Advanced Learner Loan - Key Facts
Advanced Learner Loan - Key Facts
. Student Finance England will 'write off' any outstanding Advanced Learner Loan balances you owe for an Access to HE course once you complete a higher education course. This means you do not have to repay it.
(From: https://www,gov.uk/advanced-learner-loan/repayments)
. You will pay nothing up-front and repayments will only start once you have finished your qualification and are earning over £25,725 per year.
. Repayment of loans is through the PAYE or Self-assessment system. Interest will be charged at the retail price index + 3% during the period of study and until the April after you complete the course.
. From the April after you complete the course, repayments are at 9% of income over £25,725, irrespective of the amount of loan taken out.
. Loans are not means-tested or credit-checked.
. Outstanding loan balances will be written off after 30 years.
To qualify for the loan, you must:
. Be aged 19 or over at the start of the course
. Be studying an eligible course (as per current funding policy)
. Have been a resident in the UK for three years prior to the start of the course
For more information, visit: www.gov.uk/advanced-learner-loan
If you are under 23 and this would be your first full level 3, there may be other funding options - please get in contact to learn more.