TVA Loans Facility for Students
We have introduced our very own, alternative loans facility for students. We believe that in many ways it is superior to the standard 19+ advanced learner loans facility (government student loan).
With our student loans facility, you are ONLY charged the course fees that we charge. This means that your fees can 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.
Using this facility, repayments for our courses start from ONLY £7 per month!
After only a quick online application, a decision is made within a minute. Once approved, your course fees are paid!
Find out more
- This is a loan that appears on your credit file. However, our loans facility still allows low monthly repayments and will only appear on your credit report for the term you agree. The 19+ government loan typically takes 15 to 30 years to pay! That’s a long time. This can affect applications for credit, such as mortgage applications.
- 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 doesn’t reflect very well when applying for mortgages. 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!
Finally, unlike the government loan, you will be credit checked. Our lender; Omni Capital; does offer 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 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
- Student loans tailored for each individual student
- Up to 60 months
- Student loans available for course fees from £250
Vocational Academy Student Budget Account (VASBA)
Vocational training is accessible to everyone. So, when is it best to use our VASBA option?
If you are earning above £21,000 or around £25,000 or higher each year, then VASBA is also a good option to pay your fees. Simply secure your space with a 10-20% deposit and VASBA pays your fees for you. After another month you then enjoy flexible options where you can either:
- Spread payments interest free for up to 12 months
- You can also pay in flexible chunks at any time and repay early with no additional fees
This option is available to those who either have poor credit, or no credit history at all. Or would prefer to clear the course fees within 12 months or less.
Find out more
- It isn’t a loan – meaning no credit check, no means testing and no appearance on your credit file
- As it doesn’t appear on your credit file, it does not affect any application for credit
- Flexible payment options where you can essentially pay back the fees within your chosen payment whenever is best for you
- Interest free
- You get to pay the course fees that we charge, which are MUCH lower than the fees charged for courses with the 19+ Government backed learner loan for example. In fact, the fees charged when using the government loan can be over £1000 more than what we charge! This simply because the government loans are calculated on a national rate using something called guided learning hours.
The not so good:
- If you are a low earner or not currently in employment, although still affordable with the longer payment terms, you’d be better off going with our loans facility for students, or one of our apprenticeship opportunities.
If you are certain which vocational training course you’d like to study with us, you can complete our enrolment form below by clicking the enrolment form button. The form contains a drop down menu to select your chosen course. Once you complete the enrolment form, you’ll be taken to the course deposit payment page to secure your space. Until this is paid, your space is not confirmed.
Paying upfront means you get between 10-20% off your course fees!
Using either your own savings or a credit card, you can receive BIG discounts on courses over £400 if you pay the fees upfront.