24+ Loans – everything you need to know
We have all heard aboutstudent loans in higher education. But they are also available to some adultlearners who want help starting down a new career path. The Beauty Academy isone of a number of providers who offer this government grant helping olderstudents take beauty courses and diplomas which will help them in the world ofwork. Here our experts from the explain how it works and how you can benefit.
Almost exactly a year ago 24+ Advanced Learning Loans were introduced asa replacement for government grants for some adult learners.
The idea was to give adults a chance to fund their course fees upfrontat a number of approved colleges and training providers in England – of whichwe are one.
We know that there are lots of matures students looking to completebeauty courses, nail courses, beautician training programmes and make upclasses in London and the rest of the UK.
And we wanted to help them get their first foot on the ladder by gaininga diploma.
How does itwork?
24+ Advanced Learning Loans are available from the UK government forlearners aged 24 and over to fund the tuition fees for study at Level 3 and 4.
The loanswork on a similar basis to the loans system for Higher Education.This means that individuals will only start to pay their loans back oncethey have completed their study or training and are earning over £21,000 perannum.
Can I still get a studyloan?
Yes. You can take out a 24+ Advanced Learning Loan and then a studentloan for higher education. Your loans will be rolled into one and only onemonthly repayment will be made.
Tell me more aboutrepayments
24+ Advanced Learning Loans are no different from any other form ofborrowing – they are subject to repayment conditions.
But you don’t need to start paying until you are earning.
Monthly repayments through the Student Loans Company will be a fixedproportion of your income, which start once you are earning over £21,000.
And any balance outstanding is written off after 30 years. Repaymentsthrough the tax system won’t begin until 2016, but you have the right to makepayments or to pay back your loan in full at any time before then withoutincurring penalties.
And how much will itcost me?
Monthly repayments are based on how much you earn, not how much youborrowed.
They are set at 9% of your income above £21,000.
Like student loans for higher education, and any other loan, your 24+Advanced Learning Loans will be subject to interest charges. These are linkedto inflation and offer low real rates of interest.
You should be aware however, that you will have to pay back any money(plus interest) that’s been paid to your college or training provider if youleave or change your course after two weeks.
What are the benefits?
The costs of college or training courses can be a put off for many adultlearners but this loan provides a way out.
It’s an opportunity to retrain, try something new, expand yourqualifications and find a new pathway in life.
It’s also a way for you to improve your employability and your abilityto earn well.
Learn something new withThe Beauty Academy
The Beauty Academy works in partnership with learndirect and can offeryou 24+ advanced learning loans via the student loans company. These loans cancover the cost of a Level 3 course with us.
The first step in the process is to discuss your training requirementswith our Funding Officers on 01223 420666 at The Beauty Academy.
We will be happy to discuss with you the courses we are approved tooffer and how the training will enable you to progress in your beauty career.
When you have decided on the course you wish to study, we will give youa provisional start and end date for your training.
We will then refer you to learndirect who will explain the applicationprocess and give you the information you require to apply for the loan.
If your loan application is successful; you will be sent an acceptanceletter.
Finally learndirect will contact us to confirm your training dates andto get you started on your exciting journey.
What courses areeligible?
At The Beauty Academy, courses eligible for 24+ adult loans are:
NVQ Level 3 Diploma Beauty Therapy (Massage Route)
VTCT Level 3 Diploma in Make-Up Artistry
VTCT Level 3 Diploma in Nail Technology
VTCT Level 3 Certificate in Swedish Massage
VTCT Level 3 Certificate in Stone Therapy Massage
City & Guilds Level 3 Certificate in Beauty Therapy