Student Finance to be Radically Transformed from 2023

March 19, 2023

Access to quality education and training is important for everyone. It helps you learn skills and knowledge in today’s fast-paced and ever-changing job market. But it’s expensive, and not everyone can afford it, particularly those from low-income backgrounds. This makes it vital for countries to provide funding options for their citizens to access education and training throughout their lives.


One such example is the UK government’s power move, the Lifelong Loan Entitlement (LLE). The UK government provides this program to help people from different backgrounds get education and training easily. Let’s take a closer look at it!

What is the Lifelong Loan Entitlement (LLE)?

The Lifelong Loan Entitlement (LLE) is a plan supported by the UK government. It gives people access to loans for up to four years of education after the age of 18. This can be £37,000 in today’s tuition fees. And it starts in 2025.


Under the LLE program, individuals can use their loan entitlement over the course of their working lives to pay for different kinds of education and training, like degrees and technical courses. They can use the LLE until they’re 60 years old.


People can avail of these loans to pursue full-time or part-time study. Moreover, with LLE, they get the following:

  • a personal account to keep track of their studies and funding
  • ability to manage their finances effectively
  • freedom to make informed decisions about their education and career paths
  • flexibility to fit their education around their work and personal commitments


The LLE program allows people to select the courses they want and the qualifications that match their career goals. Also, it ensures no restriction on their choice due to financial issues.

Inclusions in LLE

Students taking part-time and technical courses are eligible to get financial aid. Furthermore, the scheme extends to modules of courses for the first time. As a result, they will have the same support as those studying full-time. Plus, it will give more options for learning and training to people from different backgrounds.

No ELQ exception rule

In addition, the government has removed the ELQ (Equivalent or Lower Qualification) exception rule. So, students who already hold a degree at the same level as the one they are seeking to obtain funding for can now apply for the loan.


Earlier, this rule prevented lots of students from continuing their education or learning new skills in another area because they didn’t qualify for financial support.

Returning students welcomed

This reform also supports individuals who stopped studying but want to resume studying. The help will be based on student loans they’ve already taken out. As a result, those who have taken a break from their studies but wish to return can receive financial support to help them cover their living expenses while they complete their program.

Encouragement to retraining

The UK government also encourages individuals to retrain or study at an equivalent or lower level. Also, the country aims to promote learning throughout people’s lives. So, it offers opportunities to learn new skills and knowledge. Eventually, this will benefit individuals and the economy.


The change will let people learn more. Plus, they will have more choices for their education. Besides, people will be able to learn anytime in their lives until they’re 60. Also, it will give workers the chance to retrain and upskill. Ultimately, they’ll be able to compete for the high-paying positions and cutting-edge industries of the future.

Higher Technical Qualifications (HTQs) and modules

The LLE wants everyone to have the same chance to study technical or academic courses. So, they now offer funds to help with technical and academic courses. It doesn’t matter what level they are.


Moreover, the LLE wants to make the student finance system easy. So, it includes Higher Technical Qualifications (HTQs) in the funding scheme. HTQs are technical qualifications at levels 4 and 5. These are vital for various careers such as software engineering, nursing, and data analysis.


The LLE will integrate HTQs into the personal account of eligible individuals. As a result, these courses will get the same level of recognition as academic qualifications.


Also, the LLE gives funding for new modules of courses. It starts with HTQs and some technical level 4 and 5 qualifications in 2025. Gradually, the program will expand to include further levels 4, 5, and 6 qualifications starting in 2027.


The LLE acknowledges that people may want to study at their own pace and time. So, they’re allowed to pick up and put down modules as they wish. These modules can be stacked toward full qualifications if individuals decide to pursue them.

Wrapping up

The Lifelong Loan Entitlement program is a disruptive move for education and training in the United Kingdom. By providing loans worth up to four years of post-18 education, individuals now have greater access to a wide range of courses and qualifications, regardless of their financial background.


The LLE has removed the ELQ exception rule, welcomes returning students, and encourages retraining or studying at an equivalent or lower level. Moreover, the program includes Higher Technical Qualifications (HTQs) in the funding scheme, providing essential skills for various careers.


With the LLE, people have greater freedom to learn throughout their lives and upskill to compete for high-paying positions and lucrative industries.


If you still have questions or concerns about education finances and policies, consult with GJM & Co. Our experienced accountants can guide you through them, helping you understand them better.


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