You may qualify for a 24+ Advanced Learning Loan to help pay for your course tuition fees.
This is a new scheme introduced by the government to help mature learners study for qualifications that will improve their employability and develop high level skills and knowledge.
This page covers the key information and frequently asked questions in relation to the loan, eligibility and how it works. If you need more information, visit the Government website or speak to someone in the college’s student finance team – call 0808 100 3626.
How do I apply?
Applications can be made online or you can download an application form to complete. Speak to someone in the college’s student finance team to find out more and to request a form.
Access to HE
If you take out a 24+ Advanced Learning Loan for an Access to Higher Education programme (which you successfully complete) and you subsequently go on to complete a Higher Education course such as an HND, foundation degree or full honours degree, you won’t have to pay it back.
How much can I borrow?
It depends on the type of course you study, but you can take a loan out for the maximum amount to cover your tuition fee – a member of the student finance team can tell you how much you can borrow.
Which courses can I study?
You need to study for a Level 3 course or higher, which includes A Levels, Access to HE Diplomas, other diplomas and certificates of an equivalent level.
Check with the college to find out if the course you want to study is eligible
Am I eligible?
To qualify you must be:
- aged 24 or over on the first day of the course (there is no upper age limit)
- living in the UK on the first day of your course and have lived in the UK, Channel Islands or Isle of Man for three years immediately before this
- studying with a college approved for public funding, such as Vision West Nottinghamshire College
- enrolling on an eligible Level 3 course or above
Can I get additional support for childcare and travel?
The 24+ Loan Bursary aims to support vulnerable and disadvantaged students. To be eligible for the bursary you must be receiving the 24+ Advanced Learning Loan, to cover the cost of your tuition fees, and your household income must be below £25,000.
The bursary is paid at three different monthly rates;
- Rate 1 - £50 - for lower cost learner support, for example books, meals and equipment
- Rate 2 - £150 – for additional learning support and higher cost learner support, for example travel
- Rate 3 - £250 - for learner and learning support. However, this rate can only be claimed where childcare and/or residential funds are provided to the learner.
*Funds in excess of the rates can be agreed at the discretion of Student Financial Support, please contact the office for further advice.
To qualify for help with childcare funding;
- Your childcare provider must be OFSTED registered.
- You must be applying for childcare support for a maximum of two children between 0-5 years of age.
- If your child is eligible for 15 hours per week free early years or nursery education, these must be used to cover your required sessions; you may then apply for additional cover, if required.
- If your application is approved, payments will be made directly to the childcare provider on a monthly basis by BACS payment only.
For further information or support please contact the Student Financial Support Team on 01623 627191 ext 8179/8256. Alternatively you can email us: email@example.com
Can I get a loan if I've already achieved similar qualifications?
Yes. Previous qualifications won’t affect your ability to take out a 24+ Advanced Learning Loan.
How many loans can I take out?
You can only take out one at a time, but you can have up to a maximum of four loans in total (as long as you do not repeat a similar course at the same level).
How do I repay the loan?
You won’t have to pay anything back until you are earning over £21,000, and the loan will be written off after 30 years. Interest on the loan will be at the rate set by the Student Loans Company which will be lower than anything available from the high street.
If the loan is for an Access to Higher Education programme and you subsequently go on to complete a Higher Education course such as a HND, foundation degree or full honours degree, you won’t have to pay back your Advanced Learning Loan.
How much will my repayments be?
9% of your income over the £21,000 threshold. For example, if your income is £25,000 a year then your loan repayments would be around £360 a year (or £30 a month).
|Income each year before tax
|Up to £21,000
More information on Advanced Learning Loans is available from the Government website.