24+ Apprenticeship loan is scrapped

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The Government has announced the scrapping of the 24+ loan system for Apprenticeships following a lack of people signing up to the scheme.

Business Secretary Vince Cable made the announcement after just 404 applications for the loan were made over a seven month period, however, non-Apprenticeship FE loans will remain in place.

Figures released last month have shown that in 52,468 FE loan applications made up to October 31 2013, less than 1 per cent were for Apprenticeships.

Steve Bridge, Head of the Business Account Team at West Cheshire College, said: "We welcome the scrapping of the 24+ loan after it proved unsuccessful following a trial.

"This announcement means that people who are aged 24 and over who want to do an Apprenticeship will have it co-funded.

"This means they will receive funding from the College or their employer, therefore will have less money to pay back when they complete the Apprenticeship.

"I believe that more adults would take advantage of this training when the change comes into place as it will be more beneficial for them."

If you have any employees who are aged 24 and over and would benefit from combining working with gaining a national recognised qualification through a Level 3 Apprenticeship, then call our employer hotline: 01244 656499 or visit west-cheshire.ac.uk.