The 19+ Advanced Learning Loan available
The UK government has an alternative method of funding your training…
Like pretty much everything in life, training courses need to be paid for and if you haven’t got an employer willing to foot the bill…
But, did you know that there’s a government service providing loans for those looking to access further training?
Before we go any further, we must say that Flexible Training cannot offer any advice on which funding service or option is the best, or recommend any provider. We strongly advise you to talk to a financial professional before entering into any loan agreements.
OK, that’s the legal stuff out of the way, let’s have a look at how it works.
Basically, the 19+ Advanced Learning Loan is available to, what a surprise, people aged 19 and over and taking an appropriate course at Level 3 or 4. As to be expected, there are a load of criteria to satisfy, too many to discuss here but we’ll put some links at the bottom where you can find out what courses are eligible and how to apply.
Unlike most private sector lending services, the 19+ Advanced Learning Loan does not depend on your income or credit history, no credit checks are done. Also, much like mainstream student loans, you don’t start paying back until your income reaches a certain amount, in this case, £21,000 per year. Repayments automatically begin from the April after you have completed or left your course although you can make voluntary payments yourself at any time which will help reduce the interest on the loan. If your income drops below £21,000 for any reason, the repayments will be suspended until it rises above again.
If you’ve already started a course but not completed it yet, you can still apply for a loan but you will need to talk to your training provider or college as you will already have agreed a payment plan with them and a loan would change this agreement. They will need to provide you with certain information to complete your application.
One thing about the 19+ Advanced Learning Loan is worth highlighting. If you should decide to leave a course part-way through, you will only be responsible for paying back the amount that has been passed on to the training provider, not the value of the entire loan. However, you will have entered into an agreement with your training provider at the beginning that will detail any fee you would be liable for if you leave the course early.
We’re happy to have a chat with you about funding options (again, we cannot recommend any product or provider but we can take a little of the mystique out of it) so if you’re ready for some training but are unsure how to pay for it all, give us a ring or check out the links below.
Apply for a 19+ Advanced Learning Loan – www.gov.uk/advancedlearningloans
Money Advice Service – www.moneyadviceservice.org.uk/en/articles/loans-for-adults-in-further-education-and-training