If you are aged 19+ from 1st August 2016 you may be eligible for an Advanced Learning Loan to meet the upfront costs of your course.
The loans will be available for students who are 19 and over and studying one of the following:-
- ‘A’ Levels
- A Level 3 or higher level course
To qualify for the loan you must be:-
- Aged 19 or over at the start of your course.
- A resident in the UK for 3 years prior to the start of your course.
- Never previously had a loan to do the same qualification type and level of qualification.
Loans will not be means tested or subject to credit checks and any individual who meets the criteria above will be able to apply for a loan irrespective of their current employment status.
How to apply?
You will be able to apply for an Advanced Learning Loan from August 2016 through the Student Loans Company website for courses that start from September 2016. The loan amount will be paid directly to Selby College on your behalf to meet the costs of course fees.
Loans can vary from a minimum of £300 to the maximum linked to the course fee. For apprenticeships the learner and employer are expected to share the costs of the course, so the loan you would take out would only be for half the course cost.
Please note: If you are ineligible or rejected for a loan from the Student Loans Company, you will remain liable for the course fees.
Repaying the Loan
You won’t have to pay anything back until you are earning over £21,000 p.a. and the loan will be written off after 30 years. Interest on the loan will be at the rate set by the Student Loans Company which will be lower than anything available from the high street.
More information on Advanced Learning Loans is available from Selby College Student Services, Tel 01757 211040 or email firstname.lastname@example.org. Alternatively you may wish to see the BIS Website on 19+ Advanced Learning Loans.