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
- Repayments are based on your income, not on what you borrow or the number of student loans you have. This is known as an ‘income contingent’ repayment. You’ll repay 9% of your income over £27,295 a year. Even if your income doesn’t exceed £27,295 a year but is over £524 a week or £2,274 a month at any point in the year (e.g. if you work overtime) then a loan deduction will be made. For example, if you’re paid monthly and earn £2,500 before tax you’d repay 9% of the difference between what you earn and what the threshold is: £2,500 - £2,274 = £226 9% of £226 = £20.34 So your student loan repayment would be £20 in that month. If your income changes, either rising or falling, your repayment amounts will automatically change to reflect this. A different threshold may apply if you move to live in a country outside the UK. Learn more.
- 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.
