The loan scheme has been introduced to help learners aged 19 or over return to additional learning or take up opportunities for future development, with the availability of the Advanced Learning Loan the process is easy to apply for, doesn’t take your household income into account and doesn’t involve a credit check.
Also available is a Advanced Learning Loans Bursary Fund which can help you if you have any support needs, for example if you need help with your learning, or help with childcare or residential costs.
Bursary fund applications are taken at point of agreed loan application to the College.
Some key facts about the loan:
- Repayments are linked to what you earn and not how much you borrowed.
- The amount of money you can borrow depends on your course. The minimum amount you can borrow is £300.
- You only have to start making repayments when you’ve finished your course(s) and you’re earning over £21,000 a year (which is £404 a week or £1,750 a month). Until then you don’t need to pay back anything.
- You pay 9% of the money you earn over £21,000, before tax. For example, if you earn £22,000 a year, your monthly repayment will be £7 a month; and if you earn £35,000 a year, it will be £105 per month.
- Interest is charged on a sliding scale between the Retail Price Index (RPI) and RPI +3%, depending on how much you earn.
- Loan repayments will be taken directly from your wage through the tax system from April 2016. If you want to make voluntary repayments, you can do so at any time.
- Before taking out any loan, you should consider all your options. If you want advice on managing your finances, you can get impartial money advice from the Money Advice Service at moneyadviceservice.org.uk
Money Advice Service
City College Nottingham advises applicants to use the impartial service Money Advice Service where you can go direct to their page – Student loans for adults in further education and training.
The service is provided to all applicants who wish to seek financial advice
For impartial money advice please visit the Money Advice Service.
The Money Advice Service
National Careers Service advice
Please use the link below to calculate your repayments