom assistance for a learning difficulty or disability, course materials/equipment. You need to apply to the college directly for the Bursary Fund. You can apply once you have received a letter confirming your Advanced Learner Loan.
*Learners aged under 20 on the first day of learning must apply to the ‘care to learn’ programme.
For more information contact our Admissions Team
Tel: 01932 558990
Click here for further information on how to apply for an Advanced Learner Loan.