Funding your course
There will be some individuals who won’t be eligible for an apprenticeship, this might be due to their prior educational attainment, immigration status or because they’re self-employed. For individuals in this category we offer a range of solutions aimed at helping you access the learning you require.
Flexible Payment Option
We offer payment by installments for individuals, payments can be made monthly over the duration of your course, no interest is added to the payment and we don’t offer this option as a financial product. We simply invoice the total amount of the course and we agree a monthly payment profile.
Advanced Learning Loans
The government has introduced a system whereby people pay for their courses and qualifications up front, with the option of taking out a loan if they need to and paying the money back at a later date. This system is for anyone aged 19 and above who meets the eligibility criteria below and is thinking of studying at Level 3, 4, 5 or 6 qualification. Possible courses include certificates and diplomas, Access to HE courses and A-levels.
These loans give learners in further education access to financial support for tuition costs. This change means if an individual chooses to take out a loan they will not have to pay for their course or qualification in advance – the loan is only repaid once they have completed the course and are earning more than £21,000 a year.
Important information to help you understand Learning Loans
- When applying for a Advanced Learning Loan, there is no credit check and household income isn’t taken into account.
- Loan repayments are linked to what you earn when you’ve finished your course, not how much you borrowed.
- You only need to start paying back your Advanced Learning Loan when you’ve finished your course and you’re earning more than £21,000 a year.
- If you want to make voluntary repayments, you can do so at any time.
- Loan repayments will be taken directly from your wage through the tax system.
- You may be able to get financial support for living expenses, this depends on where you live and your household income.
PLEASE ACCESS THE REPAYMENT CALCULATOR HERE
Managing your money
Before taking out any loan, you should consider all your options. If you want advice on managing your finances, you can get impartial money advice from the Money Advice Service.
For information on learning, career and funding options, visit the National Careers Service.
You may also be eligible for money from the Advanced Learning Loan Bursary Fund if you need help with your learning or living costs – e.g. childcare or accommodation expenses.
You need to apply to Encompass directly for the Bursary Fund. You can apply as soon as you’ve received a letter confirming your Advanced Learning Loan.
How do I access a Loan?
You can apply for a loan through Student Finance England. You don’t need to have a course confirmed to apply, but it may be worth checking that there is a college or training provider your area that offers the course you want to study, to ensure you can use the loan you apply for.
The Student Finance England site also offers a calculator to assist you in finding out how much of a loan you can get and any other support funds that might be available.
AGE Grant Employers
The government is offering up to £1,500 to employers in England recruiting their first apprentice aged 16-24 in the last 12 months*.
Encompass can let you know how to claim the grant and help you with the entire process from recruiting your new staff, to securing your £1,500 incentive.
Is my business eligible to claim the £1,500 apprenticeship grant?
You could be eligible if:
- Your business is based in England and has 49 or fewer employees*
- Your new apprentice is the first your business has hired (ever), or the first in the last 12 months or longer
- Your new apprentice is aged 16-24 years
- Your apprentice is not on the new apprenticeship standard (Trailblazer)
You can claim for up to 5 apprentices per year*.
Please see the AGE Grant Factsheet HERE