Is an advanced learner loan different to a student loan?
The loans are now called Advanced Learner Loans. This loan is taken out with the Student Loans Company via Student Finance England. This is the same organisation that currently has responsibility for the Loan system used in Universities and other Colleges of Higher Education (H.E.).
How long does it take to get advanced loan approved?
It contains the details about your course. Apply online – you’ll need to register first. You can apply by post if you cannot apply online. You’ll get a letter confirming your loan – usually within 2 weeks if you apply online (postal applications take longer).
Does Advanced Learner loan affect benefits?
The loan doesn’t cover living costs. Think of it as loans for education, benefits for living. However, you should speak to your Jobcentre Advisor as taking a course could affect your benefits if you study/train for more than 16 hours per week. “Taking out a loan will make it difficult to get a mortgage.”
How many times can you have an advanced learner loan?
Learners can usually get a maximum of 4 Advanced Learner Loans. The exception to this is if they’re studying an AS or A level where they can apply for up to 8 Loans, and can still get a further 3 loans for courses that are not AS/A Levels.
What is a Advanced Learner loan?
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 college or training organisation on behalf of an individual.
Is Advanced Learner loan Interest free?
How much interest will I have to pay? Interest will start to be applied to the loan as soon as payments to your college or training organisation begin. The rate of interest will be 3% +RPI until the April after you leave your course. This interest applies to the loan, not your monthly repayments.
Do you have to repay an advanced learner loan?
Advanced Learner Loans have to be paid back. Learners are charged interest from the day the first payment is made. Learners will only start to repay their loan balance once they have finished or left their course and their income is over the repayment threshold.