ADVANCEDLEARNINGLOANSFACTSHEET

KeyFacts:

Advanced LearnerLoanshavebeen introduced bytheUK government forlearnersaged19andoverstudying diploma’s and certificatesatLevel3,4, 5 or 6from1August 2017.

Getting aloandoesn’tdependonyourincomeandcreditchecksaren’t carried out. Repayments arebased on your incomeand won’tbegin until your incomeis over£404aweek,£1,750a monthor £21,000ayear.

Onceyou’veidentifiedthequalification you’dliketostudyyoushould apply for the course, attend an interview and we will then issueyou a Learning and Funding Information Letter should you accept a place on the course.You’llneedtheinformationsetoutinthislettertocompleteanapplication andsubmitthistoStudent FinanceEngland.

“Alongside gainingfurther qualifica- tions,I’m really excitedtobein college, meeting peoplewhohave similar intereststome, bothinand outsideof theclassroom.

I feelmuchmoreconfidentnowas I

knowthat thiscoursewillleadme tohave morefinancialandcareer security inthefuture, something which, for me, would not have been possiblewithout thesupportof the

AdvancedLearnerLoan.”

-AlexCombrink

DoIQualify?

To qualify youmustbe:

Studyinga Further Educationcourseat Level3or above

Aged19 or overatthe startofyourcourse

 A UK resident

What informationdoIneedtoprovidewhenapplyingforaloan?

You’ll need toprovidedetails ofthe:

 Course youwishto study;

 Collegeortraining organisation you wish tostudyat;

 Feeyou’rebeingcharged;and

Amountofloanyouwanttotakeout.Thecollegeortrainingorgani- sation willgiveyoudetailsaboutyourcourseinyourLearningand FundingInformationLetter.You’ll need todecidehowmuch loanyou wanttotake out.You’ll alsoberequired toprovideyourpersonal details(name,address,etc)andevidencetoconfirmyouridentity. ForUKpassportholdersthiswilljustbeyourvalid UKpassportdetails (nota physical passport). If you’reaUKnationalbutdon’thavea passportyou’llbeaskedtoprovideanotherformofevidencesuchas aUKbirthcertificate,whichwillbereturnedtoyou.Ifyou’renota UKnational you’llneedtoprovidephysicalidentityevidence,aswell asevidencethatyou’reapermanentresidentinsidetheUK.You’ll alsoneedtoprovideavalidNational Insurancenumbersothatthe loancanbepaid tothecollegeortraining organisation onyourbehalf.

CanI getadditionalsupportto helpwithchildcare and

travel?

TheAdvanced LearnerLoan only coversthefeeyou’rebeing chargedby the college ortrainingorganisation for your course.However,it’s possible thecollegeor training organisation will beableto provide financial support for course relatedcostsfor those facingfinancialhardship. Your college ortrainingorganisation will beable to provideyou withmoreinformation onthe help and support they can makeavailable toyou.

Repayments

How will Ipayback the loan?

Repaymentswill beauto- matically deductedfrom your incomethrough the taxsystem from theApril after youcompleteor leave the course and yourincomeismorethan

£21,000ayear.

What happensif I

can’trepaytheentire

loan?

You’ll onlyeverhave to makerepayments inline withyour incomeif you earnmorethan £21,000. Anyloan balanceswhich remainafter 30yearswill bewrittenoff.

Is thisthe best value loan?

You’llneedtocon- siderwhether it’s the

best thingfor you inyour circumstances. Ifyou want impartial adviceon managing yourmoney contacttheMoneyAd- viceServiceat viceservice.org.uk

Interest HowmuchinterestwillIbechargedontheloan?Some of theinterestonyourloanwillbebasedoninflation (RetailPriceIndex (RPI)).Thenotesbelowshowhowinterestiscalculated:

Interest rate

 Whileyou’re studyinganduntilthe Aprilafteryoufinishor leaveyour course: Retail

PriceIndex(RPI)plus3%

RPI plus3%untiltheAprilafter youleave your coursethenRPI

 Interest isbasedonyourincome. £21,000 or less= RPI, £21,001 to£41,000= RPIplus upto3% (dependingonincome), £41,000 andover=RPIplus3%

WhatisRPI,andwhathappensifitchanges?TheRetailPriceIndex, RPI,isa measure ofUKinflation.It measureschangestothecost ofliving intheUK.TheUKgovernmentusestherate ofRPIformanypurposes, includingsettingtheinterestratechargedon studentloans.

The main points you shouldknow about the

Advanced LearnerLoan

For courses startingfrom 1st August 2017, you needtopay coursefeesif youare19or over andwishtostudy for a qualificationat level3, 4, 5 or 6.

Youmay be eligiblefor a government-backedAdvancedLearnerLoan topay for your coursefee.

Theamount of money youcan borrowdependsonyour course. Themini- mum amount youcan borrowis£300.

Whenapplyingfor an AdvancedLearnerLoan, thereis no credit check and householdincomeisn’t takenintoaccount.

Loanrepaymentsarelinkedto what you earnwhenyou’vefinishedyour course, not howmuchyou borrowed.

Youonly needtostartpayingback your AdvancedLearnerLoanwhen you’vefinishedyour courseandyou’re earningmorethan£21,000 a year (whichis£404 a week and£1,750 a month). You pay back 9% of themoney you earnover £21,000.

Loanrepaymentswillbetakendirectly from your wagethroughthetax system from the Aprilafter your course ends. Ifyouwant tomakevoluntary repayments, youcan dosoat any time.

Beforetakingout anyloan, you shouldconsider allyour options.Ifyouwant adviceonmanagingyour finances,youcan get impartialmoney advicefrom theMoneyAdviceServiceat

For informationandadviceonlearning, career andfundingoptions,visit

 For moreinformationonloansandtoapply,visit

advancedlearningloans

ContactUs

Give us a callformore

informationabout Learning Loans

AnnabelAitken

TruroPenwith College,CollegeRoad,Truro,Cornwall, TR13XX

01872308193

Visitus onthe webat