Advanced learner loans, through the Student Loans Company help fund higher-level qualifications.
If you are looking to fund your next step qualification then an advanced learner loan may be the option for you.
Advanced learner loans are available for YTP learners aged 19 or above to undertake approved qualifications at levels 3 to level 5.
Advanced learner loans give individuals access to financial support for tuition costs similar to that available in higher education and are administered by Student Finance England.
Advanced learner loans are paid directly to the YTP on your behalf. They are not means-tested or subject to credit checks and any individual who meets the criteria will be able to apply for a loan regardless of their current employment status.
When would I need to pay the loan back?
You’ll only repay your learner loan when your income is over the threshold amount for your repayment plan. The majority of our learners tend to be on plan 2.
Plan 1 Learner: Start repaying when their income is over £372 a week or £1615 a month, before tax and deductions. Plan 1 loans are written off after 25 years or when the loan application is over 65 years of age.
Plan 2 Learner: Start repaying when their income is over £511 a week or £2214 a month, before tax and deduction. Plan 2 loans are written off after 30 years.
Repayments will automatically stop if you stop working or your income goes below the threshold.
How much you pay depends on how much over the threshold you earn. For both plans, you would pay 9% of the amount you earn over the threshold.
So on plan 2 if you were paid weekly and your income was £600, you would be £89 over the threshold. You will pay back 9% of £89, just £8 a week.
How do I apply?
If you need it YTP can support you in your application to the Student Loans Company. We have a step by step application pack to help you gain the information and evidence required.
Want to start your student loan application? Click here
For further information, support or guidance contact the team:
Tel: 01709 871872