Loans for those aged 24+ on courses at level 3 and above (Advanced learning loans)
- Name of the instrument - Local language
- Loans for those aged 24+ on courses at level 3 and above (Advanced learning loans)
- Name of the instrument - English translation
- Loans for those aged 24+ on courses at level 3 and above (Advanced learning loans)
- Scheme ID
- 216
- Country
- United Kingdom
- Reporting year
- 2015
- Type of instrument
- Loan
- Type of entry
- Single instrument
- Short description
The 24+ Advanced Learning Loans Scheme is a scheme aimed at helping learners with the education and training costs if they are 24 or older. The course must have started on or after 1 August 2013 and be an eligible Level 3 or Level 4 course. Repayment is income-contingent and is not collected until the individual has left the course and is earning more than GDP 21 000 a year.
- Short description of the related instruments
nap
- Level of operation
- National
- Name of a part of the country
- England
- Northern Ireland
- Wales
- Name of the region (for regional instruments)
- nap
- Name of the sector (for sectoral instruments)
- nap
- Relevance
- Key scheme
- Objective(s) and target(s)
To help people aged 24 or over carry out level 3 or 4 further education and get access to the funds they need to gain advanced and higher-level skills. 24+ Advanced Learning Loans have replaced the direct funding for provision for learners at levels 3 and 4. The Loans policy promotes shared responsibility for the funding of skills provision, recognises that much of the benefit of advanced vocational study goes to the learner and removes one of the main barriers to learning, progression and retraining.
- Year of implementation
- 2012
- Year of latest amendment
- 2014
- Operation/management
Student Loans Company administers the loans and application process. Department of Business, Innovation and Skills (via the Skills Funding Agency) provides funding for the programme.
- Eligible group(s)
Individuals who are aged 24 or over, who are UK resident and undertaking eligible provision at an approved college for a level 3 course or above; have not previously had a loan to do the same qualification type and level of qualification.
- Group(s) with preferential treatment
None
- Education and training eligible
Courses which are eligible are as follows: a number of A-levels/AS/A2 not greater than four, a Quality Assurance Agency (QAA) Access to HE Diploma, a Level 3 Certificat, a Level 3 Diploma, a Level 4 Certificate, a Level 4 Diploma
- Source of financing and collection mechanism
Student Loans Company
- Financing formula and allocation mechanisms
Repayments are not collected until the individual has left the course and is earning more than GDP 21 000 a year. If annual earnings fall below GBP 21 000, repayments stop and only restart when earnings increase to more than GBP 21 000.
Four different rates of interest:
1. while studying until the learner leaves the course - interest rate is equivalent to the Retail Price Index (RPI) plus 3%;
2. GBP 21,000 or less - interest rate is equivalent to the rate of inflation;
3. When earning between GBP 21,000 and GBP 40,0000 - interest rate is equivalent to the rate of inflation plus up to 3% (sliding scale);
4. When earning over GBP 41,000 - interest rate is equivalent to the rate of inflation plus 3%.All loans will be written off after 30 years.
Allocation:
Individuals make an application to the Student Loans Company for a loan. Once it is approved, the individual is informed by the SLC as well as their college/training organisation. Eligible providers receive a "loans facility" from the Skills Funding Agency.- Eligible costs
Specific arrangement
- Frequency of the use
Only once
- Volumes of funding
The total budget of the scheme is GBP 129 000 000 in 2013-14 financial year and GBP 398 000 000 in 2014-15.
- Beneficiaries/take up
An estimation of granted loans for the year 2013 goes up to around 41 500. This is based on the total number of applications received between 8 April and 31 August 2013 which was 26 198 and on the fact that 66% (10 424) of the applications made between 1 and 31 August 2013 (15 725) was approved.
- Organisation responsible for monitoring/evaluation
Department for Business, Innovation and Skills and Student Loans Company.
- Monitoring/evaluation reports available
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- Most relevant webpage - in English
- Most relevant webpage - local language
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- Recent changes
In 2014, apprentices aged 24 and over who are following Advanced or Higher Level frameworks will no longer be funded through a 24+ Advanced Learning Loan.
- Sources
https://www.gov.uk/government/uploads/system/uploads/attachment_data/fi…
- Short description
- Short description of the related instruments
- Level of operation
- Name of a part of the country
- Name of the region (for regional instruments)
- Name of the sector (for sectoral instruments)
- Relevance
- Objective(s) and target(s)
- Year of implementation
- Year of latest amendment
- Operation/management
- Eligible group(s)
- Group(s) with preferential treatment
- Education and training eligible
- Source of financing and collection mechanism
- Financing formula and allocation mechanisms
- Eligible costs
- Frequency of the use
- Volumes of funding
- Beneficiaries/take up
- Organisation responsible for monitoring/evaluation
- Monitoring/evaluation reports available
- Most relevant webpage - in English
- Most relevant webpage - local language
- Recent changes
- Sources