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Apprentice train driver loan
- Thread starter GogoTime
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RailUK Forums
There is no college with the driver apprenticeship, its a cash fiddle to get the govt to pay for the training.
NorthernTech
Member
Am I not right in thinking that big companies have to pay into an apprenticeship levy, or som similar? So to make use of that fund would seem pretty logical if they have already paid into it, and pretty much what it’s for if that’s the case!? Also, I can’t imagine it’s all paid for, salary and all, if it were then surely all the schemes would be the same deal, no? So I’m not sure what ‘fiddle’ is going on, and with more employees then more income tax is paid back also.
In answer to the OP, why would you need a loan for a train driver apprenticeship? You would be being paid a salary and the training is covered by the company you would be working for? Unless you mean to cover the gap in salary from a salary drop while training? If so, I’m not sure what you would do there. In preparation for a job change, I have been putting money aside for a while to allow me to take a salary drop, as and when I may need to.
The tocs pay towards the apprenticeship levy I was told by a trainer, that's why tocs are utilising apprenticeships now. Plus the scheme gives the trainee driver an accredited qualification that's an NVQ level 3 train driver apprenticeship qualification. That's transferable if you move tocs and after all that training it's nice to get an accredited qualification.
I was wondering why a loan would be required, I saved up my reserve fund once I passed the tests and got told I got the job. If the training wage is a big drop from the existing salary, it could be an uncomfortable few years for the trainee.
At the toc I work for its training wage in the classroom and then for the 9 months until you pass out, only then will your salary increase to 80% and work Rest days and Sundays as overtime. That's 12 months if all things go to plan on the training wage, covid has extended this to over 2 years for some trainees unfortunately.
driver9000
Established Member
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Why do you need a loan? Trainee Drivers are paid a reduced salary during training. Many operators now have a scheme where you pay back a proportion of the training costs if you leave within a set timescale but I've never heard of one requiring a loan for up front payments.
What really matters is the licence, the rest is just fluff
NorthernTech
Member
‘Fluff’
Being polite.....‘Fluff’
I suspect the loan is to cover the reduced salary until the OP reaches the qualified rate. At my TOC trainee drivers are on approx £20k for the first year - not a bad salary by any means but it might be a struggle if you're coming from a job where you were paid £40k plus.
Then who administers the level 3 qualification? I know GWR uses a college in Exeter to administer the qualification, although I doubt anyone goes to the college itself.
Some well paid idiots that are also just making some easy money for not knowing what they are talking about. The qualification is useless, any TOC/FOC just wants the licence and a clean SOL
I’m trying to help the OP with a funding question. The “well paid idiots” at the college will be the people who will assist their students with funding where applicable, the validity of the qualification isn’t the point of this topic and would make an interesting discussion elsewhere I’m sure!
OP, are you in a position to take out a normal bank loan to assist with the wage gap during training? I’ve seen a couple of posts here and on a blog where people have done that.
dk1
Veteran Member
I have never heard of such a thing.
I don't remember there being any significant 'costs' However,
www.gov.uk
Information can be found here for the Advanced Learner Loan but I don't believe that this is what you are thinking of .
Advanced Learner Loan
Advanced Learner Loan and the Bursary Fund help with college or training course costs - funding, how to apply, application forms, repayments
Information can be found here for the Advanced Learner Loan but I don't believe that this is what you are thinking of .
I believe its a lower income that is the issue.
Which is not specifically a cost. I supose I am wondering why a regular bank loan wouldn't be suitable here (providing you can get the credit). But ultimately we are not a financial forum, and will be limited in the advice we can give.
I imagine a student loan would be lower interest than a bank loan.
Not sure what a student loan has to do with this topic? That is only available for a specific purpose anyway. It depends ultimately on any user's credit history as to how "good" their loan terms will be.
It's their perception that they could get one that has started the thread, not mine. Part of the sacrifice of a superb job is 2 years of crap money, imo
Perhaps. But obviously some people have bills and fixed outgoings, such as mortgages. Therefore a loan to cover a potential cut to salary for a 2 year period with a known substantial rise incoming (assuming they pass out) so it can be paid back is a perfectly sensible and reasonable concept.
However what I don't think it should be framed as is "costs" (as the OP put it) for something you are knowingly getting yourself into, nor should it beyond the realms of possibility that this should could be a fairly regular loan.
NorthernTech
Member
Agree entirely with this. And to be fair, the company paying you to train for a well paid job at the end is also giving you a pretty good salary for nothing in return. £20k+ to sit in a classroom learning is better than being at Uni and it costing you a small fortune to be there. Save up, cut back, enjoy the training and enjoy the step up in salary when it comes!
iwasyoungonce
Member
Use 0% credit cards like everyone else
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