How Can I Fund my Professional Development

This article looks at the various ways you can fund your personal and professional development and explains who’s eligible and how and when you will pay it back.

ACADEMIC QUALIFICATIONS
All of NCG Direct’s Degree Level programmes can be funded with via a part-time tuition fee loan for the full amount of the programme. Getting a Loan doesn’t depend on your household income, there’s no credit check and you won’t have to pay anything back until you’re earning over £21,000 a year.
 
Eligibility
If you have never studied for an undergraduate programme and meeting the basic criteria you should be eligible for a tuition fee loan. If you hold an undergraduate qualification that isn't a full degree, for example, a certificate of higher education, a diploma or a foundation degree, or you started studying for a degree and didn’t complete it, you may still be eligible for a tuition fee loan. If you are a graduate in England and want to study another undergraduate degree you will not be eligible for a tuition fee loan. You must also meet the following criteria:
·         You’re a UK national or have ‘settled status’ (no restrictions on how long you can stay).
·         You normally live in England.
·         You’ve been living in the UK for 3 years before starting your course.
 
What will my repayments be like?
That depends on how much you earn. You repay 9% of any amount of money that you earn over £21,000 a year. For example if you earn £25,000 per year, you would repay 9% of the £4000, which equates to £30 per month. You also won’t pay anything back until you have completed your studies. The table below gives you an idea of your potential repayment.
 
ANNUAL SALARY
MONTHLY REPAYMENT
Up to £21,000
£0
£22,000
£7
£25,000
£30
£30,000
£67
£35,000
£105
 
 
PROFESSIONAL QUALIFICATIONS
A number of NCG Direct’s professional qualifications can be funded through a government Advanced Learner Loan. The purpose of the loan is to support learners, aged 19 and over, pay their college/learning fees from Level 3 – Level 6. Getting a Loan doesn’t depend on your household income, there’s no credit check and you won’t have to pay anything back until you’re earning over £21,000 a year.
 
Eligibility
Unlike a Student Loan, you can apply for an Advanced Learner Loan even if you already hold an Honours degree or Masters qualification. You can have up to 4 Advanced Learner Loans although you can only study for one at a time. You must also meet the following criteria:
·         You’re a UK national or have ‘settled status’ (no restrictions on how long you can stay).
·         You normally live in England.
·         You’ve been living in the UK for 3 years before starting your course.
 
 
What will my repayments be like?
This depends on how much you earn. You repay 9% of any amount of money that you earn over £21,000 a year. For example if you earn £25,000 per year, you would repay 9% of the £4000, which equates to £30 per month.
 
ANNUAL SALARY
MONTHLY REPAYMENT
Up to £21,000
£0
£22,000
£7
£25,000
£30
£30,000
£67
£35,000
£105
 
What if I never earn more than £21,000 per annum?
Currently if you do not exceed an annual salary of more than £21,000 your loan will never be repaid.
Repayments won’t start for any course until you have finished your programme, but you can make voluntary repayments before then.
 
Is there a maximum amount of Loan available?
The course fees of the NCG Direct courses eligible for the Advanced Learner Loans can be entirely covered by the loan amount you are able to take out. However, if you wish to take out a smaller amount (not less than £300) and fund the rest yourself or through employer sponsorship, you are able to do this.
 
MONTHLY INTEREST FREE INSTALLMENTS
If your course is not eligible for any of the above funding methods, NCG Direct offer an affordable interest free installment option for learners funding their own fees.
 
Courses fees from £200 - £299
2 equal instalments over the first 2 months of your course
Courses fees from £300 – £599
3 equal instalments over the first 3 months of your course
Courses fees from £600 and over
5 equal instalments over the first 5 months of your course
Please note, the final instalment date must not extend beyond the length of the course.
 
EMPLOYER SPONSORSHIP
Your employer may be in a position to support your personal and professional development. If this is the case NCG Direct can organise employer sponsorship to be arranged in an efficient manner. We can also support businesses with Training Needs Analysis as well as Information, Advice and Guidance sessions for staff members. For more details contact enquiries@ncgdirect.co.uk.
 
If you would like any additional information on funding your course or would like to speak to someone regarding this contact our Business Development team on 0191 232 6313 or enquiries@ncgdirect.co.uk.
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