19+ Advanced Learning Loans have been introduced to help you cover the course fees for full and part-time courses and training at Level 3 and 4 e.g. A levels, Access to Higher Education courses and Level 3 and 4, Certificates and Diplomas.
Who are the loans for?
You can apply for a loan if:
- You are aged 19 and above at the startof your course
- You are studying at Level 3 and Level 4 in further education and training
- You have been a resident in the UK for the last three years
- You have not previously had a loan to do the same type and level of qualification. The loan is available irrespective of your current employment status and the loan will not be means tested or subject to any credit checks.
When applying for a Level 3 or 4 course you will have the option to:
a) Pay the course fees yourself
b) Have an employer/sponsor pay the course fees on your behalf
c) Apply for an Advanced Learning Loan to help pay for the course fees
How will the loan work?
They work in a similar way to current Higher Education student loans system and you can apply for it through the Student Loans Company. The payment for the course fees will then be made from the Student Loans Company directly to the college.
How do I apply for a 19+ Advanced Learning Loan?
Step 1: Apply for your chosen course direct to Stephenson College through the website or in person
Step 2: If your application is successful, please request a 19+ Learning and Funding letter which includes details of how to apply
Step 3: You will need to complete an online application form
How much will the loans be for?
For all eligible courses the loan will be up to 100% of the cost of the training, including course and material fees. This could be anywhere between £300 and £4,000 depending on the individual and course.
Do I need to apply for a loan for each year I am studying?
No. You will have one loan to cover the whole length of your course - you don't have to reapply each year. 'One course - one loan.'
What will I have to repay and when?
There are no repayments until after the course is completed and you ar eearning £21,000 or more.
Repayments will start from the April after you have completed or left the course. Repayments will be automatically deducted from your fixed repayments of 9% of your salary above the £21,000 threshold, irrespective of the loan balance. Any outstanding loan balance will be written off after 30 years.
Therefore if you earn £25,000 a year your loan repayment will equate to around £360 a year or £30 a month. These repayments will be linked to earnings rather than loan amount, so regardless of how much you owe, the payments will be the same.
What support is available for me if I'm studying an Access to Higher Education course?
If you take out a loan to pay the course fees for an Access to Higher Education course, on completion of your Access course and Degree, the Student Loans Company will write off the amount outstanding on your loan for your Access course.
How do I found out more?
Contact Student Services on 01530 836 136 ext 220 or email firstname.lastname@example.org