Student funding available for students at City College Peterborough

 

What is a 19+ Advanced Learning Loan?

The Government has introduced 19+ Advanced Learner Loans to help learners aged 19 and over in further education pay the college or training organisation fee. Getting a loan doesn’t depend on your household income and there’s no credit check. You won’t have to pay
anything back until you’re earning over £25,725 a year. Once you earn over this amount, you pay back 9% of the earnings you receive above
this figure.

What are my repayments likely to be?

That depends on how much you earn. Visit www.studentloans.co.uk to see how monthly payments relate to earnings. REMEMBER: Loan repayments only start when you are earning over £25,725 per year (but you can make voluntary repayments before then). Interest rates can vary up to 3%.

Can the 19+ Advanced Learning Loan be written off or cancelled?

Normally, any outstanding loan you have will be written off 30 years after it becomes eligible to be repaid. If you receive a disability-related benefit and are permanently unfit for work, it will be cancelled.

Who is eligible for a 19+ Advanced Learning Loan?

To be eligible for the loan you must be:
• 19 or older 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 or an EU country or a dependent territory of the UK and
EU for 3 years immediately before starting your course
• studying in the UK on a level 3, 4, 5 or 6 qualification that is eligible for a 19+ Advanced Learning Loan.

Is there an upper age limit?

There is no upper age limit in order to apply for a 19+ Advanced Learning Loan.

Is there a maximum amount of loan available?

Yes, depending on the qualification. If you wish to take out a smaller amount (not less than £300) and fund the rest yourself, you are able to
do this.

Is the 19+ Advanced Learning Loan available to students with
existing qualifications?

Yes, previous qualifications that learners have achieved do not affect their ability to apply for a loan to gain new qualifications.

What happens next?

Once you have been accepted on the course of your choice, you will need to decide whether you wish to pay for your course yourself or
apply for a 19+ Advanced Learning Loan. You will need to submit your application together with the offer letter to the Student Loan
Company. Please note, once you enrol onto the course of your choice it is your responsibility to make arrangements to pay for the course.

If you withdraw from the course for whatever reason, you are still responsible to pay City College Peterborough the amount
outstanding.

 

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