One of our 24+ loan funded NVQ course specialist will contact you in the next 24 hrs to assist you and answer any questions you may have
You may apply to get 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:
Apply to your college or training provider - each one has its own application process. How much you get depends on the provider’s scheme and your circumstances.
Speak to student services if you need support with your application.
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 a train season ticket, field trip or rental deposit.
You pay back your loan (plus interest) when you finish your course and earn more than £21,000 a year. Your repayments will stop if your income drops below £21,000 a year.
Your monthly repayment amount will be 9% of any income you earn over £21,000.
You can get independent money advice from the Money Advice Service.
|While you’re studying and until the April after you leave the course||Rate of inflation (Retail Price Index) plus 3%|
|£21,000 or less||Rate of inflation|
|£21,000 to £41,000||Rate of inflation plus up to 3%|
|£41,000 and over||Rate of inflation plus 3%|
If you’re an employee, your employer will work out your repayments and take them out of your salary with your tax.
If you’re self employed, you make repayments as part of your Self Assessment tax return.
You can pay some or all of your loan at any time without an extra charge.
You’ll have to pay back any money (plus interest) that’s been paid to your college or training provider if you leave or change your course after 2 weeks.
The interest rate will be the rate of inflation.
EligibilityAm I eligible for a 24+ Advanced Learning Loan?
To be eligible for one of these loans you must:
See below for more details on which type of courses are eligible. Your college or training organisation will be able to confirm exactly which courses are eligible and if they’re an approved organisation.
You may also be eligible if you:
Does getting a loan depend on my income or credit history?
No. Getting a loan doesn’t depend on your income and credit checks aren’t carried out. Repayments are based on your income and won’t begin until your income is over £404 a week, £1,750 a month or £21,000 a year.
Is there an upper age limit for someone applying for a loan?
No. There’s no upper age limit.
Which qualifications and Apprenticeship Frameworks can I get a loan for?
You’ll need to be doing a Level 3 or Level 4 qualification or an Advanced or Higher Apprenticeship which is approved for public funding. Level 3 and Level 4 qualifications include A Levels, Access to HE Diplomas and other Diplomas and Certificates. These loans don’t cover Degrees or other forms of Higher Education where separate student support arrangements exist. You can get further advice on which qualifications are eligible for loans from your college or training organisation.
Can I still apply for a loan for a qualification that’s not approved for public funding?
No. Only qualifications approved for public funding are eligible for loans. If you want to undertake a qualification that’s not eligible for a loan then you’d need to agree another method of funding the course with the college or training organisation.