FUNDING AND LOANS EXPLAINED :

How To Fund Your Training!

Firstly welcome to the Global Make-Up Hair and Production Academy Finance Team.

 

If you are serious about a career in Make-up, Hair, Special Effects, Music and or Production then you have made the right choice to gain Formal Qualifications from a company with over 30years of experience in the industry with a reputation of excellence that precedes it.   

Once you have decided which course is right for you, take a look at the options below. If you need any more information or advice please contact our Global admissions team who will talk you through what best training options are suitable to meet yourpersonal requirements

 

 

Making the right choice

It’s important you consider your own circumstances and look into all options for paying for your course before choosing to take out a loan.  You can get impartial money advice from the Money Advice Service at www.moneyadviceservice.org.uk

 

On your application you need to specify the course you are taking in exactly the following words:-

 

VICTORIA WILL INSERT EXACT WORDING following VTCT confirmation Course name and vtct codes with a link to course outline on website

Level 3 Diploma in ADVANCED CERTIFICATE IN MAKE UP AND HAIR ARTISTRY (FT)

 

Level 2 certificate?INTERMEDIATE CERTIFICATE IN MAKE UP AND HAIR ARTISTRY (FT)

 

 

24 plus funding links inserted

 

Global Individual Payment Plan - Interest Free Payment Plan  

Payment of a 20% Deposit secures a place on any course with the balance due 6 weeks prior to the course start date.  We are, however, able to offer Payment Planswhereby 50% is due prior to the start of the course and the remaining balance is divided into stage payments.  The details of these plans vary according to status, course criteria and student eligibility  

 

 

Advanced Learner Loan 

1. What this guide is about 

This guide applies to learners who take an Advanced Learner Loan for eligible courses. 

It explains what you’re committing to when you take out an Advanced Learner Loan. It’s important you carefully read and understand this guide as it contains information about the terms of your loan and repayment. Please save a copy. 

From time to time government regulations change and these changes could affect the terms of your loan. This guide will be updated to reflect any changes and it’s your responsibility to make sure you have the most up-to-date version. Check www.gov.uk/advancedlearnerloanregularly to make sure you have the most up-to-date version. 

If, on reading this guide, you still have questions about your loan, visit www.gov.uk/repaying-your-student-loanAlternatively you can contact the Student Loans Company (SLC) using the contact details on page 4. 

Making the right choice 

It’s important you consider your own circumstances and look into all options for paying for your course before choosing to take out a loan.You can get impartial money advice from the Money Advice Service at www.moneyadviceservice.org.uk 

2. Who does what? 

a. Department for Education (DfE) 

Your Advanced Learner Loan contract is with the Secretary of State for Education(DfE). Please see the declaration on the loan application form for more details. 

b. Student Loans Company 

The Student Loans Company (SLC) are a non-profit government organisation acting as an agent for DfE. SLC are responsible for: 

• paying your loans to your college or training organisation;
• keeping details of your account, including adding interest and collecting repayments;
• sending you a statement each year (once you’ve started making repayments) and answering questions 

about your loan. 

 

 

 

 

 

 

 

 

 

Student Finance England 

Advanced Learner Loans are administered by Student Finance England (SFE), a service provided by the Student Loans Company. 

Useful SLC contact details:
Remember to have your Customer Reference Number (CRN) to hand when you contact SLC 

Customer Support Centre Can help with: 

• repaying your loan;
• the application process and timetable; and 

progress in assessing your application 

Call 0300 100 0619
8am - 8pm Monday to Friday
9am - 5.30pm Saturday and Sunday. 

or write to: 

Advanced Learner Loans PO Box 302
Darlington
DL1 9NQ 

For further information on repayment go to: www.gov.uk/repaying-your-student-loan or call 0300 100 0611 

c. HM Revenue & Customs 

HM Revenue & Customs (HMRC) collect student loan repayments from employers through the UK tax system. 

d. Your employer 

If you’re employed, your employer collects student loan repayments on behalf of HMRC and takes repayments direct from your salary in a similar way to tax (PAYE) and National Insurance contributions (NICs). If you have any questions about how your repayments are collected through the tax system, speak to either your employer or HMRC. 

