Advanced Learner Loans courses at Level 3 and above

 
Advanced Learner Loans courses at Level 3 and above

Funding and loans for 3rd and higher level courses

As of August 2013, the Government has stopped providing funding for people 24 years of age and older who are studying for courses at level 3 and above. Instead, the cost of these courses can be reimbursed by issuing a ‘24+ Advanced Learning Loan’. This has now been passed on to people 19 years of age or older. Loans are now called Advanced Learner Loans. This loan is issued with a Student Loan Company through Student Finance England. This is the same organization that is currently responsible for the loan scheme used in Universities and other Colleges of Higher Education (H.E.).


Who will be paid for the new loan program?

If you are 19 years or older and are pursuing an accredited level of level 3 or higher, the Government (through the Skills Funding Agency S.F.A) will no longer be able to contribute to the cost of your course. Instead, you may be eligible for a loan to cover all or part of your tuition fees.


You will qualify if:

You are 19 years or older on the first day of your studies

You should often:

Stay in the UK on the first day of your studies

Have been living in the UK, Channel Islands or the Isle of Man for 3 years before starting your studies

be UK or have 'planned status' (this means there are no limits on how long you can stay)

You may also qualify if:

A UK citizen, or a person with a stable status, but living elsewhere in the European Economic Area (EEA)

EU country or one family member

fugitive

migration worker

a child of a Swiss nationality

child of a Turkish worker

If you are 23 years of age and younger and are applying for Level 3, you may still be eligible for your SFA scholarship if it is your first, full 3rd degree. Ask the department for a test.

What courses are worth a loan?


Not all Level 3 qualifications are eligible for 24 Advanced Study Loans. The courses offered by the Institute that you may be eligible for loan are:


  • Third Level Certificate in Public Interpretation (Ascentis donor body)
  • Course Preparation Course 6 Diploma in Public Service Interpreting (DPSI)
  • Diploma level 3 in medical counseling skills (ABC grant body)
  • Level 4 Professional Diploma in Integrative Counseling (CPCAB grant body)
  • Level 6 Certificate in Medical Counseling Certificate (CPCAB)
  • Extended Level 3 Foundation Certificate in Art & Design (BTEC)
  • 3rd ITQ Certificate in IT User Skills

If you wish to pursue a degree that is not eligible for a mortgage, you may be able to pay for the course in installments and you may be eligible for additional assistance with the cost of the project through a College Bursary Fund.

How do you apply for a loan and how long does it take for a loan to be approved?


A quick way to apply online at www.gov.uk/advanced-learning-loans although it is possible to submit a paper-based application if this works well for you, this can be downloaded from www.gov.uk/advanced- study loans


To complete the application you will need:


More information about your studies the College can give you

Your UK passport number; or, if you are not a UK citizen, proof of identity and permanent UK citizenship

UK Legal National Insurance Number

Once you have submitted all of the above details, for UK passport holders the process for approving a loan should take 4-5 days and all other applications should be processed within 2-4 weeks. Your loan eligibility does not depend on your income and does not depend on your credit rating.


When do you start repaying Advanced Learner Loans?


The fee starts in April after the completion of your studies. The amount you pay depends on your salary, not on the cost of the course you took out.


You pay off your loan (plus interest) when you complete your studies and earn more than £ 25,725 a year. Your payments will stop if your income drops below £ 25,725 per year.

  1. Your annual payment amount will be 9% of any income you earn over £ 25,725.
  2. Your employer will calculate the amount you have paid and deduct it from your salary.
  3. If you are self-employed, you are making money as part of your self-assessment tax.


You can pay off one or all of your loans at any time without any payment. Payments will be deducted automatically from you on your income tax plan, or as part of your tax assessment if you are self-employed.


Interest

You pay interest from the time your first payment is made until you pay your full amount.

Interest rate

While studying until April after leaving the course Rate of inflation (Retail Price Index) and 3%


  • £ 25,725 or less Inflation rate
  • £ 25,725 to £ 46,305 Rate of up to 3%
  • £ 46,305 and up Inflation rate and 3%


Interest is paid on loans in the Retail Price Index (RPI, which is the inflation rate), with a transfer rate of between 0 and 3% for people earning between £ 25,725 and £ 46,305 and RPI and 3% for people earning more for £ 46,305.


Where can you find more information about Advanced Learner loans?

If you think the Advanced Learner Loan program may work for you visit the website at www.gov.uk/advanced-learning-loans


Can you still study Level 3 without taking out a loan?

Yes. It is not necessary to take out a loan. If you wish to pay the fee yourself you may have to pay for the study by scheduled payment if this is more appropriate for you.


Frequently Asked Questions for Advanced Learner Loan

Eligibility
Eligible for an Advanced Learner Loan?


