We've all heard about student loans in higher education. Now they are available for some adult learners in further education and training in England.
What are 24+ Advanced Learning Loans?
24+ Advanced Learning Loans have replaced government grants for some adult learners. They are an option for people aged 24 and over to fund their course fees upfront at Level 3 and Level 4 in approved colleges and training providers in England.
If you are under 24 or wish to gain a more basic qualification
You are not eligible for a 24+ Adult Learning Loan if you are under the age of 24 or aged 24 and over seeking your first basic skills qualification. If you are in this category, your learning will continue to be grant funded.
Combining study loans
You can take out a 24+ Advanced Learning Loan and then a student loan for higher education. Your loans will be rolled into one and only one monthly repayment will be made. If you progress to higher education after taking out a loan for an Access to HE diploma course, your 24+ Advanced Learning Loan balance will be written off, on completion of your HE course.
What about the repayments?
24+ Advanced Learning Loans are no different from any other form of borrowing – you have to meet the repayment conditions. Monthly repayments through the Student Loans Company will be a fixed proportion of your income, which start once you are earning over £21,000. Any balance outstanding is written off after 30 years. Repayments through the tax system won’t begin until 2016, but you have the right to make payments or to pay back your loan in full at any time before then without incurring penalties. You will need to contact the Student Loans Company to arrange repayment before 2016.