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24+ Advanced Learning Loans

24+ Advanced Learning Loans. Chris Snowdon. Presentation Agenda. Introduction Background Rationale Product overview Information, advice and guidance (IAG) Repayment Questions. Background, Rationale and Product Overview. Background.

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24+ Advanced Learning Loans

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  1. 24+ Advanced Learning Loans Chris Snowdon

  2. Presentation Agenda • Introduction • Background • Rationale • Product overview • Information, advice and guidance (IAG) • Repayment • Questions

  3. Background, Rationale and Product Overview

  4. Background • Following the New Challenges, New Chances consultation, the Government confirmed in the Further Education and SkillsSystem Reform Plan published on 1 December 2011 that loans for Further Education will be introduced from academic year (AY) 2013/14. • These loans will give learners, aged 24 years and over, access to financial support for tuition fees, similar to Higher Education (HE). • The Government will continue to grant fund courses for younger learners (those aged 23 and under) and individuals with skills needs below Level 3. • 24+ Advanced Learning Loans will be assessed, processed and administered by Student Finance England. Student Finance England is a Student Loans Company service, providing financial support to students on behalf of the UK Government.

  5. Rationale • To help individuals aged 24 and over undertake Level 3 and above courses • Give a genuine choice to both learners and employers about how and where learning is carried out • Support the progression from FE to HE • Support the progression from Advanced Apprenticeships to Higher Level Apprenticeships

  6. Product Overview

  7. Product Overview

  8. Product Overview Loans are non means tested. Individuals can apply regardless of employment status.

  9. Product Overview

  10. Policy Overview

  11. Product Overview

  12. Repayment

  13. Product Overview

  14. Any outstanding loan balance will be cleared 30 years after entering repayment. 24+

  15. There will be a variation in the interest rate attached to a student’s loan during study and after leaving or completing their course: During study until entering repayment • Interest rate is: • Retail Price Index (RPI) +3% Earnings: Below £21,000 • Interest rate is: • Set at RPI Only Earnings Between: £21,000 - £41,000 • RPI plus some amount • between 0% and 3% Earnings: Above £41,000 • Interest rate is: • Retail Price Index (RPI) +3% No penalties will be placed on students making early repayments. 24+

  16. 24+ www.studentloanrepayment.co.uk

  17. Information, Advice and Guidance

  18. Information, Advice and Guidance Loans in further education are new to the sector and new to SLC. Communication and engagement are critical to success. SLC have been working with Business Innovation and Skills (BIS) and the Skills Funding Agency (SFA) to develop plans and create literature. Where to find information: • www.practitioners.slc.co.uk/further-education.aspx • www.gov.uk/24_advanced_learning_loans

  19. Information, Advice and Guidance Available Now: • Learner fact sheet (Money Advisory Service website given) • Learner frequently asked questions • Learner journey storyboards- Print and Video • Posters • Lines to use when talking to employers • Guide to creating your own communications • Quick Guide on how to Apply All resources are available to download only. They are not available to order.

  20. 24+ Resources at: www.practitioners.slc.co.uk

  21. Resources and Guides • Available Now: • Key Information Fact Sheet • Frequently Asked Questions • Information for colleges and training organisations • to use if working with employers • Learner Journey Storyboards

  22. 24+ More Information: skillsfundingagency.bis.gov.uk

  23. 24+ Site for Operational Staff: lpservices.slc.co.uk

  24. SLC Key Contacts • Details of other regional advisers can be found at: • www.practitioners.slc.co.uk/regional-support 24+

  25. Learner Information Where to apply- https://www.gov.uk/advanced-learning-loans/overview Contact number- 0845 24 020 24 (Mon-Fri 8am-8pm Sat-Sun 9am-4pm) Independent Financial Advice- www.moneyadviceservice.org.uk

  26. Questions and Further Information

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