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Advanced Learner Loans

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Have you heard about the Advanced Learner Loan?If you’re aged 19 or over (24 or over if your course begins before 1 August 2016) and want to study A Levels, an Access to Higher Education Diploma, or a Level 3 to 6 (Level 3 or 4 only if your course begins before 1 August 2016) Vocational Qualification, you’ll need to pay your college or training organisation for the cost of your course.The Advanced Learner Loan is a government-funded loan to help learners. It’s easy to apply for, doesn’t take your household income into account and doesn’t involve a credit check.Here are some key facts about the loan:

  • Repayments are linked to what you earn and not how much you borrowed.
  • You only have to start making repayments when you’ve finished your course and you’re earning over £21,000 a year (which is £404 a week or £1,750 a month). Until then you don’t need to pay back anything, but you can make voluntary repayments at any time.
  • You pay 9% of the money you earn over £21,000, before tax. For example, if you earn £22,000 a year, your monthly repayment will be £7 a month; and if you earn £35,000 a year, it will be £105 per month.

Here is how much you’ll be paying back once you’ve started employment, based on your income:

Your income each year before tax:

How much you pay

up to £5,000

Repay £0

£5,000

Repay £0

£10,000

Repay £0

£15,000

Repay £0

£21,000

Repay £0

£22,000

£7 per month

£25,000

£30 per month

£30,000

£67 per month

For further information, contact Learner Services at Kidderminster College for more information or advice in person, via email at learnerservices@kidderminster.ac.uk or by calling 01562 512004. Alternatively you can visit nationalcareersservice.direct.gov.uk/advancedlearningloans.

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