How To Obtain A Career Development Loan
Career Paths

How To Obtain A Career Development Loan

Want to develop your career but don’t have the finances to pay for education or training courses? Don’t worry, help is at hand thanks to Career Development Loans

If you’re an ambitious individual who wants to drive their career forward, there is no better way to do so than to increase your skills, knowledge and qualifications. How? By completing a recognised training or educational course. Some courses aren’t cheap and you may find yourself without the funds to pay for a course in full upfront. However, all is not lost as there is another option. That is to take out a Career Development Loan.

What Is A Career Development Loan

What Is A Career Development Loan?

A Career Development Loan is a special bank loan. It is used by people to support their career development by paying for courses and training. Those people who are accepted for a Career Development Loan can borrow between £300 and £10,000 and enjoy no interest whilst studying and a reduced interest rate once repayment begins. Career Development Loans are becoming more and more popular as people see the value of professional qualifications and other recognised training.

Am I Eligible For A Career Development Loan?

To get a Career Development Loan you must be:

  • A British citizen
  • Have been living in the UK for at least 3 years before your course starts
  • Plan to stay working in the UK, EU or European Economic Area after the end of your course

Repaying Your Loan

Repaying Your Loan

Like any loan you are expected to repay the loan in full with interest. No interest is paid by yourself during your studies but it does become payable once it ends. You must begin repayments one month after leaving your course and you have to repay your loan even if you do not complete your course or the educational institution/course provider goes out of business.

How To Apply

You can apply direct to your bank or building society for a career development loan but it is best to go through the government’s National Careers Service. You can only apply 2 months before your course starts, any earlier and your application will not be accepted.