19+ Advanced Learner Loans

SEARCH BLOGS

BLOG CATEGORIES

Back to blogsPrevious blogNext blog

05 May 16

19+ Advanced Learner Loans

Hayden Luke - Fitness Expert Hadyn Luke posted this on Thursday 5th May 2016

pic

19+ Advanced Learner Loans

This blog covers everything you need to know about 19+ Advanced Learner Loans, which can be used for a variety of training courses, including the AAT Accountancy courses.

If you are over 19, you may not have been able to follow a preferred career due to lack of funding. However, 19+ Advanced Learner Loans are available now!

Who can apply?

You must be 19 or older on the first day of your course (there is no upper age limit).

Applicants must be:

  • UK nationals, or have “settled status”
  • Hold a National Insurance Number
  • Be living in the UK on the day your course starts
  • Have been living in the UK for three years prior to this date
  • You will need to provide evidence to confirm your identity, for example your UK passport details.

You don’t have to be employed in the relevant industry to start your training. It doesn’t matter whether you are currently employed or unemployed.

How much can I apply for?

The minimum amount you can apply for is £300. You can apply for all or part of the amount needed to follow your preferred course.

Will it cost me anything?

There is no outlay for applicants. You can either fund the full cost of your course through a 19+ Advanced Learning Loan, or pay for part of the course yourself and borrow the remainder.

When will I have to pay back the loan?

You won’t have to pay anything back until you’re earning more than £21,000 a year – and if you never earn more than this, you never have to pay it back.

This can be particularly useful for anyone starting their career as an accountant or already working within an accountancy firm.

However, you can, if you wish, make additional voluntary payments, whatever your earnings.

If your income fluctuates, you only have to put money towards paying back the loan during the periods when your income is over £21,000. After 30 years, any outstanding balance is written off.

How much will I have to pay and what are the interest rates?

Your monthly repayment amount will be 9% of anything you earn over £21,000 (before tax deductions). For example, if you earn £25,000, your repayments would be £30 a month.

While you’re studying and until the April after you leave the course, the interest rate will be the rate of inflation, plus 3%. Once you’ve completed your studies, if you’re earning £21,000 or less, your interest rate will be at the rate of inflation. If you’re earning between £21,000 and £41,000, it will be at the rate of inflation plus 3%.

If you are employed your employer will take repayments out of your salary along with your tax payments.

If you’re self-employed it will be handled through your self-assessment tax return.

What happens if I change my mind?

After you have been in learning for fourteen days or more, where CMS are unable to gather the payment of the loan through the Students Loans Company you will be directly liable for the full amount of the loan in accordance with CMS terms and conditions.

What if I go on to higher education?

If after completing your course, you take out a student loan and go on to complete a higher education course, Student Finance England will write off your 19+ Advanced Learning Loan.

When can I apply?

You can apply for courses now as long you will be 19 on the first day of the course.

How do I apply?

The application process is very simple: it is not means tested or credit rating tested. You can apply for up to four simultaneous loans in total as long as they are level 3 or above.

To enrol you will need to speak with us and we can issue you a Learning and Funding Information letter, which you’ll need to complete your application. This will contain full details of your course, including dates and cost, the course code and the training providers Provider Reference Number (PRN).

You can apply online here or via a paper-based application form. The form is sent to the Student Loans Company, which will then pay the training provider direct.

To see what courses are available and to enrol on your advanced learner loan call CMS on 01924 470477 or email us on info@cmsvoc.co.uk.

What happens next?

You’ll get a letter confirming your loan, usually within two weeks if you apply online; postal applications may take longer.

What sort of courses are available to me?

AAT Level 2 Certificate in Accounting

AAT Level 3 Diploma in Accountancy

AAT Level 4 Diploma in Accountancy

Hayden Luke - Fitness Expert

Did you enjoy this article?

Contact us for more info about our training courses
01924 470477

Share the love...

Back to blogsPrevious blogNext blog
 
No block yet ()
AAT4

AAT Level 4 Professional Diploma in Accounting

AAT3

AAT Level 2 Foundation Certificate in Accounting

Advanced Learner Loan

19loan
AAT2

AAT Level 3 Advanced Diploma in Accountancy