Student Loan

Vocational Academy's Student Loans Facility

About our Student Loans Facility

We have introduced our very own, alternative student loans facility. We believe that in many ways it is superior to the standard 19+ advanced learner loans facility for the following reasons:

The Good:

  • With our student loans facility, you are ONLY charged the course fees that we charge. This means that your fees will be up to, or even more than £1000 cheaper than if you used a government funded learner loans facility. For example, our diploma in fitness instruction and personal training costs £1800. With the 19+ advanced learner loan you can be charged up to £2882.
  • This is a loan that appears on your credit file, just like the 19+ advanced learner loan. However, our loans facility still allows low monthly repayments and will only appear on your credit report for the term you agree. Unlike the 19+ government loan which typically takes 15 to 30 years to pay! That’s a long time on your credit report!
  • You can be 18 to apply – meaning that 18 year old students are not excluded from obtaining a student loan just because they’re 18!
  • The repayments are still low. And the interest is either just as low as the government loan, or it can be interest free!

We can offer you the following plans:

  • 6, 12, 36 and 60 months interest free – depending on your credit score
  • 24, 36, 48 and 60 months at 9.9% APR
  • Alternative plans as required – can be tailored to suit your needs

Example monthly repayments based on £999:

  • Student chooses the 36 month, interest free payment plan after paying a 10% deposit of £99.90: £24.98 per month.
  • Student chooses the 60 month option at 9.9% APR after paying a 10% deposit of £99.90: £18 per month

What’s the not so good?

Honestly, there isn’t really anything about this facility that’s negative. The 19+ government loan does offer the right to not pay anything back until you’re earning over £21,000 per year. Which is a great offer. However, it must be noted that the entire time you’re not paying it back; or you’re paying the lowest monthly amounts;  interest does accrue and your loan essentially grows. Resulting in you owing a larger amount than what you originally borrowed, which simply looks worse on your credit file. Our student loans facility does not work in that way – as long as you keep up your monthly repayments, your loan will be paid off in good time and it will not grow!

Our student loans facility does also offer a buy now, pay later option depending on individual circumstances. Which is always a bonus!

Finally, unlike the government loan, you will be credit checked. We are able to offer VERY high acceptance rates. However, we do have a responsibility to advise you that every applicant is credit checked as part of the process. This only leaves a very soft imprint on your credit report and it ensures every student is in the right position to have a student loan – making all lending responsible!

So, in summary:

  • Low monthly repayments
  • No interest options and low interest
  • Potential for buy now, pay later
  • Student loans tailored for each individual student
  • Up to 60 months
  • Student loans available for course fees from £250

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