If you are considering taking a 24+ Advanced Learning Loan, it’s important that you understand how interest will be applied to the balance of your loan over its whole term or lifetime.
The loans are not provided ‘interest-free’ and as such, there is a cost associated with this borrowing. The longer that you take to repay the balance of the loan, the greater that cost will be.
It is crucial that before you apply for a loan, that you take the time to understand how the Government will apply this interest, so that you can be sure that a 24+ Advanced Learning Loan is the best way for you to fund your qualification.
This infographic has been supplied by the Student Loans Company to better help you understand how the interest is calculated and applied.
Nothing in this website is intended to constitute financial advice. For impartial information, advice and guidance on financial matters visit the Money Advice Service