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Learning Loan

Advanced Learner Loan

 

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.

 

Do I qualify?

To qualify you must be:

  • Aged 19 or over on the first day of your course (there is no upper age-limit)
  • Living in the UK on the first day of your course & have lived in the UK, the Channel Islands or the Isle of Man for three years immediately before this
  • Studying with a college or training organisation – such as Eden Training Ltd –  in England approved for public Funding
  • Enrolling on an eligible course at level 3, 4 or 5 which includes: A levels, Access to HE Diplomas, other Diplomas and Certificates.

 

Applying is easy

You can apply for a loan at any time and you can get further details on how to apply by contacting us.

 

How much can I get?

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.

 

Course tuition fees

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.

 

How is the loan paid?

Student Finance England (SFE) will pay your agreed tuition fees to Eden Training once they’ve confirmed your attendance on the course.

 

You can apply more than once

If your course starts on or after 1 August 2016

  • You can apply for up to 4 loans and you can get more than one at the same time.
  • You can apply for another loan to take the same level of a course

 

Repayment

Repaying your Learning Loan is straightforward.

  • Your monthly repayments will be based on your income, not what you borrowed
  • You will only start making repayments when your income is more than £404 per week, £1,750 per month or £21,000 per year
  • You will only pay back 9% of any income above £21,000 a year, see the table below for examples of what you’ll repay:

Example
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.

  • If you are self-employed you will be responsible for making student loan repayments as part of your annual self-assessment tax return
  • If you are employed, you don’t need to do anything. Your employer will take your repayments directly off your salary as they do with tax and national insurance contributions
  • If you stop working, your repayments will stop and only start again when your income is more than £21,000 a year
  • You will be due to start repaying your loan in the April after you leave or finish your course – whichever comes first
  • Any loan remaining 30 years after you are due to start making repayments will be wiped clear.

 

Interest

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%

 

Making the right choice

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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Email: info@edentraining.co.uk

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