Key facts about the 24+ Advanced Learning Loan
The 24+ Advanced Learning Loan is for learners aged 24 or over who wish to study for an eligible qualification at level 3 or 4. The loan is used to pay the course fee charged by the college or training provider.
The amount of money available to the learner depends on their course; the minimum they can borrow is £300. It’s easy to apply, there’s no credit check and the learner’s household income isn’t taken into account.
Learners won’t have to pay anything back until they’ve finished their course and are earning over £21,000 a year (which is £404 a week or £1,750 a month). Repayments are linked to what the learner earns, not what they owe; they pay back 9% of the money they earn over £21,000.
Repayments are taken directly from the learner’s wages through the tax system and they can make voluntary repayments at any time.
Learners who complete an Access to HE Diploma course that’s funded by a 24+ Advanced Learning Loan, and who go on to complete an eligible HE qualification, can have any outstanding balance of their 24+ Advanced Learning Loan written off.
Our resources section contains lots of useful information, guides and tools to help practitioners understand the 24+ Advanced Learning Loan and explain it to learners.
Learners can find out more about the 24+ Advanced Learning Loan and apply at www.gov.uk/advancedlearningloans
Applications are now open for courses starting from August 2015
To apply, a learner will need a Learning and Funding Information letter; this will be issued by their learning provider. Learners should apply as early as possible and can change details of their application later if they need to. Learners can apply at www.gov.uk/advancedlearningloans