LCBT – College Update

Funding your Beauty Course – Advanced Learner Loans

22nd November 2024 : 04:00pm, by admin

Thinking about taking one of our Level 3 or Level 4 Diplomas but worried about tuition fees? An Advanced Learner Loan could be the solution! This loan helps students aged 19 or over pay for their courses, so you can focus on learning without the stress of upfront costs.

What is an Advanced Learner Loan?

An Advanced Learner Loan is a way to pay for your tuition fees. It’s available for students who want to study a higher qualification than they already have, such as a Level 3 or Level 4 Diploma. The loan covers the cost of your course fees and you don’t need to have your income assessed to apply. The loan will be paid directly by Student Finance England to the college.

Eligible Courses at LCBT

You can use an Advanced Learner Loan to cover any of our Level 3 or Level 4 Diplomas (except Level 3 Award in Facial Electrotherapy). To explore other funding options, please see our Fees and Funding page.

Who Can Use the Advanced Learner Loan?

To apply for an Advanced Learner Loan, you must:

• Be aged 19 or older on the first day of your course
• Have been living in the UK for at least three years before your course starts
• Be a UK citizen or have a settled status, meaning you can live in the UK without restrictions
• Be enrolling onto a Level 3 or Level 4 Diploma

There are no credit checks or income assessments, making it easier to apply.

Repayment Details

You start repaying the loan in April after you finish your course, but only if you’re earning more than £25,000 a year. If you earn over that amount, you’ll pay back 9% of anything you make over £25,000. For example, if you earn £30,000, your monthly payment would be around £37. If you earn less than £25,000, you won’t have to make any repayments (subject to change). You can find out more about repaying your loan here.

You can also make voluntary payments at any time if you want to pay it off faster. Interest on the loan starts after you finish you course and is based on inflation. The interest rate was +4.3% as of October 2024. Any remaining loan balance is written off after 30 years.

How to Apply for the Loan

Applying for an Advanced Learner Loan is simple and can be done online. First, you need to secure a place on an eligible course. Once accepted, you can begin your application. The application process usually opens around the end of June for the following September, and after paying your deposit, you’ll receive a letter with all the details required to apply. Completing the application on the government’s website is straightforward, with no credit checks involved.

You can find out more about payments, eligibility and how to apply at gov.uk/advanced-learner-loan.

Ready to start your beauty journey? Secure your place at LCBT and take the next steps towards your future!