24+ Advanced Learning Loan

Have you heard about the 24+ Advanced Learning Loan?

If you are aged 24 or over and want to study A levels, an Access to Higher Education Diploma, or a level 3 or 4 Certificate or Diploma, you will need to pay your college or training organisation for the cost of your course. A new loan scheme has been introduced by the government to help learners.

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.

Here are some of the key facts about the loan:

  • 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 (which is £404 a week or £1,750 a month). 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; and if you earn £35,000 a year, it will be £105 per month.
  • Interest is charged on a sliding scale between the Retail Price Index (RPI) and RPI +3%, depending on how much you earn.

For further information, contact 24plusloan@mk-college.co.uk or visit the government website for more information..