Are you aged 24 and over and thinking about further Education?
You can apply for a 24 Plus Loan to pay for your tuition fees. These advanced learning loans are available for learners wanting to study a Level 3 or 4 course or Advanced and Higher Apprenticeships providing you meet the eligibility criteria.
To qualify all learners would need to be:
- aged 24 and over at the start of the course
- studying an eligible course as per the Skill funding Agency
- a resident in the UK for 3 years prior to the start of the course
- have not previously had a loan to do the same qualification type and level of qualification
24+ loans have been introduced to ensure everyone has the opportunity to study by providing a loan to cover tuition fees. It is the responsibility of the student to apply for the loan but support from Synergy Skills Training will be available throughout the process.
You don’t pay anything up front for your course fees, and you won’t have to pay anything back until April 2016 and then only if you are earning over £21,000 a year.
If your loan is for an Access to Higher Education course and you progress to complete a Higher Education/University Level programme, you will not have to pay back your Further Education loan.
For Apprenticeships, the learner and employer are expected to share the costs of the course, so the loan you would take out would only be for half the course cost.
QUESTIONS AND ANSWERS ABOUT 24+ LOAN REPAYMENTS
Does the loan only cover the tuition fees?
Yes, the 24 Plus Loans are for tuition fees only.
Do I get the money in full?
No, Student Finance England will pay your agreed tuition fees direct to Synergy Skills Training in equal instalments. The minimum loan you can take out is £300. You can take out the full cost of the tuition fee or you can pay part of the tuition fee yourself.
Do I have to have a good credit history?
The loans are not means tested or credit checked and any individual who meets the criteria will be able to apply for a loan whether they’re employed or unemployed.
It is important that you consider your own circumstances and look into all the options for paying for your course. Independent financial advice is available from the Money Advice Service at www.moneyadviceservice.org.uk or by calling 0300 500 5000.
Where can I find out more about the 24+ Loans?
You can find out more about the 24+ loans by contacting the Admissions Team by emailing: email@example.com or by calling 0333 012 4786
Our Advisers will be able to support you with your application as well as providing the facts about 24+ loans. Further information is also available at: www.gov.uk/24_advanced_learning_loans/overview
24 PLUS LOANS – KEY TAKEAWAYS
- Repayment will only start once you have finished your qualification and are earning more than £21,000 per year
- Repayment of loans is through the tax system; first repayments commence in april 2016
- Interest will be charged at the retail price index RPI+3% during the period of study, and until the April after you leave the course
- From the April after you finish the course repayments are at 9% of income above £21,000 – irrespective of the amount of loan taken out
- Interest rates are variable based on income up to maximum of RPI+3% for incomes above £41,000
- Outstanding Loan balances will be written off after 30 years
- No credit check
- Repay the loan when you earn over £21k
- If you stop earning then repayments will stop
Example monthly repayment amounts, income each year before tax:
|INCOME EACH YEAR BEFORE TAX||MONTHLY REPAYMENT AMOUNTS|
|Up to £21,000||Repay £0|
You will be able to apply online by visiting: www.gov.uk/24_advanced_learning_loansThese repayments will be linked to earnings rather than the loan amount, so regardless of how much a student owes, the payments will be the same. If annual earnings fall below £21,000 repayments will stop and only re-start when earnings increase to more than £21,000 a year.