Financial Support for Students Aged 24+
Funding for Academic Year 2013/14
24+ Advanced Learning Loans
If you are starting a course on or after the 1st August 2013 you may be able to apply for a 24+ Advanced Learning Loan to pay for your course fees.
Most learners aged 24 and over, studying at level 3 and above, will qualify for these new loans. It’s easy to apply, your household income isn’t taken into account and there is no credit check. You won’t have to pay anything back until your income is over £21,000 a year.
How do you 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 2013
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
Enrolling on an eligible course at level 3 and above which includes: A levels, Access to HE Diplomas, other Diplomas and Certificates, Advanced Apprenticeships or Higher Apprenticeships
How do you apply?
Applying is easy, you can apply for a loan from April 2013 for courses starting between 1 August 2013 and 31 July 2014.
You can apply online to Student Finance England using the online application form or you can download the forms and apply by post.
Please note: If your loan isn't approved when you enrol for your course, you will be required to pay a deposit of £150 and set up a direct debit for future fee instalments. The direct debit will be cancelled and the deposit will be refunded in full once your loan has been approved and received by the College.
You can also get further details of how to apply for a loan from the Student Finance Team at the college. Call 0845 155 0101 to speak to a member of the team.
How much can you get?
The minimum loan amount you can apply for is £300; the maximum loan amount you can apply for is the total course fee charged.
How’s the loan paid?
Student Finance England (SFE) will pay the loan directly to the college.
Can you apply more than once?
Yes, once a you have completed your course you will be eligible to apply for more 24+ Advanced Learning Loans, for different qualifications, (up to a total of four loans) to help you progress in your studies.
How do you pay the loan back?
You will start repaying your loan from April 2016 and will only start making repayments if your income is more than £21,000 per year.
You will only pay back 9% of any income above £21,000 a year, see the table below for examples of what you will repay:
|Income before tax||Monthly salary before tax||Monthly loan repayment|
|Up to £21,000||£1750||£0|
If you stop working, or your income falls back below £21,000, your repayments will stop and only start again when your income is more than £21,000 a year.
Any loan remaining 30 years after you were due to start making repayments will be wiped.
Are you looking at enrolling onto an Access course?
If you take out a loan for an Access to HE course and then go on to complete a Higher Education course you will have your loan for the Access course written off.
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
Find out more
For more information about 24+ Advanced Learning Loans, including information about the application process, please go to the following website www.direct.gov.uk/advancedlearningloans