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How to Afford Your Course with The Training Room: Government Loan Options

British government loans
Perhaps one of the biggest questions surrounding our courses here at The Training Room is “What funding options are available to me?” And while, in comparison to the cost of university, our courses are a lot cheaper, there is in fact, a one-off course cost, and how you fund this is completely up to you.

That said, we will do everything possible to assist with your funding by outlining the various options available; one of those being the number of government loan options.

Below are the government options available:

Advanced Learner Loan

What is an Advanced Learner Loan?

An Advanced Learner Loan is a government loan created to help students to pay for their course fees with The Training Room, providing it’s a level 3 and above course.

Your Advanced Learner Loan must be confirmed by us at The Training Room prior to the government approving the loan, before it is distributed to us by Student Finance England.

Most notable points about this loan is that it requires no credit check, your household income will not be taken into account, and you won’t have to pay back a penny until you are earning over £21k a year! Only then, will your income be considered to determine your monthly repayments (9% of your yearly income).

Repayment is quite simple as well. Beginning upon completion of the course, as an employed individual, the calculated repayment will be automatically debited monthly from your salary similar to taxes and National Insurance. However, self-employed students will be responsible for making their own repayments as part of your annual tax assessment.

Who’s eligible?

In order to be eligible for an Advanced Learner Loan you must:

  • Be 19+ years of age
  • Be living in the UK
  • Be a British resident of 3 years or more
  • Enrolled in a level 3 or higher

How do I apply?

Applying for an Advanced Learner loan is as easy as downloading or completing the application online here.

Professional and Career Development Loan

What is a Professional and Career Development (PCD) Loan?

A PCD Loan is a one off commercial bank loan, designed to help students fund their course at The Training Room, as well as living expenses for the duration of their course.

The amount borrowed is determined by you, the borrower and can range between £300-10k to assist you in the cost of course fees, travel, child care, rent, bills and food. However, regarding the percentage of course fees available to borrow is determined based your employment status; 80% if you are employed or 100% if you are registered as unemployed and have been so for longer than 3 months.

Note that in terms of repayment, the government’s Skills Funding Agency will be paying the interest on the PCD Loan during and up to 1 month after the completion of the course to which you will then take on balance and be in charge of maintaining regular payments thereafter. Should you want to avoid paying interest on the loan, you have the option of paying off your loan prior to finishing your course. If repayments have already started you can still repay early but you will have to come to an agreement with the bank to pay the amount of interest accrued up to this point.

Who’s eligible?

In order to be eligible for the PCD Loan you must:

  • Not have a previous PCD loan
  • Be 18+ years of age
  • Be a UK citizen or have been a legal resident of the UK for a minimum of 3 years prior to applying for the course
  • Intend to live and work in the UK, EU or EEA upon the completion of the course

Do note that the commercial bank offering the loan will assess your ability to repay the loan based on your previous credit history.

How do I apply?

The National Careers Service facilitates the application PCD Loan application process, therefore to apply you must call: 0800 100 900 to request an application. Once the application is completed, you must return it to your chosen participating bank for their assessment and approval of the loan. Only one application per learner is allowed. Should you get denied by one bank, you may refile an application with another.

For more information on PCD Loans check out Gov.UK.

We hope this information has provided you with a bit of insight as to the various government backed options available to you, to lessen the stress of funding your course with us here at The Training Room! Stay tuned for more funding options to be featured throughout the month, as well as our very own loan option next week!

For further information or any questions visit our Funding Page here at The Training Room

Sources:

Advanced Learner Loan:

Professional and Career Development Loan:


Global Administrator | 01/11/2016 10:31:01

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