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Career Development Loan
What is a career development loan?
If you want help paying for your training, a Career Development Loan (CDL) could be the answer.
A Career Development Loan is a deferred repayment loan that covers a wide range of vocational courses lasting up to two years, plus, if relevant, a maximum of one year's practical experience (where it is part of the course).
Study can be full-time, part-time, open or distance learning. Career Development Loans can support up to 24 months of a longer course (plus the one year's practical experience, if relevant).
At present you can apply for a loan of between £300 and £8,000 to cover:
| • | Up to 80% of your course fees (if you've been out of work for three months you may be able to borrow the full cost of your course fees) |
| • | Other costs such as books and living expenses |
You make no repayments while you're studying - the Department for Education and Skills (DfES) pays the interest on your loan for up to one month after your training course. If one month after completing your training, you're registered unemployed and in receipt of Jobseeker's Allowance, you may apply to the bank to defer repayment for up to a further five months.
CDL's are available through major banks - Barclays, The Co-operative, Clydesdale and the Royal Bank of Scotland.
Your study should be job-related and you should not be receiving a mandatory grant or be supported financially by any other organisation.