If you’re thinking about taking an Adult Learning course for fun, or to boost your career, we’ve got some good news.
From the 1st August 2016, the 24+ Advanced Learner Loan is being transformed into the 19+ Advanced Learner Loan.
So what does this mean for you?
(Of course, if you’re aged 24 or over, all of this information still applies to you, it just means you can start applying right now!)
No matter whether you’re 19, 24 or older, you should know what your options are when it comes to getting help funding a potentially life-changing course.
Let’s get down to business.
Am I eligible?
Anyone aged 19 or over on the first day of their course after 1st August 2016 can now apply for a government-backed loan to fund all or some of the costs to study a course at Level 3 or 4. The course must start on or after 1st August 2016 if you’re under 24.
Which courses can I get funding for?
Here’s a few of the course types which the loan can be used for:
- A Levels
- NVQ Level 3 or Higher
- BTEC Extended Diploma
- Access to Higher Education (read to the bottom, there’s more good news for Access students coming up)
- Foundation Degree
For a full list of eligible course types, click here.
Your course must be provided by an approved college or training provider in England (luckily for you, that means you can study at Derby College).
How much will I get?
How much you get depends on your course type and how much it costs. The minimum is £300. What’s more, the amount doesn’t depend on your income and there won’t be any credit checks.
What does it pay for?
The 19+ Advanced Learner Loan pays for your course fees only. The loan is provided by the Student Loans Company (SLC) and is paid directly to your college.
What about paying it back?
You won’t have to pay it back until you’re earning at least £21,000. Repayments will be 9% of your salary, regardless of how much you’ve borrowed.
What if I need help with my living costs too?
The Loans Bursary Fund will be available to eligible full-time learners receiving the 19+ Advanced Learning Loan. You will be eligible if your household income is £30,000 or under.
There’s even better news for Access to HE students…
Access students who take out the 19+ Advanced Learner Loan and then go on to complete a Higher Education course won’t have to pay their loan back. The debt will be wiped clean and they’ll get a new Higher Education Loan, which they will have to pay back once they’re earning over £21,000.
So there you have it. If you’re 19 or over this August, you’ve got a golden opportunity to receive help in paying for a course at Derby College.
To find out more about funding with Derby College, click here.
To explore out Adult Learning courses, click here.