There are all sorts of benefits associated with upskilling yourself, everything from making you more employable and improving your CV to discovering new passions and interests, meeting new like-minded people and even finding new career paths you might not have considered otherwise.
But, of course, it can be difficult to know how best to go about funding your new training courses and programmes, and this can often be offputting – leading to serious stagnation! If you’re thinking about going in a new direction, you might find it worth researching advanced learner loans to see if they could help you take that all-important next step.
These loans, administered by Student Finance England, are available for anyone over the age of 19, helping them to undertake approved qualifications at levels three to level six. The funding is paid directly to your college or training organisation on your behalf and the loans aren’t means tested or subject to credit checks.
Eligibility for these loans depends on your age, course, college and national or residency status. Your chosen course has to be a Level 3, 4, 5 or 6 qualification (such as A levels or a graduate certificate) and it must be at an approved training provider or college in England.
You also have to be living in the UK on the first day of the course, and either be a UK national or have settled status, with no restrictions on how long you can stay in the country. You must also have been living in the UK, the Isle of Man or the Channel Islands for three years before starting the course.
Interest will be charged on the loan from the day that the first payment is made to you. When your income exceeds a particularly amount (the threshold), you will have to start repaying your loan.
How much funding you receive will depend on the type of course you want to take, the fees involved and the maximum loan amount available for the course in question. The minimum amount available is £300 and you don’t have to borrow the full cost of the course if you’re able to self-finance, as well.
You are able to apply for up to four loans and you can take out more than one at a time. You are only able to apply once for an Access to Higher Education course, however.
Here at Encompass, we offer accredited programmes in beauty, accounting and management and you could be eligible for funding to contribute towards the costs of these courses. We also offer AAT Level 3 and 4, funded b advanced learner loans through online and distance learning platforms.
If you’d like to find out more about advanced learner loan courses, get in touch with the team today.