3. Your responsibilities 

The Advanced Learner Loan agreement is a contract. When you take out an Advanced Learner Loan, you’ll sign a declaration form confirming you’ve read and understood the terms and conditions. You must agree to repay your loan in line with the regulations that apply at the time the repayments are due and as they’re amended. The regulations are subject to change. 

You need to provide complete and correct information 

You must make sure you provide complete and correct information when you take out the loan and you must tell SLC about any changes to these details during the application process; while you’re at college or training organisation and until you’ve repaid your loan in full. 

If you don’t give SLC accurate and up-to-date information, you may have to pay a penalty charge or repay the loan as well as any interest and penalties in one lump sum. If you don’t keep in touch, or fail to advise SLC of changes to any of your personal details, an interest rate of RPI + 3% will be applied to your loan, whatever your income. 

For example, you must let SLC know if you: 

• change your name, phone number or address;
• change your college or training organisation;
• change your course of study;
• have a change to the start or end dates of your course; • don’t begin to study or leave your course; 

• suspend your studies for any reason; • plan to leave the country; or 

• change your employment status (from employed to self-employed). 

You need to repay your loan in line with the regulations 

If you’re employed, you must tell your employer that you have an Advanced Learner Loan (which is an Income Contingent Repayment Plan 2 loan (ICR Plan 2)). Repayments will be collected through the UK tax system by employers taking amounts from their salary through the Pay As You Earn (PAYE) system. If you’re a self-assessment customer or are self-employed, you’ll make repayments through the tax self-assessment process. If you live abroad, you’ll repay your loan direct to SLC. The Repayment section which starts on page 6 covers the process in more detail. 

Liabilities 

The Advanced Learner Loan is an Income
Contingent Repayment Plan 2 
loan 

(ICR Plan 2) 

You’ll be liable for any Advanced Learner Loan paid to your college or training organisation regardless of whether you finish your course or gain a qualification. 

Top tips 

• Provide SLC with complete and accurate information from the day you take out your loan until it’s repaid in full. 

• Keep details of your income, such as payslips or P60s. This is similar to the information you’ll need to keep for general tax purposes and will help to make sure you repay the right amount. Your payslips and P60s will also show the amount of any student loan repayments your employer takes from your salary. 

4. Repayment 

You must repay your Advanced Learner Loan in line with the contract and the regulations. When you’ll repay 

You’ll be due to start repaying your loan in the April after you complete or leave your course. 

You’ll only start making repayments when your income is over £494 a week, £2,143 a month or £25,725 a year. If your income falls below these thresholds, repayments will stop and only re-start when your income is over these thresholds. 

You can make voluntary repayments at any time to pay off your loans more quickly. 

What you’ll repay 

Repayments are based on your income, not on what you borrowor the number of student loans you have. This is known as an ‘income contingent’ repayment. 

You’ll repay 9% of your income over £25,725 a year. Even if your income doesn’t exceed £25,725 a year but is over £494 a week or £2,143 a month at any point in the year (e.g. if you work overtime) then a loan deduction will be made. 

For example, if you’re paid monthly and earn £2,500 before tax you’d repay 9% of the difference between what you earn and what the threshold is: 

£2,500 - £2,143 = £357
9% of £357 = £32
So your student loan repayment would be £32 in that month. 

If your income changes, either rising or falling, your repayment amounts will automatically change to reflect this. A different threshold may apply if you move to live in a country outside the UK. Page 10 explains this in more detail. 

