What is the Advanced Learning Loan?
The new Advanced Learning Loan is the government’s non-means tested or credit checked helping hand for anyone over 19 years wanting to study for a Level 3 qualification such as a National Certificate /Diploma or a higher or advanced apprenticeship.
Can anyone apply?
Yes, as long as you’re 19+ and have been a resident in the UK/EU for at least three years before the start date. It’s really easy to apply and there’s no upper age limit.
How do you pay it back?
You won’t pay back your loan until you’re earning over £21,000 per year and then you’ll only pay back 9% of what you earn over £21,000. This means if you earn £22,000 per year you would only pay back 9% on £1,000, only £7.50 a month or less than a cup of coffee a day!
If your earnings are less than £21,000 per year you won’t have to pay anything back and even better, after 30 years the loan will be cleared and you’ll never have to pay it back.
How do I apply for a loan?
It’s easy to apply for a loan, you can apply online.
You’ll need a National Insurance Number before any money can be paid to the college or training organisation on your behalf and you’ll need some form of Identification to apply, e.g. passport or birth-certificate.