Professional and Career Development Loan
A Professional and Career Development Loan is a bank-funded loan and is available to anyone looking to enhance their skills and get back into work.
You could fund your course with a loan from £300 to £10,000.
Funding is typically available at a low rate of interest. Further, your interest is funded by the government, for the duration of your course, through the The Skills Funding Agency.
If you are claiming benefits, you should speak to your benefits adviser before applying for a loan.
You must meet the following criteria in order to qualify:
Be over 17 years of age
Be a UK citizen
Have been residing in the UK for a minimum of three years and at the time that your course starts
Have an intention to work in either the UK, the European Union, or the European Economic Area upon completion of your course
The course must last no longer than two years. The lone exception is if the course includes a year of work experience, in which case, the course can last up to three years.
The training provider must be listed on the Professional Career and Development Loan Register.
It isn’t necessarily that you walk away with a qualification but it must be of benefit to your career.
How to apply
Speak to the National Careers Service on 0800 100 900 to discuss the suitability of a loan.
Complete the online application.
Ensure that you apply at least two months before your course start date in order to allow the bank adequate time to make a decision on your application. You can not apply any earlier.
You begin making repayments, including interest, one month after the course has ended.
Your interest is funded by the government while you are studying.
Your loan is repayable whether or not you complete the course.
The National Careers Service can advise you further on Professional and Career Development Loans.
National Careers Service
0800 100 900
Monday to Sunday, 8am to 10pm
19+ Advanced Learner Loan
If you are over 18 and have been a UK resident for at least three years, you more than likely fit the criteria for an Advanced Learner Loan.
The Advanced Learner Loan enables you to gain employable skills and finance the cost of your course with a loan of up to £2,882. Your loan will not be repayable until the April after your course has ended and you are earning a minimum salary of £21,000. You will not be subject to any credit checks.
To meet the criteria for an Advanced Learner Loan, you should be:
Over 18 on the day that the course begins, from the 1st of August 2017
Reside in England and have been a UK resident for a minimum of three years
Taking a course that is above level two
You may also qualify if you have a parent who is a Turkish or Swiss worker, or you are a migrant worker, refugee, or a member of the EU.