To qualify for these loans, you must be:

You are 19 years or older on the first day of your studies
You should often:
stay in the UK on the first day of your studies
they lived in the UK, Channel Islands or the Isle of Man for 3 years before starting your studies
be UK or have 'planned status' (this means there are no limits on how long you can stay)
You may also qualify if:
A UK citizen, or a person with a stable status, but living elsewhere in the European Economic Area (EEA)
EU country or one family member
fugitive
migration worker
a child of a Swiss nationality
child of a Turkish worker
If you are 23 years of age and younger and are applying for Level 3, you may still be eligible for your SFA scholarship if it is your first, full 3rd degree. Ask the department for a test.

What if the study starts before my loan is approved?


If your course starts, before your loan is approved, you may need to secure your place by making a deposit. Check your course details package. The deposit will be refunded to you at the end of the course as long as the loan is available and is still approved and you do not withdraw from the course or cancel the loan.

Does getting a loan depend on my income or debt history?


No. Getting a loan does not depend on your income and credit checks are not done. The rate at which you pay off your mortgage will depend on your income and will not start with anyone until your income is more than £ 495 a week, £ 2,143 a month or £ 25,725 a year.

Is there a maximum age limit for a person applying for a loan?

No. There is no age limit.

Application Process

When can I apply for a loan?

You can apply for a loan from April 2016 for courses that start in or after August 2016

How do I apply for a loan?


You will need to be officially accommodated in the level of level 3 or higher. With your offer, the information you will need to apply for a loan will come. This will be provided by the College in a document called 'Education and Funding Information on 24+ Advanced Learner Loan'. This will give you the details of the course you need to submit in order to process your loan application. www.gov.uk/advanced-learning-loans

Should I use it online?


It will certainly be quick to do so, but if you want a paper-based application form, you can download the forms and print them out at www.gov.uk/advanced-learning-loans

What information do I need to provide when applying for a loan?


You will need the details of the College, as well as the course you are applying for. We will give you this in the form of ‘Financial Literacy’. This will include tuition costs
You need to know the amount of loans you wish to take out (because you may have to pay for some of the tuition fees now and pay off the rest of the loan)
Your details (name, address, date of birth, etc.)
Proof of identity. These include:
For UK passport holders, this should be the details of your passport (note, not the passport itself). If you are a UK citizen but do not have a passport, you will need to provide another form of identification, such as a Birth Certificate, which will need to be sent to the Student Loans company which will return it to you.
If you are not a UK National you will need to provide proof of identity, such as a copy of your passport that you will need to send to the Student Loan Company, which will return it to you, and proof of permanent residence in the UK, such as a residency or marriage / social status, if applicable.
All applicants will also need to provide an official National Insurance Number to pay off the loan.
 

I don't have a National Insurance number but I want to apply for a loan, what should I do?


If you do not have a National Insurance Number you can still apply for a loan but Student Finance England will need to contact you if you still need to get an NI number. You may need to arrange an appointment with your local Job Center to be provided with a National Insurance Number.

How long will it take me to hear the outcome of the loan application?


Applications submitted online do not require further supporting evidence (because you have provided your valid UK passport details) must be processed within 4-5 working days. All other applications should be processed within 2-4 weeks. The exact time will depend on you providing the correct application details and proof of proper original ownership at the time of application.

Can I apply for a loan after my career begins?

Yes, as long as your studies start on or after August 1, 2016. You may apply for a loan at any time after the course has started, but not after you have completed your studies. If you wish to apply for a loan after the start of the course, you will need to agree to this with the Mary Ward Center, as this will change the existing agreement between us on how to repay your loan.

If my course takes more than one year do I need to reapply every year?

No. Your loan application will last for the duration of the course, even if it takes more than a year.

What happens if I change my mind before I start my studies?


If you decide, before the start of the course, that you no longer want to study or that you no longer want to take out a loan to repay it you can just contact Student Finance England, who will be able to cancel your application.

What happens if I change my mind when I start my studies?

If you decide, before the start of the course, that you no longer want to study or that you no longer want to take out a loan to repay it you can just contact Student Finance England, who will be able to cancel your application.

What happens if I change my mind when I start my studies?


No loan payments will be made to the College on your behalf until you attend the course for at least two weeks. If you drop out of school after the first two weeks you will be obliged to repay to Student Finance England the amount of loan associated with your attendance, as well as any interest earned so far (if any). Therefore, if you were on the road for 60% of the time you would be obliged to pay 60% of the total loan amount. In addition, it will be the case for your entry into the course that you sign a separate study agreement with the College. This will clarify your agreement and our policy regarding any outstanding fees to the College after your withdrawal from the course.

Can I get private financial advice?

If you are unsure about taking out a loan and want advice, you can try Money Advice Service. This is a free and independent consulting service established by the Government. Visit their website at www.moneyadviceservice.org.uk

Can I get independent job advice?

If you are not sure if the course you would like to take is the right one for you, you can contact the National Careers Service website at https://nationalcareersservice.direct.gov.uk or call the helpline on 0800 100 900 for advice.

How much can I pay?

There is a huge amount of credit you can get depending on the type of degree you are taking and we can tell you what it is if you ask about a particular course.

