The low down on funding options to get yourself a career - quick!Posted: 2nd of December 2016 by
You’re considering choosing The Training Room to help fast-track your chosen career - great! However, you might be unaware of the funding options available to you. Don’t worry, we’re here on NotGoingToUni.co.uk to explain a few options of how you can afford to study with The Training Room and find yourself a brand new career.
The Training Room Loan
The Training Room Loan was created to help support students throughout their time studying. It is an agreement between ‘the borrower’ (you) and ‘TTR PT LTD’ (The Training Room) for a certain amount that is repayable over a fixed amount of time.
- Available to over 18s only, but all students that fit the criteria will be considered
- A credit check will be carried out to approve your loan
- The duration will depend on the course option and length, with repayments made by Direct Debits
- After signing the agreement, you have 14 days to cancel your loan. This may affect your place on your course unless another method of payment is arranged
- You will be assigned a ‘Funding Facilitator’ who will support you through the application process, and in some cases a second applicant might be required.
There are two types of Government Loans available; The Advanced Learner Loan and the Professional and Career Development (PCD) Loan. An Advanced Learner Loan is to help students pay fees for a Level 3 and above course with The Training Room whilst a PCD loan is a one off commercial bank loan to help students fund their course and living expenses.
- You must be over 19 years old, living in the UK, a British resident for 3 years or more and enrolled on a Level 3 or above course
- It includes no credit check and you will not have to pay it back until you are earning over £21,000 a year
- Repayments are automatically taken on a monthly basis, similar to taxes and National Insurance
- To be eligible you must have not had a PCD loan before and be 18 years of age or over
- You must also be a UK citizen or have legal residency of the UK for a minimum of 3 years prior to course application and intend to live and work in the UK, EU or EEA upon course completion
- The amount borrowed can range from £300-10,000 to help with the cost of a variety of things including travel, childcare and food
- You are in control of the amount that is borrowed in terms of your course fees, which is based on your employment status; this is 80% if you are employed or 100% if you have been registered as unemployed for over 3 months
We hope we have helped break down some of the types of loans available during the time studying with The Training Room. Please take the time to carefully consider what options are right for you, so you can get the most out of your course without worrying about funding! Remember to read our funding options page for more information and contact us with any questions you have.
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