Advanced Learner Loans
Train Together are provided with an annual budget called the Advanced Learner Loan. It is managed in the same way as loans for students at university and means that individual learners can progress in their chosen career path without having to find the money upfront. The loan is very cost effective. Interest is charged at 0.5% above the national interest rate and you are not required to start paying back until you earn over £27,295 per year. If you do earn over this amount per year, the loan is repaid monthly at 9% of earning over the £27,295 threshold. This means monthly repayments are small and in line with your earnings. If for any reason you stop earning, you simply stop repaying. You’re right – It does sound too good to be true. The reason for this is that the government wants our working population to keep personally and professionally developing so that we, as a country, can keep growing our economy and to have a more prosperous society. Reducing barrier to learning and development is key to this vision.