Advanced Learner Loans 26/05/2016

If you aged 19 or over and choose to study a Level 3 or 4 course, you may be entitled to apply for an Advanced Learning Loan, a national scheme to help with the costs of studying. You may also be eligible for a bursary.

The good news is that the loan is only repayable once you start earning over £25,000 per year and you are taking steps to invest in your future career earnings and development.

For more information you can:

• You can contact the National Careers Service on 0800 100 900 to help you make an informed decision.
• Contact Learner Services at Kidderminster College for more information or advice in person, via email at learnerservices@kidderminster.ac.uk or by calling 01562 512004.

You can apply for your Advanced Learner Loan on https://www.gov.uk/advanced-learner-loan or contact Learner Services for support in completing your application.

How much will I repay?

Repayment are based on your income, not on what you borrow or the number of student loans you have.

You’ll repay 9% of you income above £25,000 annual threshold.  Even if you don’t earn £25,000 a year but exceed the thresholds of £480 a week or £2,083 a month at any point in the year (e.g. if you work overtime) then a loan deduction will be made

Example repayment amounts

FACTS

• Your loan application will not include a credit check
• Previous qualifications will not affect your ability to apply for a loan.
• Research shows that achieving a Full level 2 qualification (Diploma), including the vital GCSE English and maths subjects, adds £80,000 to a learner’s earnings over their lifetime.
• Research shows a further £60,000 could be added to your wage if you go on to achieve at least a Full Level 3 qualification (Advanced Diploma).