Advanced Learning Loans for the 24 Plus
Posted on June 24th, 2013
Categories /HFE News
If you are 24 or over and are looking for financial help or assistance to complete your fitness industry training and education, we have some great news for you. In fact it’s amazing!
During the academic year of 2013/14, anyone wishing to complete an eligible level 3 or level 4 qualification can borrow the money from the government in a scheme similar to that of the student loan scheme.
The loans are intended to help anyone who is 24 or over on their first day of study to pay the tuition fees charged by private training providers and colleges. As long as the training provider is an approved member of the scheme, which HFE is, you can borrow the money from the government and you don’t need to pay anything back until you are earning £21,000 or more. Even if your current earnings are above this threshold, you don’t need to make any repayments until 2016.
You can apply for now for an Advanced Learning Loan for courses starting on or after 1 August 2013 providing that you will be 24 or older on your first day of study.
In addition to the loan, you can also apply for a 24+ Advanced Learning Loans Bursary which can be used to pay for any additional support needs you may have, including childcare, accommodation and any additional support or help that you might need.
Which HFE courses can I use my loan for?
With a 24+ advanced learning loan, you can fund any of the following HFE courses:
■Level 3 Essentials Diploma in Personal Training
■Level 3 Advanced Diploma in Personal Training
■Level 3 Diploma in Exercise Referral
■Level 3 Diploma in Mat Pilates
When do I need to pay the loan back?
Repayments don’t start until April 2016, and you won’t need to pay a penny back unless you are earning more than £21,000 per year.
The repayments are calculated at 9% of your income above the £21,000 threshold and so if you were earning £25,000 for example, your repayments would equate to around £30.00 per month.
The interest on the advanced learning loan is linked to inflation but any outstanding balance is automatically written off after 30 years.
Am I eligible?
Eligibility is determined by your age, nationality and the course you are looking to secure the money on. Providing that you are 24, British and want to complete any of the above courses, you can assume that you are eligible.
You may also be eligible if you are an EU national member, a refugee, migrant worker or the child of a Swiss or Turkish worker.
For more information about eligibility, please contact our careers advisors today.
When can I start my course?
Your course must start on or after the 1st August 2013. If you wanted to do some pre-course preparation we could supply you with your training materials in advance of this date providing that the loan has been approved.
If your application hasn’t been reviewed, you can get access to the learning materials with payment of a refundable deposit of £100.00. This payment would then be repaid to you once we receive your loan payment from the Advanced Learning Loan Scheme.
How to Apply?
1.First of all please contact our careers advisors who will give you more information about the scheme and confirm your eligibility.
2.We will then provide you with a ‘Learning and Funding Information Letter’, which is an essential part of the application process; you cannot start your application without this.
3.Complete the necessary application forms online or by post. You can obtain these by clicking here
4.Wait for confirmation of your application- this is normally received within 14 days
For more information click the following link: Advanced Learning Loans