Ofsted Outstanding 2010 - 2011

24+ Loans


If you are taking a qualification at Level 3 or 4 you can get a loan and pay nothing back until you earn £21,000 per year.

To qualify for a loan you need to be:

  • Aged 24 and over at the start of the course
  • Enrolling on a course at Level 3 and 4, such as Level 3 Horse Care Diploma, AS or A-levels, Access to Higher Education, Diplomas and Certificates

NOTE: You do not need a loan for an Advanced Apprenticeship

Key Facts

Key facts about 24+ loan repayments

  • Repayment will only start once you have finished your qualification and are earning more than £21,000 per year
  • Repayment of loans is through the tax system; first repayments commence in April 2016
  • Repayments are at 9% of any income you earn above £21,000—irrespective of the amount of loan taken out
  • Interest rates are variable based on income up to maximum of RPI+3% for incomes above £41,000
  • Outstanding loan balances will be written off after 30 years

Example monthly repayment amounts (based on income earned each year before tax):

  • Up to £21,000—Repay £0
  • £22,000—Repay £7
  • £25,000—Repay £30
  • £30,000—Repay £67
  • £35,000—Repay £105
  • £40,000—Repay £142

These repayments will be linked to earnings rather than the loan amount, so regardless of how much a student owes, the payments will be the same. If annual earnings fall below £21,000 repayments will stop and only re-start when earnings increase to more than £21,000 a year.

Does the loan only cover the tuition fees?

Yes, the 24+ loan is for the tuition fees only and the costs and charges for items required to complete the course. Learners are entitled to up to 4 loans for 4 different learning aims e.g. BHS qualifications, Diplomas or Apprenticeship frameworks. 

How much can I take out?
The minimum loan amount you can take out is £300. You can either take the full cost of the tuition fee or you can pay part of the fee yourself.

Do I get the money in full?
No. Student Finance England pay the agreed tuition fee direct to Haddon Training in equal instalments—the money does not come to you.

Do I have to pay the loan back if I progress onto Higher Education?
If you successfully complete the Access to Higher Education Diploma, progress onto Higher Education and complete, the 24+ loan taken out for the Access course will not have to be paid back.

Do I have to have a good credit history?
There is no credit testing and your household income is not taken into account.

Where can I get financial advice?
Haddon Training is not allowed to provide you with financial advice. You need to consider all options and work out which is best for your own circumstances. Independent financial advice is available from the Money Advice Service at www.moneyadviceservce.org.uk.

How do I apply?

You will be able to apply online or download an application form from April 2013. You do not apply directly to Haddon Training but to Student Finance England. You will need to have received an offer letter from Haddon Training in order to apply. This will contain all the information you need including the amount of tuition fee and the course with its learning aim. You will also need proof of identity (e.g. passport or birth certificate) and a National Insurance number.

When do I apply for my loan?
You may apply for your loan from May 2013.

Where can I find out more about the 24+ Loans?
You can find out more about the 24+ loans by using our contact form or call 01672 519977. You can also download our leaflet on 24+ loans.

There are also a range of Government websites with further help and advice including:


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