Think that getting back into study would boost your job prospects? Planning to change career, but need to retrain? Already studying, but want to build your skills further by doing an additional course?
Professional and Career Development Loans are bank loans that can be used to help pay for courses and training that help you with your career or help get you into work. You can borrow between £300 and £10,000 to help support the cost of up to two years of learning (or three years if it includes one year’s relevant unpaid practical work).
Loans are usually offered at a reduced interest rate and the government pays the interest while you're studying.
The loan can be used to pay course fees or other costs such as travel and living expenses. You can also use the loan to supplement other forms of support such as grants or bursaries. Because the Professional and Career Development Loan is a commercial loan product, they should only be considered as an option once all other student funding options have been investigated.
Who can apply?
To apply you must:
- be 18 or over
- be a British citizen
- have been living in the UK for at least 3 years before your course starts
- plan to work in the UK, European Union (EU) or European Economic Area (EEA) after the course
Which courses qualify?
The course doesn't necessarily have to lead to a qualification, but it must be one that will help with your career. In general a Professional and Career Development Loan could be an option for:
- a postgraduate course, like a masters
- technical or management training
- a professional qualification
- a course at your local college or learning provider
- an additional bachelors degree (if you're already a graduate)
How to apply
1. Call the National Careers Service on 0800 100 900 (Mon-Sun, 8am-10pm) to find out whether a loan is the best option for you.
2. Complete and submit the online application form - they may require our Learning Provider reference 2757
Apply two months before your course starts to give the bank enough time to process your application. Don't apply more than two months ahead, as your application won't be accepted.
Interest on the loan
Professional and Career Development Loans are bank loans that have to be paid back. You start repaying the loan (plus interest at a reduced rate), one month after leaving your course.
The government pays the interest while you study and for one month after you leave your course. After this time, you start repaying the loan and interest.
You have to repay your loan even if you don't complete the course.
For more information on Profesional and Career Development Loans click here