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24+ Loans, A Helping Hand for Apprenticeships

Recently, TradeSkills4U contributed evidence to The House of Commons' Select Committee Department for Business, Innovation and Skills Debate on Apprenticeship Funding. With this evidence, TradeSkills4U suggested that those over 24 and on "Apprenticeship Vocational Courses" should be able to secure student loans just as much as those who go to university.

As a result of the debate and TradeSkills4U's contribution, apprentices can now look forward to having the cost of their courses covered by a loan. The 24+ loans will become available next month (August 2013) and those who are on or looking to start their Level 3 2365 Diploma in Electrical Installations can expect the loans to help them towards paying all or some of their course fees. Students will only start to repay the loan after they are earning more than £21,000 or above for themselves out in the workplace. The repayments are worked out at a percentage of the earnings that a person makes above £21,000, so for example, if you earn £22,000, you will pay back £7 per month.

This option has not only been welcomed by students, but also by potential employers, as Managing Director, Carl Bennett points out, "Apprenticeships are a great way to learn, however, the reality is that too few employers are able to take on an apprentice. Our experience of training mature students shows those who can self fund their education can then enter the electrical workforce as a trainee, work their way up and complete their NVQ at a later stage. These students are much more attractive to employers as they arrive armed with a set of skills that makes them far more useful than someone with no training whatsoever".

If you are 24 or older when your chosen course starts, you can apply for loans to help with your vocational course as long as it starts between the 1st August 2013 and 31st July 2014. If you would like any further information on the 24+ Loans or TradeSkills4U, follow the links at the bottom of the article.

 

http://skillsfundingagency.bis.gov.uk/providers/programmes/24AdvancedLearningLoans/

https://www.gov.uk/advanced-learning-loans/overview

http://www.tradeskills4u.co.uk/

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