Advanced Learner Loans (Employers)
If your employee is 24 years or older and wishes to do a Level 3 or a Level 4 qualification there is an learning loan to help them fund their 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 their qualification. Similar to the Student Loan, used by almost one million students per year, Advanced Learner Loan repayments do not begin until your employee earns over £21,000 per year (£404 per week). The loan does not take into account their household income and will not affect their credit history. No credit check will be carried out prior to their loan being accepted.
If an employee of yours is 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 them to complete the application process and provide them with all the information, advice and guidance they need to choose their qualification.
How is the Advanced Learner Loan paid back?
The loan is repaid in their monthly wage before tax and they will only start paying the loan when their income exceeds £1,750 per month. The 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 they 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 Advanced Learner Loan. Your employee 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, the loan can be used to help an individual progress towards a University Degree by doing a recognised foundation course with Train Together. The maximum number of loans a single person can take out over their lifetime is 4 so there are plenty of opportunities to grab hold of.
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: