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How Career Development Loans work
A Career Development Loan is a bank loan designed to help you pay for work-related learning. You don't have to start paying your loan back until one month after you stop training
How a Career Development Loan could help you
A Career Development Loan (CDL) can help you gain the experience, training and qualifications you need to improve your job skills or even launch a new career
You can use it to fund a variety of courses with a wide range of organisations, so you are able to choose the course that best suits your needs. You can apply for a CDL if you are employed, self-employed or unemployed.
CDLs are available through an arrangement between the Learning and Skills Council (LSC) and three high street banks.
The key points about CDLs are:
- you can borrow anything between £300 and £8,000 to help you fund up to two years of learning (or up to three years if the course includes one year of relevant practical work experience)
- you can apply for CDLs with Barclays, The Co-operative Bank and The Royal Bank of Scotland
- the LSC pays the interest on your loan while you're learning and for one month after you've stopped training
- you repay the loan to the bank over an agreed period at a fixed rate of interest
Remember: check you can make the repayments before you take out the loan
A CDL is a personal loan between you and the bank, and you are responsible for repaying it to the bank. Before applying for a loan, check how much your monthly repayments will be, and that you feel confident that you will be able to make them.
What do Career Development Loans cover?
Your CDL can be used to pay for more than just course fees. Before you apply, think carefully about what you need your loan to cover. This will help you decide how much you need to borrow.
There are three areas that a CDL can cover:
- course fees - 80 per cent of your course fees, or 100 per cent if you have been out of work for three months or more at the time of application
- other course costs - including, books, equipment, tools, childcare, travel expenses and some costs associated with disability
- living expenses - for food, ordinary clothing or footwear, household fuel, rent, housing costs and council tax; these costs must not be covered by any other grant or state benefit and you must not undertake work involving more than 30 hours per week
Your loan can cover one or more of these elements, but cannot exceed £8,000 in total.
For further information call the CDL helpLine on 0800 585 505 from 8.00 am to 10.00 pm seven days a week, email a CDL advisor or book a call back at a time to suit you.
The next steps
1. Make sure a Career Development Loan is right for you
A CDL isn't the right choice for everyone; and not everyone is eligible. Before applying for a loan, make sure you know:
- what the loan can be used to pay for
- who does and who does not qualify to apply for CDLs
- how much you will need to repay
- you will be able to make the repayments
To find out more, see 'Is a Career Development Loan for me?'.
2. Choosing the right course
Before applying for a CDL, read the courses covered by CDL's section in the application pack.
- make sure your course qualifies for a CDL
- ensure your learning provider offers the skills, experience and qualifications you want
- make sure the cost and length of your course is right for you
3. Will you be able to commit to the course?
You need to think about the impact the learning you choose will have on your life. The course should be aimed at the right level and the length of the course needs to be suitable for you. You should look into related costs like travel and the possible need to undertake coursework in your spare time.
4. Applying for a Career Development Loan
Understand how, when, and where you can apply for a Career Development Loan.
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Your questions answered
Get free, impartial advice on Career Development Loans. Call an adviser on 0800 585 505
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