24+ Advance Learning Loan
The 24+ Advanced Learning Loan is available to anyone over the age of 24 wishing to study a qualification at level 3 or 4. The government-backed loan can be used to fund all or part of the cost of study. Repayments does not start until the learner is earning at least £21,000 per year.
From 1st August 2016, the age at which you can apply for a loan lowers to 19. You will be able to apply for these loans from May 2016, although you will not be able to start the qualification until after 1st August 2016.
South London Academy can help you to obtain the Advance Learning Loan.
Is trying to further your qualifications and skills causing you financial problems?
South London Academy can now help you through a Government loan scheme called 24+ Advance learning Loan.
What is a 24+ Advanced Learning Loan?
The Government has introduced 24+ Advanced Learning Loans to help learners aged 24 and over (in further education) pay the college or training organisation's fee. It will fund your college course at Level 3 and above, including Advanced and Higher Apprenticeships.
How can I obtain the loan and repay it?
The loan is easy to apply for, it does not depend on your household income and there’s no credit check. You will not have to pay anything back until you’re earning over £21,000 a year. Once you earn over this amount you pay back 9% of the earnings you receive above this figure.
|Your annual pay||Your Monthly Repayment amount|
How can I know if I am eligible to obtain the loan?
In order to obtain the loan, you must qualify on the following four criteria:
- Course: Most of the level 3 and 4 courses offered by SLA are approved to offer loans by Skills Funding Agency. When we process your course application we may be able to confirm if you are approved for this loan.
- College or Training Provider: Your college or training provider must be approved - we are an approved training provider registered with Skills Funding Agency (UKPRN number 10047344).
- Age: You must be 24 or older on the first day of your course.
- Nationality or Residency Status:
You must usually:
- be living in the UK on the first day of your course
- have been living in the UK, Channel Islands or Isle of Man for 3 years before starting your course
- be a UK national or have ‘settled status’ (this means there’s no restrictions on how long you can stay)
- You may also qualify if you’re:
- a UK national, or someone with settled status, but you live somewhere else in the EEA
- an EU national or a family member of one
- a refugee
- a migrant worker
- the child of a Swiss national
- the child of a Turkish worker
You can check your eligibility in this link http://www.practitioners.slc.co.uk/further-education/eligibility-tool.aspx
How can I make an application to obtain the loan and what documents do I need?
The loan is easy to apply. You have to make an online application. We will guide you to make the application when you enrol in the course.
If you are a UK national, you will need to supply your UK passport details. If you can’t supply your passport details then you will have to send one of the following documents:
- Original UK Birth Certificate
- Original Adoption Certificate
If you are a non UK national then you will have to send the declaration form along with one of the following documents:
- Your original valid passport
- Your original valid ID
- Your original birth certificate
You need to provide your National Insurance Number. You can apply for a loan without a National Insurance number but you must have one before the loan is approved.
You also need to provide a proof of address for 3 consecutive years.
How will I know whether my application is approved?
Once you have sent off the correct documents, along with the declaration form, it should take roughly 2-3 weeks for you to have a reply as to whether or not you have been approved.
Once you get a reply you must inform the Academy immediately. You will be sent a letter from the Student Loans Company to say whether you have been approved or not. You can also log in to your account at any time to check if you have been approved - it will give you a status on your application progress.
If you haven’t had a reply and your account still doesn’t tell you if you have been approved then you can call one of the following numbers to find out the status of your application:
030 0100 0607 - Student Finance England
030 0100 0619 - 24+ Advanced Learning Loans
030 0100 0611 - Student Loans Company
For more detail on the 24+ Advanced Learning Loan please visit www.gov.uk/advanced-learning-loans
South London Academy offers following courses
- City & Guild Level 3 Diploma in Dental Nursing
- City & Guild Level 3 Diploma in Pharmacy Service Skills
- CTH Level 4 Diploma in Hospitality Management