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Career Development Loan
What is Career Development Loan?
A Career Development Loan is a bank loan designed to help you pay for your education. The Loan will be provided for a maximum of 2 years, so you have to start with the repayments in the third year of you education.
CDL can pay for:
- Education fees - 80 per cent of your education fees
- Other course costs - including, books, devise, tools, travel expenses
- Living expenses - for food, usally clothing or footwear, household gas, rent, housing costs and council tax; these costs must not be covered by any other grant or state benefit.
You can raise anything between £300 ($450) and £8,000 ($12675), which can help you to fund up to two years of learning.
Repayments
You agree a period and a fixed rate of interest. You have to start paying your loan back between 1 and 17 months after you have finished your education. Note: 17 months is only with good reasons, like unemployment or due to ill health during the course.
Also if you fail to complete the course, you need to pay the full amount back to the bank.
You are eligible for a career development loan, if:
- You are 18 or older
- You life in England, Scotland or Wales with an unlimited right to remain in the UK
- You are unable to pay the education for yourself
- You are intending to work in the European Union after finishing your education. But you can discuss this with the bank, probably there are possibilities to stay in America a bit longer.
You are not eligible for a career development loan, if:
- You receive another type of financial help, for example, a student loan. If you receive a Scholarship for 80%, the Career Development Loan could cover the other 20%.
How does Career Development Loan work?
- You have been identified and been accepted on a course.
- You apply to the bank.
- The Bank and the company which disperse the Career Development Loan check to ensure the application meets the programme determinations.
- If they meet, the Bank will make your payment.
- The payments for living costs and other costs will be paid direct to the student.
The payments for course fees will be paid directly to the Learning Provider, upon proof that the student has started the course.
Note: The university where you are going to study must be registered to be eligible for a Career Development Loan. Please contact us to check if your university is registered.
Finance




