Email to a friend

Career Development Loans

Who offers career development loans?

Career development loans are run through a partnership between the Learning and Skills Council and Barclays, Co-operative Bank and Royal Bank of Scotland.

What are career development loans?

Career development loans help you to finance your studies. This means you can improve your career prospects and so potential income.

Article continues below

They can be used for full-time, part-time or distance learning provided the course is vocational and lasts no longer than two years. An additional 12 months is allowed if it is for relevant practical experience required by the course.

Career development loans are deferred repayment loans. This means repayments are made at the end of the term of the loan. When applying for a career development loan, the bank will need check that you are eligible and meet all of their criteria.

Product features include:

• Borrow from £300 to £8,000.
• The money can be used to pay for up to 80% of course fees and 100% of related costs such as travel and materials.
• If you are unemployed the loan may be able to cover all course fees.
• The Learning Skills Council pays the interest on the loan while you are studying.
• The loan is repaid by you when you complete the course at a fixed interest rate agreed with the bank.

Interest rates vary between the banks. This means it is worth checking the interest rates on offer before choosing a provider.

When taking out a career development loan it is important that you think about repayments and are confident that you will be able to meet them once your course has finished.