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Can you get a loan? Here is some useful information on eligibility...
To get an Advanced Learning Loan, you need to ensure that you are eligible, so here are some guidelines to help...
- You need to be aged 24 or over.
- Studying at level 3 or above: QCF Certificates and Diplomas, access to HE, A-levels and advanced/higher apprenticeships.
- This is NOT means tested, so evryone gets a chance to learn, no credit checks.
- Not based upon prior attainment (for first loan).
- You can get multiple loans to support your progression (but not at the same level or type).
How much could you get?
- One application for the duration of your course. That could be up to 3 years!
- You could get a minimum of £300 or up to the value of your providers fees.
- For apprenticeships the funding rate takes account of the 50% employer contribution.
When do you need to pay back the loan?
- If you are earning over £21,000 (Gross) per year.
- You could voluntarily start paying back the loan if you wish.
How do you need to pay the loan back?
- 9% of your income if you earn over £21,000 (Gross) Per year, irrespective of the loan ammount
- Interest rates are linked to inflation
Some examples of income against pay back amounts:
Under some circumstances the loan could be written off!
- If your career income falls below £21,000 through unemployment, or a career break, you can start repaying when your income goes up.
- Your outstanding loan balance could be written off after 30 years
- When you retire
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