24+ Advanced Learning Loan - Repayment

Hi all,

I've been studying AAT for a few years now and I'm currently studying Level 4.

I had my first year funded but for Level's 3 and 4 I had to take a 24+ Advanced Learning Loan as I couldn't afford to do it any other way at the time due to not earning enough money. I was not in an Accounts role at the time so I couldn't get it covered by my employer. I am now in an Accounts role with my employer but I don't earn more than £21,000 so payments do not come out of my pay and I have not contributed anything other than the times I had overtime pay or a bonus.

Now, my loans don't come to anything more than £4,500 and so I am at a loss as to whether I should start making any payments I can to bring down the amount as I know interest keeps being added to it.

I'm currently saving for a deposit to get a mortgage too. I know that if I was to use a 0% credit card that I would be able to clear it from interest but it would be a commitment now and would count against me if I was to try and get a mortgage soon, plus I know that as it stands, if I lost my job I would not need to pay the SLC whereas I would still need to pay the credit card each month.

I know my amount is nowhere near the amount I've seen from the media or other places (£40,000+) but I don't like debt and it worries me that I will end up paying a lot more than I originally took out as I don't know when my pay will increase to over the £21,000 at the moment.

Any advice would be greatly appreciated.



  • Rebecca_JORDISON
    Rebecca_JORDISON Registered Posts: 10
    you can pay it direct to the student loans company if you want, but yes it will just increase with interest if it remains unpaid,.

    I have an advanced 24 loan for level 3 and 4 and to be honest it doesnt bother me. I work part time and i'll never earn 21k+, besides the yearly statement, i get no reminders about it and it will be written off after so long as per the goverment guidelines. I know that probably sounds horrible, but i can't personally afford to repay the loan and it has helped me get into the job i'm in, a flexible job that suits my childcare needs in accounts.

    Id wait until you are earining 21k because the repayments from your pay reduce your tax payments, so it could benefit you in the future, kind of!

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