To adapt to ever-changing employment patterns, the Lifelong Loan Entitlement will assist in helping our population develop the skills and knowledge needed to succeed in today’s society. It will offer learners a loan entitlement equivalent to four years of post-18 education to use whenever they like. Considering today’s educational fees, the amount available will be £37,000.
The Lifelong Loan Entitlement differs from the existing student loan entitlement in the UK in several ways. Under the current student loan system, students can only access finance to cover their first higher education qualification.
The new Lifelong Loan Entitlement would provide UK students with the full £37,000 loan funding or four years equivalent, meaning that anyone who has studied previously could now access the remaining £9,250 or one year’s comparable worth of finance to put towards further education.
The new loan system will encourage more people to continue studying and training by removing the equivalent or lower qualification (ELQ) exception rule, meaning that students can use any remaining loan entitlement on courses at a lower level of qualification than they have previously held. This allows for greater flexibility in upskilling or retraining into new career pathways.
Maintenance loans are also set to change with the extension of maintenance grants to help support those undertaking level 4 qualifications for the first time.
The loan will be available for higher technical and degree levels 4 to 6, for individual modules and full years of study. It doesn’t matter where the chosen course or degree is held; it isn’t exclusive to particular universities and colleges. It is, however, a UK-based initiative.
So, how does it work, and how can you reap the benefits of lifelong learning? Good question. In 2025, new or returning students in the UK will be able to sign up and create an online account before securing the Lifelong Loan Entitlement.
The online loan account will help new students explore different modules and courses and steer them in understanding what their loan can help them achieve.