How to apply for a Career Development Loan

How to apply for a Career Development Loan by Michael Cheary Looking for a little help to take the next step in your career? A Career Development Loan (also known as a Personal Development Loan), could be the perfect way to move forward in your professional life. And the best part is, you might already be eligible for one without even knowing it.To help you find out, here’s our advice on how to apply for a Career Development Loan:What is a Career Development Loan?A Career Development Loan allows you to borrow a set amount of money from the bank to help you get into work or progress in your career.Generally, these are spent on courses or professional qualifications. However, whatever you choose, it must genuinely help you with your career to be considered.How much can I get?You’ll be able to borrow between £300 and £10,000.The actual amount will be based on your chosen course, and your eligibility.When do I have to start my repayments?Career Development Loans are generally offered at a reduced interest rate, whic h the government pays for you whilst you study â€" and for one month after you leave.After this point, you will be solely responsible for the repayments.However, as with most loans, your monthly repayments will vary depending on the length of time you choose to pay it back over.Which courses can I do?To qualify for a Career Development Loan, your course must:Last for no more than two years (three if work experience is included)Be provided by an organisation on the Professional Career Development Loan RegisterHelp you move forward in your careerPossible examples include postgraduate courses (e.g. MSc or MA), a management courses, technician level training (e.g. plumbing), NVQs or courses specific to your chosen industry.Your chosen course does not have to lead to a professional qualification.How do I find out whether I’m eligible?To make your application, you must meet the following criteria:Be aged 18 or aboveHave resided in the UK for at least the past three yearsPlan to work in the UK, EU or EEA upon completionHow do I apply?To apply for a Career Development Loan, you’ll need to find out which banks accept applications. You can do this by contacting the National Careers service.Each bank will have their own application form to fill out. Once you’ve filled out your form and submitted it, the bank will then decide whether you qualify or not.Aim to apply at least three months before the course starts so that the bank are able to process the forms in time.What are the benefits of a Career Development Loan?Benefits of a Career Development Loan include:The financial backing to move your career forwardLow interest feesFlexible repayment termsGovernment assistanceNo interest rates or repayments while you studyInterested in moving your career forward? Find out about a Career Development Loan today.Find a job What Where Search JobsSign up for more Career AdviceSign up for moreCareer Advice Please enter a valid email addressmessage hereBy clicking Submit yo u agree to the terms and conditions applicable to our service and acknowledge that your personal data will be used in accordance with our privacy policy and you will receive emails and communications about jobs and career related topics. Salaries