1. 24+ Advanced Learning Loans A briefing for learners

2. What this briefing covers Background to 24+ Advanced Learning Loans Who is eligible? Key facts More on repayments A typical learner journey Useful links

3. Do learners have to take out a loan? Learners can take out a government-backed 24+ Advanced Learning Loan to cover the costs of course fees Learners aged 24 and over don’t have to take out a 24+ Advanced Learning Loan to fund their course Other options could include using savings or getting a loan from elsewhere It’s up to individual learners to decide on the best option for them, depending on their circumstances

4. Who is eligible? Learners aged 24 and over at start of their course Must be resident in the UK Studying at Level 3 or 4: QCF Certificates & Diplomas, Access to HE, and A-levels Not means-tested or subject to credit checks Not based on what learners have achieved in school or on courses in the past (for the first loan)

5. You can have up to a maximum of four 24+ Advanced Learning Loans You can take one loan out at a time for non-A Level courses 5 Who is eligible?

6. Who is eligible For A Levels it is different You can apply for a loan to fund each course you take towards your A Levels – up to a maximum for 4 A Levels. This means you can have up to 8 loans at once if you’re taking each A Level as 2 separate courses (AS and A Level from 1 August 2015 or AS and A2 before 1 August 2015). The two courses must be in the same subject to qualify for a full A Level You can then still be eligible for three more loans for non A Level courses 6

7. Key facts about the loan It doesn’t have to be repaid until you earn more than £21,000 a year It won’t affect your credit rating Repayments are linked to how much you earn, not how much you borrow There is no upper age limit Loan paid directly to your college or training provider 7

8. Repayments 9% of income above £21,000 – irrespective of the number and amount of loan(s) taken out Interest rates are linked to inflation – a sliding scale of the Retail Price Index (RPI) for incomes of less than £21,000; up to RPI + 3% for incomes above £41,000. Repayments taken directly from your wage in the same way as tax

9. Learner repayments (examples) Annual income before taxRepayment amount Up to £21,000£0 £22,000£7.50 per month £25,000£30 per month £30,000£67 per month £35,000£105 per month £40,000£142 per month

10. Learner repayments (suspension, write-off) Suspended if income falls below £21,000 – such as a career break or unemployment – and only starts again when you earn over £21,000 Outstanding loan balances written off: after 30 years on death (no family liability) If you undertake an Access to HE Diploma and then complete an HE qualification the outstanding balance may be written off

11. Additional learner support £50 million bursary fund spread over two years (2013-14 and 2014-15) Support for mature students with learning difficulties or disabilities Help to meet costs such as childcare, travel, books and equipment Writing off outstanding loan for Access to Higher Education Diploma courses on completion of subsequent HE course

12. Learner journey (step 1)

13. Learner journey (step 2)

14. Learner journey (step 3)

15. Learner journey (step 4a)

16. Learner journey (step 4b)

17. Learner journey (step 5)

18. Learner journey (step 6)

19. Learner journey (step 7)

20. Learner journey (step 8)

21. Learner journey (step 9)

22. Learner journey (step 10)

23. Useful links nationalcareersservice.direct.gov.uk/advancedlearni ngloans gov.uk/advancedlearningloans For advice on taking out a loan and managing your finances: moneyadviceservice.org.uk