Repayment options for student loans Sheffield

February 16, 2017
19+ Advanced Learning Loans

You are eligible for a loan if you are:

  • Aged 19 or older on the 1st day of your learning
  • Studying in England, with a training provider or college who offers the 19+ loan scheme in conjunction with the SFA
  • Studying for a course that meets the approved criteria at Levels 3, 4, 5 and 6
  • Please note if you are aged 19-23 and this is your first full level 3 course you are legally entitled to full funding and will not need to take out a loan.

    2) Is the loan dependent on credit checks?
    No. Getting a loan doesn’t depend on your income and no credit checks are carried out.

    3) What qualifications can I get the 19+ Advanced Learning Loan for?

    The loans will be available to cover the cost of the following qualifications:

  • Maximum of 4 full A Levels (one full A Level constitutes of AS and A2 combined)
  • Access to Higher Education Diplomas
  • Vocational qualifications including technical and professional qualifications at Levels 3, 4, 5 and 6
  • 4) Is there an upper age limit to the 19+ loans?
    No. There is no upper age limit, anyone can apply.

    5) What information will I need to provide to apply for a loan?

    You will need to provide details of:

  • The course you wish to study
  • The college you wish to study at
  • Fee you’re being charged
  • Loan amount you wish to take out
  • You’ll also be expected to supply:

  • Personal details such as name, address, etc.
  • Evidence to support this e.g. UK passport
  • Valid National Insurance number
  • 6) If my course lasts for more than 1 year, do I need to reapply each year?
    No. The loan is for the full duration of your course.

    7) What happens if I change my mind before my course?
    If you decide prior to starting your course that you do not wish to undertake the course, or that you don’t want a loan to cover the course fees, you can contact Student Finance who will cancel your loan application with no repayments necessary.

    8) What happens if I change my mind once I’ve started my course?
    No loan payments will be made to the college until you have been studying for at least two weeks. If you leave the course after you have been there more than two weeks you’ll be liable to repay the loan payments that have been made to the provider on your behalf.

    11) How do I repay the loan?
    Repayments will be automatically deducted from your income through the tax system from the April after you complete or leave the course. Please note payments will only be deducted if your income is more than £21, 000 per year. Repayments will be 9% of your income once earning over £21, 000. So for example if you earn £25, 000 a year you would only pay back £30 a month.

    Source: www.sheffcol.ac.uk
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