From 1 August 2013 learners in England, aged 24 years of age or over, will no longer have level 3 programmes such as A Levels, advanced apprenticeships and level 3 Diplomas subsidised by the Government. Instead the learner, or their employer, will be required to pay the course fees plus the money which would have previously been funded by the Government.
To support learners with the resulting additional course costs, the Government has extended the learner loan system that is currently in place for higher education students. The 24+Advanced Learning Loans will be available to most learners aged 24 years or over who are looking to undertake a level 3 programme; household incomes are not taken into account and there are no credit checks. The new loans will only be payable once the learner earns at least £21,000 per annum. Repayments will be made at 9 per cent of any income over the threshold above; for example on an income of £25,000 per annum the monthly repayment would be around £30.
The new loans are good news for students who have a degree as they will still be able to apply for one of these new loans to cover the course fees of a level 3 programme, where currently such students have to pay the full cost up front.
More information on learning loans can be found here. If you have a question regarding Learning Loans you may find the answer on this comprehensive Frequently Asked Questions fact sheet. Alternatively you can call us on 0844 372 9410.
Please note the new loans will be open for application from April 2013.