Repaying your undergraduate student loan

Advanced Learner Loans for adults in additional training and coaching in England

If you’re aged 19 or over and are serious about additional training or coaching in England, you would possibly qualify for an Advanced Learner Loan. It’s straightforward to use for and also you received’t should pay something again till you’re incomes over £26,575 a yr.

Coronavirus replace

Please learn the federal government steerage round student finance throughout the COVID-19 outbreak on the GOV.UK website.

What are Advanced Learner Loans?

Advanced Learner Loans are to assist grownup learners handle the prices of additional training and coaching in England.

These loans cowl tuition charges for a spread of Level 3 to Level 6 programs together with:

  • A-levels
  • basic and vocational {qualifications}
  • Access to Higher Education diplomas.

Advanced Learner Loans are solely accessible in case you’re learning at a coaching supplier or school in England, though you’ll be able to reside in different components of the UK.

To learn extra and comply with a hyperlink to use on-line, go to GOV.UK.

How a lot can I get?

The quantity of tuition charges help you’re eligible for is determined by:

  • the course you need to examine
  • the charges charged by your school or coaching supplier
  • most limits to your loan, which rely upon the kind of course.

The minimal loan you’ll be able to take out is £300.

The Student Loans Company pay your loan on to your school or coaching supplier all through your examine.

Number of loans you may get

You can apply for as much as 4 loans.

You can get a couple of on the identical time in case you and your coaching supplier(s) agree you’re able to take a couple of course on the identical time.

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There aren’t any restrictions as a consequence of your earlier degree of attainment however you’ll be able to solely obtain one loan for an Access to Higher Education diploma or a programme of A-levels.

A-levels

You can apply for a loan to fund every course you’re taking in direction of your A-levels, as much as a most of 4 A-levels.

This would solely rely as one in every of your 4 loans.

Find out whether or not you’re eligible for an Advanced Learner Loan on GOV.UK.

Can I apply for an Advanced Learner Loan?

Getting a loan doesn’t rely in your earnings and isn’t topic to credit checks.

There are sure standards it’s essential to meet to be eligible for an Advanced Learner Loan.

  • You should be at an accepted school or coaching supplier in England.
  • You ought to be aged 19 or older on the primary day of your accepted course.
  • You should at present reside within the UK and have been residing within the UK three years earlier than beginning your course.
  • You should be a UK citizen or have a ‘settled status’. This means there aren’t any limits on how lengthy you’ll be able to keep within the UK.
  • You are enrolled on an eligible Level 3 to six qualification. Ask your school or coaching supplier to seek out out whether or not your qualification is eligible.
  • You can solely apply earlier than or throughout your course, you can not apply after you allow or end the course.

You may also qualify in case you aren’t a resident within the UK, however are a serving member of the UK armed forces or their partner, civil accomplice or a dependent dad or mum residing with them.

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The qualification being studied for and the supplier should each be eligible for loan funding. Your supplier could have the main points obligatory to use.

Assess your monetary scenario earlier than committing

Before making use of, take into consideration the way you’ll repay your Advanced Learner Loan.

This is vital as no affordability evaluation will probably be carried out.

It’s as much as you to work out what you’ll be able to afford to borrow.

Think about what would occur in case your earnings dropped or your residing prices went up. If your earnings drops it’s possible you’ll briefly be taken out of automated reimbursement however proceed to have the ability to make voluntary repayments.

Remember: Interest will probably be added to the loan from the day you get it, so keep in mind that the quantity you repay will probably be better than the preliminary loan.

How will I pay again the loan?

You don’t should pay any of your loan again till you’ve began incomes over £26,575 a yr.

If you allow or change course after two weeks or extra, you’ll should pay again any cash that was paid to your school or coaching supplier.

You can select to repay some or your whole loan at any given time with no further cost.

Any excellent stability is mechanically written off 30 years after your scheduled qualification finish date.

Example of reimbursement quantities

Payments will rely upon the quantity you earn over the reimbursement threshold throughout any given pay interval, not the quantity that you simply’ve borrowed.

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Your pay interval is determined by whenever you obtain your wage. This may very well be each week, each 4 weeks or a calendar month. Payments will cease in case you earn beneath the reimbursement threshold for that pay interval.

Repayments are set at 9% of your earnings above the minimal of £26,575 a yr, £2,214 a month or £511 per week.

Interest in your repayments

You’ll be charged curiosity on the Retail Price Index (RPI) + 3% when you full your course and till the next April after leaving your course.

After that curiosity is linked to your earnings.

So in case you earn:

  • lower than £26,575, the curiosity is ready on the RPI
  • £26,575 to £47,835, the curiosity is ready at RPI + as much as 3% on a sliding scale
  • over £47,835, the curiosity is ready at RPI + 3%.

Where to seek out extra data

Apply for an Advanced Learner Loan

To learn extra and to use on-line, go to GOV.UKopens in new window.

Speak to your potential or present coaching supplier or school in England, to seek out out whether or not you’re eligible to use for an Advanced Learner Loan.

It’s value checking whether or not there are any non-repayable bursaries or grants accessible to assist with the additional prices of additional training and coaching programs.

If you get a loan, you would possibly have the ability to get help from the Advanced Learner Loan Bursary Fund direct out of your supplier for prices related together with your course, resembling childcare and journey.

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