Adult Learning Loan
Aged 19 or over and thinking about further education?If you’re starting a course with Sysco then you may qualify for an Advanced Learning Loan to cover the costs of training.
What is the Advanced Learning Loan?A student loan service provided to those aged 19+ to help cover the costs associated with Further Education courses. Most learners aged 19 and over, studying at Level 3 or Level 4 for a Certificate or Diploma, will qualify for these new loans from the UK Government.
What does the Advanced Learning Loan cover?It can be taken in full or to pay part of the course fee and you won’t have to pay anything back until your income is over £21,000 a year. At this point you will be required to make payments that equal the rate of inflation plus 3%. The amount you pay is based on the rate of inflation. The rate for a year is fixed for a year on 1 September based on the inflation rate (RPI measure) in the previous March. The rate is that year's inflation rate + 3%, March 2015's inflation rate was 0.9% therefore you have to pay a minimum of 3.9% throughout 2015/16.
The benefits of an Advanced Learning LoanThere are obvious benefits to a government secured loan that are preferable when compared to existing funding options. Eligiblility is not assessed on your income and credit checks will not be carried out.
Costs ExplainedThe loan can be taken in full or to pay part of the course fee - £300 being the minimum loan amount that can be received.
For non A Level courses, learners can have up to 4 loans provided that additional loans are not being claimed for a course at the same level to one which they have already studied. They can only have one loan at a time as well.
Repayments are triggered once the course has finished & the learner is earning £21,000 or more annually. The repayments will be 9% of any income you earn over £21,000. The interest on the loan will accrue from when the first payment is made until the loan is paid back in full & will be applied at the following rates;
|Still on the Study Programme - following April||Rate of Inflation (RPI) + 3%|
|£21,000 or less||RPI|
|£21,000 - £41,000||RPI + up to 3%|
|£41,000 +||RPI + 3%|