Careers Development Loans: Buy Yourself a New Career

Seen a job you like but aren't qualified? Want to re-qualify in something new and better paid? Want to move up to the next level but your current boss will never train you? Need a qualification to get a good job but stuck in a dead end job so no way to fund it?

Careers development loans are a popular way of funding vocational education and training for your new career - and on preferential terms so you don't have to start paying it back until you've qualified.

What Are Careers Development Loans?

Careers development loans are special bank loans to help you pay for vocational training or further education/courses.

You do not pay these back straight away, but when you have finished the course(s) that the loan is funding. Careers development loans can even be taken out for courses lasting up to two years in length a further one year of practical experience if that experience is an official part of the course

What Can A Careers Development Loan Be Used For?

Careers development loans can be used for: any full time course, part time course or even a distance learning course that is vocational. This means a course that teaches you the skills you need for a specific occupation or trade.

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What Does a Careers Development Loan Cover?

A careers development loan can be used for up to 3 parts of your training: – course fees - course costs: books, equipment, supplies, etc - living costs: food, basic clothing, housing, etcIf your course is for longer than two years then you can still take out a careers development loan, but only to fund parts of the course, not to fund the full course. For people studying courses longer than two years, they tend to use a careers development loan just for the last two years because the loan repayments start at the end of the time being funded.

What Can a Careers Development Loan Not Be Used For?

Careers development loans cannot be used for career information or counselling. If your course contains components such as job search and marketing activities then these parts would not be eligible for a careers development loan.

Would I Get A Careers Development Loan?

To be eligible for a careers development loan you need to be: - over 18 - a resident of Great Britain - have an unlimited right to stay in the UK - you must intend to work within the EU once you complete your course - you must have no other way to fund your course

Where Do I Get a Careers Development Loan?

At the time of writing, three High Street banks offer careers development loan. You do not need to have an account with them to apply but if you are approved they might make it a condition of the loan that you open an account with them.

These banks are

  • The Royal Bank of Scotland,
  • Co-Operative,
  • Barclays.

Am I Guaranteed to Get a Careers Development Loan?

No. You might qualify under the careers development loan rules, but you might not be a fit with the bank's criteria. Don't be afraid to apply to more than one source at a time to obtain your funding.

So, if you would like to change careers but don't think you can afford it, why not investigate careers development loans. It might be just the helping hand you need to progress in your chosen field or career.

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