The 24+ Advanced Learning Loan is there for people aged 24 or above who want to take approved qualifications at Levels 3 and 4, including Access courses, at an approved provider in England, such as an FE College or University. It gives you access to financial support for tuition costs in a similar way to those available for degree courses.
Our very own Rob Tyler has answered some common questions below about the 24+ loans, your entitlement and steps for applying:
Do I qualify for the loan?
To qualify you must be 24 or older on the first day of your course will usually need to meet the following criteria:
- be living in the UK on the first day of your course
- have been living in the UK, Channel Islands or Isle of Man for 3 years before starting your course
- be a UK national or have ‘settled status’ (this means there’s no restrictions on how long you can stay)
You may also qualify if you’re:
- a UK national, or someone with settled status, but you live somewhere else in the EEA
- an EU national or a family member of one
- a refugee
- a migrant worker
- the child of a Swiss national
- the child of a Turkish worker
Will I have to pay for my course and claim the money back?
No, 24+ Advanced Learning Loans are paid directly to the college or training organisation.
Will I Qualify for a loan? My partner and I both work but our credit history is not good.
The 24+ Advanced Learning Loan is not means tested. You will not be subject to credit checks and anyone who meets the criteria will be able to apply for a loan regardless of their employment status or income.
When will I start to pay my loan back?
You will begin to pay your loan back (plus interest) in the April following the completion of your course providing that you earn more than £21,000 a year. If your income drops below £21,000 a year your repayments will stop.
How much will I pay each month?
Your annual repayments will be 9% of any income you earn over £21,000.
For example Your monthly repayments would be:
- £7.50 a month - if you earned £22,000 a year
- £30 a month - if you earned £25,000 a year
What should I do next?
Speak to your local college about the courses they have available.
Check out the official government web site at:
How do I apply?
You will need to speak to your college or training provider to apply as each one has its own application process. How much you get depends on the provider’s scheme and your circumstances.
You’ll normally be paid direct. You might be able to arrange for the money to be paid to someone else instead, e.g. your landlord or childcare provider.
*In some situations fund money must be paid back, your college will be able to advise you further.
How the money is paid?
Your college or training provider decides how the money is paid. You’ll normally be paid direct. You might be able to arrange for the money to be paid to someone else instead, eg your landlord or childcare provider.
In some situations fund money must be paid back. This is generally if you’re a student experiencing a temporary financial difficulty and need a loan, eg for help with your mortgage or rent.
Is there anything else I should know?
YES! You can apply for money from the Loan Bursary Fund after you’ve received a letter approving your 24+ Advanced Learning Loan.
The money can help pay for things like:
- accommodation and travel
- course materials and equipment
- Classroom assistance for a disability or learning difficulty - once you’re assessed by your college or training provider
If you have any further questions, we suggest you talk directly to your college/ education provider for more information.