2015 Report details for project: Further Education 24plus Learning Loans Programme

Project name: Further Education 24plus Learning Loans Programme - there are 3 reports for this project: 2013, 2014, 2015
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Organisation: BIS (D3) - see all reports for this organisation
Report year: 2015 (data is from Sept 2014)
Category: Transformation - see all reports for this category
Description: To Introduce loans for those aged 24 or over, undertaking provision at Level 3 and above from 2013/2014. The project will allow savings to be realised through the conversion of grant to loan funding while still allowing access to advanced and higher level provision . Introduction of loans should put greater power into the hands of learners, creating a more responsive system. System should be simple and non-bureaucratic , representing good value for money and making use of Higher Education (HE) infrastructure to minimise disruption and facilitate progression.
DCA (RAG): Amber/Green
DCA text: A growth plan for loans was agreed to address the risk of underspend in the budget. The key activity of the growth plan was to expand the provider base, inviting expressions of interest in having a loans facility and explaining the requirements that would need to be met. This brought new providers into the loans system. The inclusion of key words around 'funding advice' in the National Careers Service national campaign in summer 2014 led to an increase in the number of people viewing the 24+ Advanced Learning Loans page on the National Careers Service. We know from our evaluation that loans are understood and learners are happy to take them on. However, wider changes in the Further Education sector may be impacting on the take-up of 24+ Advanced Learning Loans.
Start date: 2010-11-30
End date: 2013-10-31
Schedule text: The project was closed in October 2013 as planned and is now in Business as Usual running and a Gate 5 review is being planned.
Baseline: £242.66m
Forecast: £122.55m
Variance: -49.50%
Variance text: There has not been the increased take up in the second year of delivery as anticipated. Due to this budgets and forecasts have reduced significantly during 2014-15.
Whole Life Cost: £303.00m
WLCost text: For the reasons explained above, the total forecast whole life cost budget is now £164.93m
Notes1: Further Education 24+ Learning Loans Programme
Sourcefile: IPA_2015.csv

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Acknowledgement: GMPP data has been re-used under the Open Government Licence.