What exactly is the Advanced Learner Loan?
The Advanced Learner Loan is a UK government initiative to provide adult education for individuals aged 19 and older. This initiative is tailored to improving employability; and developing knowledge, understanding, skills and expertise. It offers financial assistance to learners seeking qualifications ranging from Level 3 to Level 5, studying on approved online advanced learner loan courses. It is important to note that this programme does not extend to degree-level or higher education courses.
Eligibility for the Advanced Learner Loan
Are you eligible for the Advanced Learner Loan programme? To qualify, you must meet the following criteria:
- • You must be 19 years of age or older on the first day of your course.
- • You need to have been living in the UK, the Channel Islands, or the Isle of Man for at least three years immediately preceding your course commencement.
- • Your course must be offered by a publicly-funded college or training organisation in England.
- • You must be enrolled on an eligible course at Levels 3 to 6.
Applying for an Advanced Learner Loan
The application process for an Advanced Learner Loan is straightforward. Here is how to get started:
- 1. Upon your enrolment appointment at London Professional College, you will receive a 'Learning and Funding Information Letter.'
- 2. During this appointment, you will receive guidance and assistance to help you navigate the loan application.
- 3. You will be asked to provide personal information and course-specific details as part of the application.
Understanding Advanced Learner Loan Amounts in Detail:
- Comprehending Advanced Learner Loan Amounts.
- The maximum loan amount for each qualification is determined by the Skills Funding Agency.
- It is essential to grasp the specifics:
- The minimum loan amount you can borrow is £300.
- In certain instances where the course cost surpasses the maximum loan amount, you will be responsible for covering the difference. You have the option to apply for up to four loans, and it is possible to hold more than one simultaneously.
- Paying back the loan
- Repayment of your loan begins in April following the completion or termination of your course. Payments commence only when your income surpasses £494 per week, £2,143 per month, or £25,725 annually. If your income drops below these thresholds, repayments cease and resume only when your income exceeds these limits.
- To expedite loan payoff and minimize interest, you have the option to make voluntary repayments directly to the Student Loans Company (SLC) at any time.
- Repayments are calculated at 9% of your income over £494 per week, £2,143 per month, or £25,725 per year. For instance, if your annual income is £27,725, your loan repayments would be approximately £180 per year or £15 per month. The repayment amounts are solely based on income, independent of the borrowed amount or the number of loans. Therefore, the repayments remain consistent, regardless of the total owed. Should your income fall below £25,725, repayments cease and resume only when your income surpasses this threshold
- Implications for attendance and work
- Academic Success: Consistent attendance at online lessons and tutorials, so you keep up to date with the course material, understand the progress made and you are able to submit assignments on time.
- Building Professionalism: Punctuality and meeting deadlines are fundamental skills valued by employers. College attendance and timely submissions help you to develop these habits, preparing you for future career demands.
- Accountability and Responsibility: Regular attendance and meeting deadlines leads to the development of accountability and responsibility. These traits are essential for personal, academic and professional development and are valued by employers.