New loans make advanced learning accessible
24th July 2013 10:54am - Return to press releases
A new further education student loans system means adults enrolling on many courses at East Riding College from September will not have to pay their course fees up front.
The 24+ Advanced Learning Loans have been introduced by the government and apply to people aged 24 and over who are studying towards courses at level three and four, equivalent to A-levels and the first year of a degree, respectively.
They are similar to higher education loans with low interest rates and the student does not have to begin paying their loan back until they are earning £21,000 per year.
The loans are available for a variety of courses such as access to higher education, teacher training and qualifications to help support career advancement, as well as advanced and higher apprenticeships. Loans are not means-tested or subject to credit checks and are paid directly to the College.
Alex Combrink, 28, from Beverley, has taken out a 24+ Advanced Learning Loan to enable him to enrol on a Level Three Access to Higher Education Diploma in September with a view to progressing on to a degree the year after.
Alex said: “I always knew I was quite good at information technology so after this course I want to progress to university to complete a degree in IT.
“I feel much more confident now as I know that this will lead me to have more financial and career security in the future, something which, for me, would not have been possible without the support of the 24+ Advanced Learning Loan.”
Principal Derek Branton said: “Advanced Learning Loans offer an excellent opportunity for adult learners to study for qualifications which could really help them advance their career or help unemployed people get back into work.
“The interest rates and repayment terms are such that everybody can afford to invest in their future with qualifications that are highly attractive to universities and employers.”
The loans will be available from August 2013 but applications can now be made so learners can put the finances for their course in place in good time.
Some key points about the loans:
- Repayment will only start on completion of the qualification and when the learner is earning more than £21,000 per year
- Outstanding loan balances are written off after 30 years
- Repayment of loans is through the tax system, though voluntary additional payments can also be made
- People who progress from an Access to Higher Education Diploma course to complete a higher education programme, such as a degree, can have their outstanding 24+ Advanced Learning Loan for the Access course written off
For more information, call the College on 0845 120 0037 and ask to speak to a guidance officer or email [email protected]
Notes to editors
For more information about this press release, call Matthew Croshaw, marketing and communications manager, on 01482 306612 or email [email protected]