19+ Advanced Learner Loan

19+ Advanced Learner Loan

The 19+ Advanced Learning Loan is not means-tested and does not require a credit check, but to be eligible for a loan, you must be:

• • 19 or older on the first day of your course
• • Your course must be level 3, 4 or 5 qualification
• • It must be at an approved college or a training provider in England
• • You must meet the nationality or residency status criteria

Your nationality or residency status

In most cases, all of the following must apply. You must:

• • be living in the UK on the first day of your course
• • be a UK national or Irish citizen or have ‘settled status’ (no restrictions on how long you can stay)
• • have been living in the UK, British overseas territories, the Channel Islands or the Isle of Man for 3 years in a row before the first day of your course (apart from temporary absences such as holidays)
• • You may also be eligible if you meet other conditions which you can find on https://www.gov.uk/advanced-learner-loan/eligibility

How to pay back?

You will not have to pay any course fees upfront.

You’ll be due to start repaying your loan in the April after you complete or leave your course.

You’ll only start making repayments when your income is over £524 a week, £2,274 a month or £27,295 a year. If your income falls below these thresholds, repayments will stop and only re-start when your income is over these thresholds.

You can make voluntary repayments at any time to pay off your loans more quickly.

What you’ll repay

Repayments are based on your income, not on what you borrow or the number of student loans you have. This is known as an ‘income contingent’ repayment.

You’ll repay 9% of your income over £27,295 a year. Even if your income doesn’t exceed £27,295 a year but is over £524 a week or £2,274 a month at any point in the year (e.g. if you work overtime) then a loan deduction will be made.

For example, if you’re paid monthly and earn £2,500 before tax you’d repay 9% of the difference between what you earn and what the threshold is:

• £2,500 - £2,274 = £226
• 9% of £226 = £20.34

So your student loan repayment would be £20 in that month.

How to Apply?

All applicants must complete:

• • Information Advice and Guidance (IAG)
• • MISDC Link to Short Form.
• • Maths and English Initial Assessment
• • Learning and funding information letter issued:

You can’t apply if you’re:

• • Getting Student Finance for Higher Education
• • On a training scheme
• • On a Community Learning course

19+ Advance Loan work through the Student Loans Company and operate in a similar way to Higher Education Loans. Alternatively, you can find out more at. ULR Link: www.gov.uk/advanced-learning-loans.

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