Advanced Learner Loans (Individuals)
If you are 24 years or older and wish to do a Level 3 or a Level 4 qualification there is an learning loan to help you fund your training. It’s called the Advanced Learner Loan and is a government-backed loan scheme that can be used to fund part or all of your qualification. Similar to the Student Loan used by almost one million students per year, Advanced Learner Loan repayments do not begin until you earn over £21,000 per year (£404 per week). The loan does not take into account your household income and will not affect your credit history.
If you are interested in finding out more information or would like to apply for the loan with Train Together, get in touch with us today. We will support you to complete the application process and provide you with all the information, advice and guidance you need to choose your qualification.
How is the loan paid back?
You will repay the loan in your monthly wage before tax and will only start paying the loan when your income exceeds £1,750 per month. Your annual repayment will be set at 9% of the income you earn over £21,000 per year. Interest on the loan is at the rate of inflation if earnings are below £21,000 and between the rate of inflation and 3% if you earn between £21,000 and £41,000. Payments will stop once the loan has either been paid off in full or if the loan has not been repaid within a 30 year period.
Who is eligible to take out the loan?
There is not an upper age limit to apply for the loan. You must live in the UK and do the course with an approved training provider. Unlike the Student Loan, the Advanced Learner Loan cannot be used to fund a University Degree. However, you can use the loan to help you progress towards a University Degree. You can take up to 4 loans out over your lifetime so there are plenty of opportunities to grab hold of with a Advanced Learner Loan.
Please see our most popular Advanced Learner Loan qualifications below:
If you and your employee are interested in finding our how to apply for the Advanced Learner Loan, click the button below: