Because you never stop learning
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.
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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.
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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.
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When would I need to pay the loan back?
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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.
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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.
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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.
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Repayments will automatically stop if you stop working or your income goes below the threshold.
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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.
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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.
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How do I apply?
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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.
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Want to start your student loan application? Click here
For further information, support or guidance contact the team:
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Tel: 01709 871872