Career Development Loans
You can apply for this if you are aged 18 or over and are who are undertaking a vocational course (education or training courses where you learn skills specific to a particular job or career for example leisure and tourism, engineering or nursing). The loan covers two years of study whilst you are in education or job-related training – plus up to one year's practical experience, if this is part of the course. This loan can be used for any costs related to studying and training including childcare costs.
You will have to repay this loan but not until one month after you have completed your course.
The Learning and Skills Council pays the interest on the loan while you are studying and for up to one month afterwards, so you will only pay interest once you start repaying the loan. You repay the loan to the bank over an agreed period at a fixed rate of interest. If your course is longer than two years it is a good idea to apply for a Career Development Loan in the final two years of your course, otherwise you will have to start repayments whilst you are still studying.
A Career Development Loan may affect your benefit entitlement, so you may also need to contact your benefits adviser at Jobcentre Plus before applying.
To find out more contact the Career Development Loans Helpline on 0800 585 505. Useful information is also available on www.direct.gov.uk.