Funding your Course by a Student Loan
There are two loan facilities supported by the Government:
1: The Professional Career Development Loan (PCDL)
The PCDL may be able to help if the course is not supported or funded by the Student Loan Company (SLC), if an SLC Advanced Learning loan is not available. This is a Bank Loan taken from a high street bank that has an arrangement for a more competitive rate arranged by the Government’s Skills Funding Agency (SFA). Please ask at the College for further information.
2: The Student Loan Company 24+ Advanced Student Loan
24+ Student Loans Overview
- These loans help learners aged 24 and over, studying at Level 3 and Level 4, to pay the fees charged by approved Colleges and training organisations in England.
- It’s easy to apply, household income isn’t taken into account and there’s no credit check. You won’t have to pay anything back until your income is over £21,000 a year.
- To apply you will need a Learning and Funding Information letter (an example letter is available to look below); this will be issued by us. You should apply as early as possible, and you can change details of your application later if you need to.
- The SLC Recommends that loan applications are made online, and not by paper. A passport is recommended for the application as evidence of student identity.
The College will provide the student with a Learning and Funding Information Letter which has the information you need to apply (College UKPRN, course information and course fees). During the application the student should print out and return to the Student Loans Company a signed copy of the application letter - this will save the SLC sending out the letter to be signed and returned which will slow down the process.
Information and How to Apply
- You can have 4 courses or programmes funded via SLC: An A level programme counts as one course.
- If you are worried about funding enough courses including going to University you can fund 4 courses for Further Education and 4 for Higher Education (University).
- Each course must be improving Level 2 to Level 3 to Level 4.
- 2 Years is the expected length of a Course.
1: Funding your Course:
a. Options on Course Payment
There are three options on payment:
i. Pay for the fees upfront.
ii. Pay for the fees in instalments.
ii. Take an Advanced Learning loan to pay for the course.
b. How to get Funding for your course - the steps required.
i. To apply to pay in instalments please speak to Lynn Walker in our College Finance Department.
ii. If you are applying for a College course over 24 you can apply for a 24+ Advanced Learning Loan from the Students Loans Company.
2: Funding your Course: the Student Loan Company 24+ Advanced Learning Loan – you need to repay this Loan. To apply you must:
a. Choose your course
b. Gather together the following:
i. A learning and funding information letter: This will be issued by the College (an example letter can be found in the list below). Ask the College for a learning and funding information letter for the course you are interested in. The loan letter is personal to you and includes: The College Code (UKPRN), Course Details Code (QAN code) and the cost of the course. You will need to refer to this letter when making your application.
ii. Your National Insurance Number
iii. Your Passport.
c. Visit The Student Loan Website
Click here for information about financing your Course.
When you are ready to apply please click here and follow the steps provided. The following guides can be downloaded to help you complete you application:
3: Bursary Fund – you normally do not need to repay this money:
i. You may be eligible for money from the 24+ Advanced Learning Loan Bursary Fund if you need help with your learning or living costs, e.g. childcare or accommodation expenses. You need to apply to the College directly for the Bursary Fund. You can apply as soon as you’ve received a letter confirming your 24+ Advanced Learning Loan.
ii. The money can help pay for things like:
- Accommodation and travel
- Course materials and equipment
- Classroom assistance for a disability or learning difficulty - once you’re assessed by your college or training provider
The following websites may be useful when applying for your student loan:
Student Loans Company Practitioner Website
Student Loans Company Website