You can apply for an Advanced Learner Loan if you are enrolling on a course which is Level 3 or above (not Higher Education) and aged 19 or over on the first day of your course. Your household income isn’t taken into account and there are no credit checks involved.
You will only need to repay your loan when you have completed your course and earning over £21,000. The repayments are taken directly from your monthly salary.
If your salary decreases, your repayments will stop and if you still have an outstanding balance after 30 years, this will be written off..
For example, if you had taken out an Advanced Learner Loan and were earning £22,000 per year you would be paying back £7 per month.
How was this calculated?
- Subtract £21,000 from the annual salary (£22,000 - £21,000 = £1000)
- Work out 9% of the remainder (9% of £1000 = £90)
- Divide that figure by 12 and round down to the nearest pound (£90/12 = £7)
You don’t have to borrow the full cost of your course and you can choose to pay some or all of loan at any time without any extra charge.
If your loan is for an Access to Higher Education programme and you progress to complete a HE course, you will not have to pay back your Advanced Learner Loan at all.
Advanced Learner Loan Bursary
The Advanced Learner Loan Bursary Fund is administered by Central College Nottingham and allows you to receive help with travel costs and childcare as described in this leaflet.
The Advanced Learner Loan Bursary Fund is means tested and we require you to provide evidence of your income. To qualify for support through the Advanced Learner Loan Bursary Fund your household income must not exceed £25,000* per year.
You may only apply to the Advanced Learner Loan Bursary Fund if you have applied for an Advanced Learner Loan and will only be eligible for support once your Advanced Learner Loan has been approved by Student Finance England.