Reading College announces new funding options

Reading College, the Thames Valley’s leading Further and Higher Education College, announced today students will be able to apply for a 24+ Advanced Learning Loan, via a new government funded scheme. Students can now apply to Student Finance England (part of the Student Loans Company) for these loans. This initiative overlaps with the Government withdrawal of funding for students aged 24 and over on Level 3 and Level 4 courses from September 2013.

This change affects students on access to higher education courses, A-levels, extended diplomas and other vocational programmes at Levels 3 and 4, advanced and higher apprenticeships.

There has never been so much choice for adult learners with several funding options open to students who are aged 24 or over and are starting a Level 3 or Level 4 course in September 2013. Students can pay the full fee before the start of the course, pay the fee in instalments, finance their studies by borrowing money from their bank or building society or by applying for a 24+ Advanced Learning Loan.

Lesley Donoghue, Principal of Reading College comments: “Every year thousands of local people study with us to gain higher qualifications and benefit from new skills and knowledge. We are very aware that paying for education can be difficult, so we welcome this new funding option, particularly as it will open up new learning and career progression opportunities for people aged 24 and over. We are keen to attract students of all ages and this will certainly make learning more accessible. The benefits of learning as a mature student are many, such as enhancing knowledge, gaining new and highly relevant industry skills, career progression and ultimately having more choices.”

To be eligible for a 24+ Advanced Learning Loan applicants need to be aged 24 and over, studying at Level 3 or above and have lived in the UK for three years. Students apply for the loan and the monies are paid directly to the College. The amount students can borrow ranges from £300 to the full amount of the course fee.

Loans are not means tested or subject to credit tests and cover the duration of the course, which can be up to three years. Also, if the student is studying on an access to higher education course they will not have to repay their 24+ loan if they progress to Higher Education and successfully complete their course.

Students will start repaying the loan through the tax system from the April after they have finished the course and if they earn £21,000 (the earliest repayments will start is April 2016). Repayments are set at 9% of income above the £21,000 threshold and interest rates will be lower than standard high street rates.

Reading College is holding an Open Evening on 15th May 2013 where Chris Snowden from the Student Loans Company and will be providing a short presentation on funding options. If you are interested in finding out more please come along to our open evening, more details can be found at http://www.reading-college.ac.uk/openevening.

Alongside doing two talks, Chris will also have a stand at the open evening so people can discuss their individual situation with him.

Or for further information of 24+ Advanced Learning Loans see Learner Factsheet and Frequently Asked Questions on the Reading College website: http://www.reading-college.ac.uk/24loans

Reading College is the further education college located at the edge of Reading town centre. With over 6,000 students on over 900 courses, the College offers a wide choice of full-time, part-time, higher education and work-based courses for people in Reading and the surrounding areas. Reading College is committed to raising skills levels in the region and to developing highly employable people for all sectors. More information about Reading College and the courses on offer can be found at: www.reading-college.ac.uk