Career Development Loans

A Career Development Loan is a deferred repayment bank loan to help you pay for vocational education and learning.

Career Development Loans are available through a partnership arrangement between the Department for Education and Skills and three high street banks: Barclays, The Co-operative and The Royal Bank of Scotland.

How much can you borrow?

You can apply to borrow between £300.00 and £8000.00 to pay for up to two years of learning. The loan can cover:

80% of your course fees; or 100% of your course fees if you have been out of work for three months or more.

How does the loan work?

The Department for Education and Skills pays the interest on the loan for the period of Career Development supported learning and for up to one month afterwards.

You then repay the loan to the bank over an agreed period (between 6 and 60 months depending on the bank) at a fixed rate of interest.

If you complete the course, or stop training before the agreed date, the repayment holiday will end up to one month after your last day of training.

Who can apply?

Anyone who is employed, self-employed, unemployed (registered or not), a student or returning to work after a period of non-employment providing you:

• Live or intend to train in Great Britain
• Are aged 18 or over at the time of application
• Do not have reasonable and adequate access to funds to pay for the course other than through a Career Development Loan
• Intend to use the education or learning for work in the UK or in the European Union once the course is finished

Information:

You cannot use a Career Development Loan to pay for anything that is being funded by another source. For example, you cannot use a Career Development Loan if you are entitled to a student loan or a non- means tested NHS bursary.

You will not be entitled to a Career Development Loan if you have a job and your employer will be receiving a grant for your learning.

Site map