paying for level 3 versus 24+ loan

[Tulip]

Afternoon all
I understand that I have to pay back the 24+ loan when I am earning £21000
So does that mean if I have been paid a total of £21000 from parents over the tax year
or does it mean £21000 after expenses etc have come off
Hope that make sense, thanks

[littlebears1009]

From what I understand it is taxable income and since your taxable income is what is left after expenses then I assume it is after expenses. It is once you are earning 21k and it is only earned once you have taken off the expenses IYSWIM. Hopefully I've got that right otherwise I may need to re-evaluate. I shall be doing a level 3 course with the 24+ loan this year too!

[ja-lula-belli]

Sorry can you explain to me the 24+ loan?

[Simona]

Afternoon all
I understand that I have to pay back the 24+ loan when I am earning £21000
So does that mean if I have been paid a total of £21000 from parents over the tax year
or does it mean £21000 after expenses etc have come off
Hope that make sense, thanks

The training provider you are approaching for the Level 3 should clarify all this to you.
Yes ...once you start earning £21,000 you start repaying your loan
You should also get clarified that it does not matter where you work...you may not be a cm in 5 years time but have another job that pays more than £21,000...your loan will become repayable then

That is how I understand it but please double check with your provider and feedback to us

Jalulabelli

The Level 3 gets funded in full for those under 24 years of age....above that you either pay for it yourself or get a loan and start repaying it when you earn above £21,000

Some employers will help practitioners with the costs...others do not and the LAs will not fund anything but worth approaching

[ja-lula-belli]

Thanks just looked it up and is only available to you lucky people in England. I am in wales so unfortunately for me it isn't available. Doh!!!