If you are starting a course on or after 1 August 2016 you may qualify for a 19+ Learning Loan. These loans help you to pay the tuition fees charged by colleges and training organisations. Most learners aged 19 and over, studying at level 3, 4 or 5 will qualify for these new loans from the UK government. It’s easy to apply, your household income isn’t taken into account and there is no credit check. You won’t have to pay anything back until you have finished the course and your income is over £21,000 a year.
To qualify you must be:
You can apply for a loan at any time and you can get further details on how to apply by contacting us.
The amount you can get depends on the cost of your course and maximum amounts set by the Government. The minimum loan amount is £300. You can take out a loan for the maximum amount to cover your tuition fee or you can pay all or part of the tuition fee yourself.
Talk to us about the tuition fee for the course you are interested in. We have one of the most competitive pricing structures in Essex.
Student Finance England (SFE) will pay your agreed tuition fees to Eden Training once they’ve confirmed your attendance on the course.
If your course starts on or after 1 August 2016
Repaying your Learning Loan is straightforward.
Annual income before tax Monthly salary Monthly repayment
Up to £21,000 £1,750 £0
£22,000 £1,833 £7
£25,000 £2,083 £30
£30,000 £2,500 £67
If your income drops or rises, for example if you receive a bonus, your repayment amount will automatically change to reflect this.
You can make voluntary repayments at any time to pay off your loan quicker.
Interest on your loan will be based on inflation (Retail Price Index (RPI).
While you’re studying and until the April after you finish or leave your course interest will be: Retail Price Index (RPI) plus 3%
If you finish or leave your course before April 2016 interest will be: RPI plus 3% until the April after you leave your course then RPI
From April 2016 Interest will be based on your income as follows:
£21,000 or less – RPI
£21,001 to £41,000 – RPI plus up to 3%, depending on income
£41,001 and over – RPI plus 3%
It is important you consider your own circumstances and look into all options for paying for your course before choosing to take out a loan.
You can get independent financial advice from the Money Advice Service.
Further information available at www.direct.gov.uk/advancedlearningloans.
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