FAQ for 24+Advance Learning Loan

Q. Am I eligible for a 24+ Advanced Learning Loan?
Whether you qualify for a 24+ Advanced Learning Loan depends on your:
 course
 college or training provider
 age
 nationality or residency status

Your course
Your course must start between 1 August 2013 and 31 July 2015, and be a Level 3 or 4 qualification, eg A Levels.

Your college or training provider
You must be studying at a college or training provider in England approved for public funding.

Your age
You must be 24 or older on the first day of your course.

Your nationality or residency status
You must usually:
• be living in the UK on the first day of your course
• have been living in the UK, Channel Islands or Isle of Man for 3 years before starting your course
• be a UK national or have ‘settled status’ (this means there’s no restrictions on how long you can stay)
You may also qualify if you’re:
• a UK national, or someone with settled status, but you live somewhere else in the EEA
• an EU national or a family member of one
• a refugee
• a migrant worker
• the child of a Swiss national
• the child of a Turkish worker

Q. Does getting a loan depend on my income or credit history?
No. Getting a loan doesn’t depend on your income and credit checks aren’t carried out. Repayments are based on your income and won’t begin until your income is over £404 a week, £1,750 a month or £21,000 a year.

Q.Is there an upper age limit for someone applying for a loan?
No. There’s no upper age limit.

Q.Which qualifications and Apprenticeship Frameworks can I get a loan for?
You’ll need to be doing a Level 3 or Level 4 qualification or an Advanced or Higher Apprenticeship which is approved for public funding. Level 3 and Level 4 qualifications include A Levels, Access to HE Diplomas and other Diplomas and Certificates.

Q.Can I still apply for a loan for a qualification that’s not approved for public funding?
No. Only qualifications approved for public funding are eligible for loans

Q. How do I apply for a loan?
1. Check with your college or training provider that the course qualifies.
2. Ask them for a ‘Learning and funding information’ letter – you need this to complete the application. It contains the details about your course.
3. Apply online – at gov.uk/advancedlearningloans
4. You’ll get a letter confirming your loan – usually within 2 weeks if you apply online (postal applications take longer).

Q. Can I apply for a loan after my course has started?
You should apply as early as possible.However, you can apply for a loan at any time during your course, but not after you’ve completed it.
Q. Leave or change your course
You’ll have to pay back any money (plus interest) that’s been paid to your college or training provider if you leave or change your course after 2 weeks or more. The interest rate will be the rate of inflation. Speak to your college or training provider to see if they can transfer the loan to another course.

Q. How much loan can I take out?
How many loans you can get depends on your course.
You can only get one loan at a time. Once you complete the course you apply for next loan.

Q. Will I have to repay the full loan amount if I leave part way through the course?
No. Your loan will be paid to your college or training organisation in line with your attendance on the course. When you stop attending, payments will stop and you’ll only be liable to repay the amount (including any interest accrued on that amount) that’s already been paid to the organisation.

Q. How will I pay back the loan?
Repayments will be automatically deducted from your income through the tax system from the April after you complete or leave the course and your income is more than £21,000 a year.
Repayments don’t start until April 2016.
You pay back your loan (plus interest) when you finish your course and earn more than £21,000 a year. Your repayments will stop if your income drops below £21,000 a year.
Your annual repayment amount will be 9% of any income you earn over £21,000.
Q. Interest
You pay interest from the time your first payment is made until you pay your loan back in full.
Income Interest rate
While you’re studying and until the April after you leave the course Rate of inflation (Retail Price Index) plus 3%
£21,000 or less Rate of inflation
£21,000 to £41,000 Rate of inflation plus up to 3%
£41,000 and over Rate of inflation plus 3%

Q. Making repayments
If you’re an employee, your employer will work out your repayments and take them out of your salary with your tax.If you’re self employed, you make repayments as part of your Self Assessment tax return.You can pay some or all of your loan at any time without an extra charge