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Advanced Learner Loans are available via government approved providers who hold contracts with the ESFA.
Learners are able to purchase an eligible programme via the Advanced Learner Loan issued by the Students Loan Company.
Learners pay the cost of the course back via their wage slip once they earn over £524 a week, £2,274 a month or £27,295 a year.
Learners can access up to 4 Advanced Learner Loans which can be accessed simultaneously.
In order to apply for an Advanced Learner Loan you must first contact CMS.
A CMS representative will then inform you of your options and provide any information, advice and guidance to ensure you make the right decision for you.
Once you are satisfied that the Advanced Learner Loan is the right approach for you, you will be asked to complete an online application form. When your online form is received a course tutor will arrange to discuss the course content, structure and expectations of the programme with you.
If you are still satisfied, then you will be provided with a Learning and Funding Information Letter. This letter will provide you with all the information you need to apply for the Advanced Learner Loan.
You can then apply for your Advanced Learner Loan online.
You will be required to repay any Advanced Learner Loan once you earn over £524 a week, £2,274 a month or £27,295 a year. Voluntary repayments can be made.
What you’ll repay
Repayments are based on your income, not on what you borrow or the number of student loans you have. This is known as an ‘income contingent’ repayment.
You’ll repay 9% of your income over £27,295 a year. For example, if you’re paid monthly and earn £2,500 before tax you’d repay 9% of the difference between
what you earn and what the threshold is:
£2,500 – £2,274 = £226
9% of £226 = £20.34
So your student loan repayment would be £20 in that month.
If your income changes, your repayment amounts will automatically change to reflect this.
Learners are charged interest from the day the first payment is made. Repayments commence from the April after a learner leaves programme.
Further information on Advanced Learner Loan repayments can be found here:
The below qualifications can be funded via an Advanced Learner Loan: