Professional and Career Development Loans

Who can apply?

You can apply for the loan if the course meets the following criteria:

• The course lasts no more than two years
• It can last three years if one year is a work placement
• A professional qualification
• A course at your local college or training provider
• Postgraduate course such as a Masters
• Technical or management training

How much can I get?

You can get a Professional and Career Development Loan to help with the following:

• Courses fees of up to 80% of the cost of the course
• 100% of the cost of the course if you have been unemployed for at least three months
• Other course costs like travel, books and childcare
• Living expenses, such as rent, clothing and food if you are working less than 30 hours per week or are unemployed

How does it work?

• Essentially a Professional and Career Development Loan is a bank loan.
• With a participating bank you make an agreement to borrow between £300 and £10,000.
• During the course and for one month afterwards the Young People’s Learning Agency (YPLA) will pay the interest on the loan.
• One month after you have finished the course you will have to begin paying back the loan.

How much do I pay?

• The loans are commercially competitive with other ‘unsecured loans’ and this is reflected in the interest rates that are available.
• By shopping around between different lenders you may be able to find a cheaper rate.
• The interest rates are likely to be cheaper than using other methods of unsecured loans such as credit cards.

How do I apply?

• Contact a participating bank and let them know the course that you wish to do.
• Each bank has their own process for applications and determining the success of an application.
• Having a good credit rating will help but this is not always a requirement.

Can I still get funding without this type of Loan?

A Professional and Career Development Loan is not for everyone, there are other types of funding available that you should also consider. Look at the links below for other types of funding.