Advanced learner loan

SarahnJack

Hi I need help deciding what is better value. To pay £5421 for one year course in full. Or to take out advanced learner loan for the £5421. It's a 10 month level 4 course at college. And I'm concerned with calculations I could end up paying nearly twice the amount of course fees in interest, so it would then be better value to pay for course as it's a small amount compared to uni fees. Can anyone help? I have tried the student loan calculator but that's based on a three year course and it doesn't work for this 10 month course

[Deleted User]

If it's an option between savings and an interest bearing loan, then savings.

SarahnJack

Thank you for the advice, do I understand it's better value to pay for the course myself. Not to take out an advanced learner loan.

DCFC79

SarahnJack wrote: »

Thank you for the advice, do I understand it's better value to pay for the course myself. Not to take out an advanced learner loan.

Yes thats the message, if you have the money to pay for it yourself then use them.

SarahnJack

I appreciate your advice.

FrugalShaz

I went back to college 3 years ago to do a year course at a cost of nearly £1500....many of my college friends took out a Advanced Learner loan as they were adamant they would never earn over £22k to pay it back in the next 30 years. I looked into this in great depth...it calculated that if I started earning over £22k in 25 years time, the loan would have accumulated to about £10k before paying it back...I thought the chances of me working full time again at that time would be very high so I decided to pay this money myself. Im glad I did, some of my friends have actually started earning that kind of money and are paying it back!

purplepaws

Hi.  Bit of a long shot posting on here, but I can't find any info on the various .GOV pages - can anyone tell me if there is a cut-off age for granting of Advanced Learner Loans?  (If I apply, I will not complete the course until I am 53 and wonder if I even stand a chance due to age, although given that I can't retire until I'm 68, there will be plenty of time to pay it off!!)  Thanks.