Advanced Learner Loan
'Green Labyrinth Learner Loan provided me an alternative way to start the course I needed'
What is an Advanced Learner Loan?
Advanced Learner Loans are an alternative way for our 19+ learners to fund a course or qualification!
The loans are funded by the UK Government and you won’t have to pay anything back until your income is over £27,295 per year.
We believe these loans open another door to affordable learning and help you take that first step in the pursuit of your ambitions with new qualifications and career!
'We are proud to have our Advanced Learner Loan offer,
it's a flexible way for our 19+ learners to fund qualifications and enhance their career'
- Bryan Davis, Managing Director
How do they work?
Your loan application is managed by the Student Loan Company and funded by the UK Government
Green Labyrinth can only confirm your enrolment once the SLC have approved your loan.
You can decide how much your loan covers in course fees and the UK Government pay Green Labyrinth the agreed amount, during or after the course.
If you decide to pay some of the course fees yourself to reduce the loan amount Green Labyrinth will require a one-time upfront payment.
The loan is owed to the UK Government and learners only start to make monthly repayments once earning £27,295 a year and the course has completed
The repayments are set at an affordable rate depending on how much you earn and are taken directly from your PAYE.
Learn Now, Pay Later!
Key Information for Learners About Learner Loans
• Advanced Learner Loans aren’t means-tested or subject to credit checks or current employment status
• The minimum loan value is £300 (with maximum figures available via the LARS and confirmed upon application)
• Individuals can apply for full or partial help with paying a provider’s fees
• Loans are paid by the SLC directly to the provider on behalf of a learner
• Repayments are set at 9% on any income above £27,295 per year
• Earlier repayments are permitted
• Payments are taken automatically via PAYE or through self-assessment
• If an employee’s subsequent earnings fall back below £27,295 repayments will be suspended
The Loans Bursary
Green Labyrinth may also be able to help meet some of the other costs of your course through our Advanced Learner Loans Bursary Fund.
The UK Government provide a loan bursary to help vulnerable and disadvantaged loans learners to overcome barriers which may prevent them from taking part in or continuing in learning
Rate 1 (£50) - low-cost learner support, not including childcare and residential
Rate 2 (£150) - learning support recognising the learner could have other learning support needs as well
Rate 3 (£250) - residential or childcare support recognising the learner could have other learning or learner support needs as well
What is the criteria for a loan?
To qualify you must be:
Aged 19 or over on the first day of your course (there’s no upper age limit)
Living in the UK on the first day of your course and have lived in the UK, the Channel Islands or the Isle of Man for three years immediately before this
Studying with a college or training organisation in England approved for public funding
Enrolling on an eligible course at Level 3 to 6 which includes A levels, Access to HE Diplomas and other vocational qualification
These loans do not cover Degrees or other forms of Higher Education (HE). For information on funding for HE go to gov.uk/studentfinance
How long does the application process take?
Loan can take from 1 – 4 weeks
How do I repay my loan?
How will I repay my loan?
Advanced Learner Loan repayments will be collected through the tax system.
When will I repay my loan?
You will be due to start repaying your loan in April after you complete or leave your course.
You will only start making repayments when your income is over £27,295 a year. If your income falls below these thresholds, repayments will stop and only re-start when your income is over these thresholds.
You can make voluntary repayments at any time to pay off your loan more quickly.
What will I repay?
Repayments are based on your income, not on what you borrow or the number of student loans you have. This is known as an ‘income contingent’ repayment.
You’ll repay 9% of your income over £27,295 a year. Even if your income doesn’t exceed £27,295 a year but is over £480 a week or £2,083 a month at any point in the year (e.g. if you work overtime) then a loan deduction will be made.
How much interest will I pay?
You will be charged interest on the loan from the day your first payment is made to your college or training organisation until your loan has been repaid in full. The interest on your loan will be based on the inflation (Retail Price Index(RPI)).
How the money is paid
Your college or training provider decides how the money is paid. You’ll normally be paid direct. You might be able to arrange for the money to be paid to someone else instead, for example your landlord or childcare provider.
In some situations fund money must be paid back. This is generally if you’re a student experiencing a temporary financial difficulty and need a loan, for example for help with your mortgage or rent.
How many loans can I apply for?
The amount you can get depends on your course, the fees charged by your colleague or training organisation and maximum amounts set by the government.
You can have a maximum of four Advanced Learner Loans.
For A Levels you can apply for a loan to fund each course you take towards your A Levels - up to a maximum of 4 A Levels. This means you can have up to 8 loans if you’re taking each A level as 2 seperate courses. The courses must be in the same subject to qualify for a full A Level. You can get up to three more loans for non A Level courses once you have completed your A Levels.
How does Green Labyrinth receive the money?
Student Finance England will pay your agreed loan to your college or training organisation once they’ve confirmed that you have registered on the course.
How do I submit an application?
Apply to your college or training provider - each one has its own application process. How much you get depends on the provider’s scheme and your circumstances.
What happens if I am self-employed?
If you’re self-employed, you’ll have to send HMRC a tax return each year under the self- assessment (SA) system. Your student loan repayments will be due as part of your SA bill for your tax.
The student loan repayment, will be based on all your gross income over the threshold, including all your unearned income (for example, dividend income for shares) if it’s more than £2,000 a year. There are some general points to remember when working out your income each year, your accountant will be able to advise you.
What happens if I change jobs?
You must tell your employer you’re responsible for making student loan repayments and have and Advanced Learner Loan. If repayments don’t start when they should, you should first tell your employer. If your employer can’t sort the matter out, you should contact SLC to help you.
What is the evidence I need to provide for the loan bursary?
Green Labyrinth will need to request evidence from you to confirm your bursary requirements and the amount to be funded.
All evidence must include the date the course(s) took place.
We will require a ticket, receipt or mileage screenshot that includes the cost or distance.
We will require an invoice or receipt from an approved nursery or after school club.
To find approved providers search - https://www.gov.uk/find-registered-childminder
What Green Labyrinth courses are funded by Learner Loan?
Making the right choice
It’s important you consider your own circumstances and look into all options for paying for your course before choosing to take out a loan. If you want advice on managing your finances you can get impartial money advice from the Money Advice Service at moneyadviceservice.org.uk