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