Example repayment amounts 

Annual Income before tax 

Monthly income 

Monthly repayment 

Up to £25,725 

£2,144 

£0 

£27,000 

£2,250 

£9 

£29,500 

£2,458 

£28 

£31,000 

£2,583 

£39 

£33,000 

£2,750 

£54 

£35,000 

£2,917 

£69 

How much interest you’ll pay 

You’ll be charged interest on the loan from the day your first payment is made to your college or training organisation until your loan has been repaid in full. The interest on your loan will be based on inflation- Retail Price Index (RPI). The table below shows how interest is calculated. 

If you don’t keep in touch, or fail to advise SLC of changes to any of your personal details, an interest rate of RPI + 3% will be applied to your loan whatever your income. 

 

Interest Rate 

While you’re studying and until the April after you complete or leave your course, which- ever happens first. 

Retail Price Index (RPI) plus 3% 

From the April after you finish or leave your course 

Interest will be based on your income. £25,725 or less – RPI 

£25,726 - £46,305 – RPI plus up to 3%, depending on income 

£46,305 and over – RPI plus 3% 

For the latest interest rates go to www.gov.uk/repaying-your-student-loan

How you’ll repay 

Advanced Learner Loan repayments will be collected through the tax system. 

What happens when you’re employed 

If you’re an employee paying UK tax, your employer will take repayments from your pay, along with tax and National Insurance contributions. Your employer will take repayments from your salary and these will be shown on your payslip as a Student Loans Company deduction. 

SLC will tell HMRC when you finish or leave your course and give them details such as your name and National Insurance number. HMRC will check to see if you’re working and if you are, they’ll tell your employer you have a loan (but not the amount). 

Employers may also be told they need to make deductions through normal tax forms. When you change your job or start work, you’ll have to notify your new employer that you’re responsible for student loan repayments. 

How do employers know how much to take from your pay? 

HMRC will give your employer information so they can work out how much to take from your pay. If your pay is above the threshold in the pay period, your employer will take repayments and pass them to HMRC. Your employer will round down the amounts they take from your pay to the nearest pound. 

HMRC take this information from your employer and let SLC know the amount of repayments made. SLC will then update your account. It’ll take some time after the end of each tax year to update your account. The repayments you’ve made will be used to pay off your loan. SLC will make sure the correct amount of interest has been added to your account. You won’t pay any extra interest even if your repayment details take some time to reach SLC. 

Repayments taken by your employer will be worked out on ‘individual pay periods’ and not on your total income for a whole year. Tax credits don’t count as income for working out your student loan repayment. 

HMRC will only know the total amount your employer has taken over the whole tax year after the end of the tax year. The scheme works in a similar way to tax deductions. You need to keep track of what’s being taken from your pay each month, because SLC will not know what you still owe on your loan until HMRC have passed the information to SLC. 

Employers have a responsibility, by law, to send HMRC the correct amounts 

 

 

 

 

 

 

 

 

Development Loans are commercial bank loans that you can use to help pay for work-related learning. You can borrow between £300 and £10,000 to help support the cost of your course.

This is available for our Intermediateand AdvancedCourses up for students who meet the eligibility requirements.

The Government will pay the interest on the loan while you are learning and for one month afterwards. You will then need to start repaying the loan as you would any other commercial loan product. These loans can be applied for 8 weeks before the course start date. You can use the loan to pay course fees or other costs such as travel and living expenses. You can also use the loan to supplement other forms of support such as grants or bursaries. 

 

As the Professional and Career Development Loan is a commercial loan product, we strongly advise you to seek independent financial and legal advice before you enter into a loan agreement.  Global admissions and finance team will support you and assist you in exploring and understanding all funding options that that may be open to you to ensure you take an informed decision about whether the loan is right for you and we will provide as much guidance and feedback during your financial journey.  If you decide Global is for you we will invite you to attend an admissions day where are staff will assist you in you application process checking student eligibility and all required documentation is correctly submitted within the admissions guidelines prior to your chosen course commencement date.  

Global Make Up Hair and Productions Academy is a registered UK learning provider 

 

What is a private training provider?

