24+ Advanced Learning Loan

Study with the security of a 24+ Advanced Learning Loan

A new loan scheme has been introduced by the government to help learners afford to further their education. The 24+ Advanced Learning Loan is easy to apply for, doesn’t take your household income into account and doesn’t involve a credit check.

Who is eligible for the loan?

- If you are aged 24 or over at the time of starting your course and want to study A levels, an Access to Higher Education Diploma, or a level 3 or 4 Certificate or Diploma, you are likely to be eligible for the loan but please contact us to check if this applies to your chosen course.

- You will need to have been a UK/EU/EEA resident for at least three years before the start of your course.

How much can I borrow?

- You can borrow up the full cost of the course if you wish or can just use it to pay part of the fees, the minimum loan amount is £300.

How do the repayments work?

Repayments are linked to what you earn and not how much you borrowed.

- You only have to start making repayments when you’ve finished your course and you’re earning over £21,000 a year. Until then you don’t need to pay back anything, but you can make voluntary repayments at any time

- You pay 9% of the money you earn over £21,000, before tax. For example, if you earn £22,000 a year, your monthly repayment will be £7 a month

- Interest is charged on a sliding scale between the Retail Price Index (RPI) and RPI +3%, depending on how much you earn

Loan debt written off for progression to higher education

If your chosen course is an Access to Higher Eduction course and you take out the 24+ Advanced Learning Loan then your outstanding loan will be written off if you complete a higher education qualification

How to apply

1. Contact us to check if your chosen course if eligible

2. Apply for your chosen course if you haven't already and ask for a 'learning and funding' letter when you receive your offer

3. Apply online for the loan through student finance

4. You will receive a letter from student finance confirming your loan within several weeks

We can help

If you are interested in applying for a loan and would like further guidance please contact us on 24plusloan@mk-college.co.uk, call (number) or visit the government website for more information.