How much will the study loans cost?

It is expected that the loan will cover the tuition fee for that course as well as the cost of any required equipment etc. provided by the College as important in how the course is conducted. Loans are paid to the College to cover the cost of tuition fees. The loan is not for you, but for the College. Of course there may be other things that can help you in the study (such as books or other resources) but if this is not considered an option rather than a priority, we as an institution cannot build our own financial framework. The cost of such items will not be determined by the amount of the loan you can take.

Can I get more help with the cost of child care and travel?


Taking out a loan to pay for your studies does not mean that you do not qualify for a Mary Ward bursary, but whether or not you can get help with this fund depends largely on your circumstances. For more information on Mary Ward's bursary scheme, please refer to the details on our website.

How will I repay the loan?

Fees will be deducted automatically by the tax system if you leave the course and your salary is more than £ 21,000 per year. If you work independently, you will be responsible for making student loan payments as part of your annual self-assessment tax. If you stop working, or your income drops below £ 21,000 a year, your pay will stop and start again if your income exceeds that threshold of £ 25,725.

Tax loan repayments will not start until April 2016, or you can pay voluntarily before this date if you wish (see below for more on voluntary payments).

How much will the fee be paid?

You will only repay the cost of the loan you have taken on the loan, as well as the interest paid on the loan (for more on interest, see below). The amount you pay each month is based on your income, not on how much you borrow.

Fees start in April after graduation or withdrawal from your course.

You pay off your loan (plus interest) when you complete your studies and earn more than £ 25,725 a year. Your payments will stop if your income drops below £ 25,725 per year.

Your annual payment amount will be 9% of any income you earn over £ 25,725.

For example
Your monthly payments will be:

  • £ 9 a month - if you earn £ 27,000 a year
  • £ 32 a month - if you earn £ 30,000 a year

You will pay once and deduct one 9% of your income in excess of the £ 25,725 limit, regardless of how much you have in student loans, including HE and 24+ Advanced Loans Loans.

What happens if I have more than one student loan debt?

 Can I pay voluntarily?

Yes. You can make voluntary payments at any time to repay your loan as soon as possible. There are no prepaid payments.

 What happens if I can't repay the loan?

You will only have to pay according to your salary earning more than £ 21,000. If you have outstanding loan balances after 30 years this will be canceled.

What if I announce the demise?

Loans are not included in your mortgage debt, so that during or after the foreclosure you are always responsible for repaying the loan.

What happens when I retire?

Loan payments are not deducted from your Pension Salary, so if you retire and are paid a pension you will only repay if you have any additional income over £ 25,725

 Am I paying interest on a 24+ Advanced Learner Loan?

Yes, the Student Loan Company charges interest on these loans to cover its administrative costs, but these are subject to commercial loan rates.

The interest on your loan will be based on the Retail Price Index (RPI). The table below shows how interest is calculated:

Interest Rate
While studying until April after completing or leaving your course Retail Price Index (RPI) plus 3%
If you complete or leave your course before the April 2016 RPI and 3% until April after leaving your studies, then the RPI after that
From April 2016 The interest you pay will be on a sliding scale depending on your income: £ 21,000 or less - RPI £ 25,725 to £ 46,305 - RPI plus up to 3%, on a sliding scale
£ 46,305 and up - RPI plus 3%

  

Other Questions About Loans


Will I be able to get a loan if I have already obtained the same qualifications from which I am applying for a loan?

Yes. Your previous qualifications will not affect your ability to repay one of these loans. However, once you have secured a study loan you will not be able to take out another loan for the same type of course at the same level. You will be able to take out additional loans to complete various types or levels of relevant courses. There is no need to progress through graduation.

 How much can I withdraw?

You can take out more than 24+ study loans. This means that if you already have a loan with Student Finance England to cover the cost of studying at a certain level or another level of study, this loan is not counted as one of you on four loans. However, you cannot take out another loan to repeat the same type of course at the same level. You are advised to check with Student Finance England to see if this will apply to another loan course you may consider taking.

What happens if I change my mind about this subject and want to do something different?


It will depend on the level of study you have done. If you have done less than two weeks you can simply cancel the loan and this will not count on the total amount you can get. If you have taken out more than two weeks the loan will be counted as one of your four.

However, there is a flexibility that allows one repetition of the same type of course where you did not complete the first one. You will still have to pay the first loan but this time you will be able to take out another loan to complete the course at the same level.

Before making any such decisions, it would be good to talk to a department member who is conducting your studies as, in some rare cases, it is possible to transfer them to a new course under the same loan rather than to a new one.

 What happens if I am unable to complete my course and I am forced to withdraw?


When there are compelling personal reasons that prevent you from completing your studies this will not be counted as one of your four loans. You will still be required to repay any loan paid for the course, but you will be able to take out a loan to complete that course as well. The decision as to whether your circumstances fall into this category will be taken by Student Finance England, not the Mary Ward Center.

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