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Financial Support: Advanced Learner Loans

Advanced Learner Loans

An Advanced Learner Loan helps with the costs of further education courses.

If you are aged 19 and over and studying a further education course at Levels 3, 4, 5 or 6 at college you can apply for an Advanced Learner Loan.

Eligibility for the loan doesn’t depend on your income and there’s no credit checks. Interest is charged from the date the first payment is made to the college.

The Advanced Learner loan, plus any interest, has to be paid back but not until the learner has finished or left their course and their income is over the repayment threshold.

It is important you consider your financial circumstances and look into all options for paying for your course before choosing to take out a loan. You can get impartial financial advice from the Money Helper Service 

You will be responsible for paying your course fees if your Advanced Learner Loan application is not approved.

Most learners aged 19 and over, studying a level 3, 4, 5 or 6 Further Education qualification, may qualify for help toward fees through the Advanced Learner Loan (ALL) scheme.

  • Aged 19 or over on the first day of your course (there is no upper age limit)
  • Enrolling on a full Level 3 to Level 6 Further Education funded course.
  • Meet the Student Loans Company's nationality and residency rules.

Before applying for an Advanced Learner Loan you will require a Learning and Funding Information Letter from the college. If you have already applied to us and been made an offer you can expect to receive your letter from July onwards. Once you have received an offer at Lincoln College and have received your Learning and Funding Information Letter, you can apply for a loan online at GOV.UK

If you choose to take out a loan, the Student Loans Company (SLC) will pay your agreed tuition fees to the college once your attendance on the course has been confirmed.

If you’re undertaking an Access to HE Diploma and then go on to complete your first approved HE qualification, the outstanding balance of your Advanced Learner Loan may be written off. To qualify for this write off you must have fully completed both courses. Your HE qualification must be eligible for funding by Student Finance England. The HE course does not have to relate to the Access to HE course you complete.

Repayments will be automatically deducted from your income through the tax system from the April after you complete or leave the course.

  • Your monthly repayments will be based on your income, not what you borrowed.
  • You’ll only start making repayments when your income is more than £524 a week, £2,274 a month or £27,295 a year (before tax and other deductions). However, if your income falls below £27,295, repayments will stop and only re-start when your income is over £27,295 (see * below).

Example repayment amounts

Income each year before tax Monthly income Approximate monthly repayment
Up to £27,295.00 £2,274.00 £0.00
£28,000.00 £2,333.00 £5.00
£30,000.00 £2,500.00 £20.00
£34,000.00 £2,833.00 £50.00
£36,000.00 £3,000.00 £65.00

How much interest will I be charged?

Interest Rate
While you’re studying and until the April after you complete or leave your course, whichever comes first. RPI 
From the April after you finish or leave your course

Interest will be based on your income.

£27,295 or less – RPI 
£27,296 - £49,130 – RPI  plus up to 3%
£49,130 and over – Normally RPI  plus 3%

For more information please visit: GOV.UK

   

Lincoln Opening Times

Monday - Thursday

8.30am - 4.30pm

Friday

8.30am - 4.00pm

Newark Opening Times

Monday - Thursday

8.30am - 4.30pm

Friday

8.30am - 4.00pm

Am I eligible for Financial Support

 

 

 

* The content of this website is not exhaustive and is for guidance purposes only and may be subject to change at any time.  Throughout our site you will find links to external websites.  Although we make every effort to ensure these links are accurate and up to date, the Financial Support Team cannot take responsibility for pages maintained by external providers.