I'm in a bit of a pickle regarding courses and funding.
When I first started looking into what is involved in becoming a bookkeeper a couple of months ago, i never expected to find multiple professional bodies and a mulititude of course providers. It was all a bit overwhelming if I am honest.
I never realised, until I got right into researching this, that there is little or no funding or student type loans for the courses involved in becoming qualified. I never expected it to be free, but as someone who has been unemployed since being made redundant last year I suppose I expected to find more help. I do not qualify for any benefits as my partner earns just over the threshold, which limits my options even further despite still being classed as a low income household.
The majority of distance learning courses I simply cannot afford. The local college runs no bookkeeping or accountancy courses, but their sister college 15 miles away runs AAT part-time but it would take almost 3 years before I was qualified. And although I do qualify for a 24+ Advanced Learning Loan, this would only cover me from level 3 upwards and I would receive no funding for level 2 because of my lack of benefits.
It's pretty much the same with the Open University, I recieved confirmation this week that B190 would not be covered by a student loan but S25 - Professional Certificate in Accounting (comprising of B291 & B292) would be. I kind of liked the idea of the OU as it would grant me exemptions to whichever body I decided to join once I have finished.
It's all starting to give me a headache. Unless I can get some kind of funding, whether it be something similar to a student loan or a grant, then this might be all over before it has started. If only England had the same help as Scotland and Wales, I would have started a course already !
Has anyone else experienced this, or know where I can find help?
Thanks, Loulabell
-- Edited by Loulabell on Thursday 2nd of May 2013 05:01:26 PM
I might be able to help you as we are registered with the Skills Funding Agency (SFA) who assist with the Professional Career Development Loan (PCDL). You can apply to them for a loan and once approved you can enrol with Premier Training. We offer AAT distance learning with a fast track option so you can complete a lot quicker than college (even less than half the time it would take at college).
PCDLs are bank loans that pay for training to help enhance your career or help get you back into work. The loan is offered at a reduced interest rate and the SFA pays interest while youre studying. All you have to do is apply to one of the participating banks (I know the Co-op and Barclays are two of them) they will send you an application form to complete at which point there is a section that is sent to Premier Training for us to complete and return to you. Once the form has been completed you need to send it back to the bank and wait for their approval. We can also help if you are not sure how to complete the form.
I had heard of and looked into the Career Development Loans and have visited the Premier Training website when I was looking at course costs for the different bodies - ICB in particular at the time. My concerns with PCDL's were with being able to make the payments. Even though it is offered at a low interest rate, the repayments (from examples I have seen) are comparable with that of a normal bank loan - i.e. in the £100's per month - which is something I could not afford unless I somehow managed to grow a decent client base/get into a job pretty quickly during the 1 month "breathing" period after I completed the course.
If repayments were based similarly to Student Loans but in line with the current tax threshold of £9,440 or even just a third of that (meaning repayments are due once earning £3,147 or above) then it would be a serious prospect for me. It's a real shame that a public or private institution cannot offer something like this where the student/debtor submits an annual statement of earnings (a bit like self assessment) to the provider who then invoices them for 12 payments for the following year based on the previous years earnings.
Sorry if I have gone a little off topic, it just frustrates me that since the government changed the Student Loan structure in England, the funding/grants for those on low incomes went out of the window. Granted they replaced some of it with the 24+ Advanced Learning Loan, but it is useless if you want to study anything below level 3
-- Edited by Loulabell on Friday 3rd of May 2013 02:35:36 AM
-- Edited by Loulabell on Friday 3rd of May 2013 02:41:08 AM
Have you tried the OU's hardship fund? I think you'll find it if you go to the 'ways to pay for your course' information. I haven't used the fund, but I have studied with the OU before, and I think they are quite generous, and not bound by you being in receipt of specific benefits.
Peony; The OU hardship fund for England completely changed/disappeared when the government changed the limit on course costs & the student loan changes took place. The fund I think you are referring to is when they would give grants to help anyone on a low income, the less you earned the more you got and visa-versa - I used to qualify for that when I was toying with the idea of doing a Science degree. I so wish that it still existed!
Frauke, Thank you for that information. I Googled the fund and found it is a joint venture with the IFA called the IFA & IAB Benevolent Fund, I managed to get contact details for them on the Charity Commission for England & Wales website. I will drop them a line and see if they can help, fingers crossed!
Sorry to hear that Loulabell, I live in Scotland, I didn't realise they had different schemes. I hope you have success with the information Frauke has given you, and that you are able to find an affordable qualification.
!
