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Help paying for learning that improves your career prospects

Think that getting back into study would boost your job prospects? Planning to change career, but need to retrain? Already studying, but want to build your skills further by doing an additional course?

A Professional and Career Development Loan could help you pay for learning that improves your career prospects.

How Professional and Career Development Loans work

A Professional and Career Development Loan is a bank loan. You make an agreement with a participating bank to borrow an amount between £300 and £10,000. Then once you’ve stopped studying, you pay it back in the normal way.

The difference with a Professional and Career Development Loan is that the Learning and Skills Council (LSC) pays the interest on the loan while you’re studying – and for one month afterwards.

After this, you’ll pay interest at the rate fixed when you took out the loan. Interest rates on the loans are set so they’re competitive with other ‘unsecured’ personal loans that are commercially available.

However, don’t forget that a Professional and Career Development Loan isn’t for everyone and that there are other types of financial help available. See ‘Help with learning costs: an introduction’ for details.

• Help with learning costs: an introduction

How you can use a Professional and Career Development Loan

Courses covered by Professional and Career Development Loans

A Professional and Career Development Loan can help to fund a wide range of courses lasting up to two years (or three years, if the course includes a year of work experience).

The course doesn’t necessarily have to lead to a qualification, but it must be one that will help with your career. You’ll find detailed information in the application pack, but in general a Professional and Career Development Loan could be an option for:

• a postgraduate course, like a masters
• technical or management training
• a professional qualification
• a course at your local college or learning provider
• an additional bachelors degree (if you’re already a graduate)

Costs you can use a Professional and Career Development Loan to help with

You can use a Professional and Career Development Loan to help with:

• course fees (up to 80 per cent  of the total - or up to 100 per cent if you’ve been unemployed for three months)
• other course costs, like books, travel and childcare
• living expenses, like rent, food and clothing (if you are unemployed or working less than 30 hours per week)

What you can’t use a Professional and Career Development Loan for

Professional and Career Development Loans are intended to help with costs that aren’t covered by other sources of public funding.

For example, you couldn’t get one if you’re planning to study full-time for a first degree (because there’s a separate package of Student Loans available).

However, if your costs are only partly covered you may be able to ‘top up’ the funding with a Professional and Career Development Loan. For example, if you’re getting a grant for your course fees, you could apply for a loan to help with your living costs.

There are some other conditions. For example, you can’t use a Professional and Career Development Loan to help pay for:

• a foundation or access course used as a step towards a degree course (however, a stand-alone foundation course that leads to employment in its own right would be eligible)
• careers advice or help with job hunting
• the costs of running or starting up a business (for example, marketing or buying a franchise licence)

So check the details in the application pack, and get advice if you’re not sure whether your course qualifies.

Need to talk to someone?

For advice on your application, call 0800 585 505. You can also get an adviser to call you back free of charge, or get in touch by email.

• Book a call back from a Professional and Career Development Loan adviser Opens new window
• Email a Professional and Career Development Loan adviser Opens new window

Could you get a Professional and Career Development Loan?

To be eligible, you’ll need to be:

• 18 or over
• ‘settled’ in the UK, and have been ordinarily resident in the UK for at least the three years prior to the start of your learning programme
• intending to work in the UK, the EU or the EEA when the course finishes

‘Settled’ means having either indefinite leave to enter or remain or having the right of abode in the UK.

Remember: even if you meet these conditions, the decision on whether you’ve been successful in your application remains with the bank. The bank’s decision will depend on you meeting their specific lending criteria.

Get the facts on repaying Professional and Career Development Loans

You can borrow any amount from £300 to £10,000.

You’ll need to agree the size of the loan with the bank before you apply. It’s essential to be realistic, and not borrow more than you can afford to repay.

• Repaying a Professional and Career Development Loan

Remember that Professional and Career Development Loans aren’t right for everyone: see ‘How to apply for a Professional and Career Development Loan’ for more tips on what to consider.

Get an application pack

• How to apply for a Professional and Career Development Loan

More useful links

• Finance for full-time higher education students starting in 2009/10