 

Private Training Providers, also known as independent learning providers or independent training providers (ITPs), offer vocational courses and training to young people and adults. ... Private Training Providers offer: Apprenticeships. formal Vocational qualifications that are nationally recognized.  All Global Qualifications are VTCT approved.

All details of standards and regulations are on our website 

https://www.globalmakeupacademy.ltd/liverpool

 

Global Make Up Hair & Productions Ltd 

UKRPN 10083147 needs to be quoted in all correspondence.

For further information on financial assistance to support your learning, please visit the GOV.UK website below or contact the National Careers Service on 0800 100 900. 

https://www.gov.uk/career-development-loans/overview 

 

 

On your application you need to specify the course you are taking in exactly the following words:-

 

VICTORIA WILL INSERT EXACT WORDING following VTCT confirmation Course name and vtct codes with a link to course outline on website

Level 3 Diploma in ADVANCED CERTIFICATE IN MAKE UP AND HAIR ARTISTRY (FT)

 

Level 2 certificate?INTERMEDIATE CERTIFICATE IN MAKE UP AND HAIR ARTISTRY (FT)

 

 

24 plus funding links inserted

 

Global Individual Payment Plan - Interest Free Payment Plan  

Payment of a 20% Deposit secures a place on any course with the balance due 6 weeks prior to the course start date.  We are, however, able to offer Payment Planswhereby 50% is due prior to the start of the course and the remaining balance is divided into stage payments.  The details of these plans vary according to status, course criteria and student eligibility  

 

Skillset Career Development Bursary

Eligible students can apply to Creative Skillset for a bursary of up to 80% for freelancers under the Film Bursary Scheme. Skillset will also help with travel over 50 miles from the centre of London and accommodation costs.

You can find out more regarding eligibility on the Skillset site or by calling the Bursary Team on 0207 713 9829.

http://creativeskillset.org/who_we_help/creative_professionals/funding_for_film_training/craft_and_technical_film_funding

 

 

 

 

 

 

Advanced Students wishing to study with The Global MHSFXMP Academy on our 30 Week Advanced Certificate Course can now apply for a BAFTA Scholarship to commence in 2020. 

If you are interested in pursuing this, more information can be found at http://www.bafta.org/supporting-talent/scholarships/uk-programme

To be eligible for the bursary which is up to a maximum of £12,000. You first need to be offered a place on our advanced course. If you are granted a scholarship then this will be paid directly to Global Make Up Hair Productions The Iver Make-up Academy.

 

 

Financial Help for Adult learners from Northern Ireland

You may be entitled to extra financial support. Take a look at the link below for details  

https://www.nidirect.gov.uk/information-and-services/adult-learning/financial-help-adult-learners

Other Grants and Benefits.

There are a number of grants and benefits available to individuals depending on circumstances.

https://grants-search.turn2us.org.uk

Princes Trust

The Princes Trust provides funding up to £500

https://www.princes-trust.org.uk/help-for-young-people/get-funding-train-learn

CSN-Student Funding

CSN-student funding is available for students from Sweden.Please contact them directly.

https://www.csn.se

 

Overseas students

We welcome students form all over the world. Each student should research independently with their respective governments to obtain permissions and funding to train with us.

Graduate Advice

 

 

 

 

 

 

 

STUDENT ESTIMONIALS

 

Katy - I chose to wait a year before I started my course so I could work and save as much as possible. I managed to save a good proportion of the fee and the rest I borrowed from my parents. I have subsequently repaid them as I have been lucky enough to work steadily since graduating.

 

Lilly- I used the IMA payment plan. It was so simple. I also found some amazing interest free credit card deals on https://www.moneysavingexpert.com/borrowing/

 

Eleanor- I  applied for a personal loan to help fund my training. I spent a lot of time researching the best options and feel confident that I found the best deal.

 

Disclaimer- The Global Make up Hair And Production Academy dose not endorse any specific loan or credit card company. Individuals should ensure they have investigated all funding options and made an informed decision.