A career development loan is basically a bank loan that was initiated by the UK government in 1988. It assists people with limited financial resources to go for higher education or to boost their present work skill. The scheme is considered beneficial for both men and women from different employment and educational backgrounds. It can be used to fund job-prospective post graduation courses, bachelor’s degree or a range of vocational training programs with different organizations. This loan facilitates to make payment for about two years of learning period which can be prolonged to three years if the educational course involves hands-on work experience. In addition, a section of the credit can be utilized for funding requirements in case the program extends beyond the stipulated time.
Approved Authorities:
A Career development loan is primarily available through an agreement entered between the Skills and Learning Authority with leading banks like Barclays, Clydesdale, Royal Scotland and Co-operative Bank. One can avail loan of £300 to £10,000 from any participating bank. The amount can be used to purchase books and equipments, pay for program fees and may also be used to meet other miscellaneous cost of living.
The Skills and Learning Authority holds the responsibility of paying the interest during the course and one month after completion of the same. Following this, the borrower needs to repay the entire amount for a fixed rate of interest over a pre-arranged time period as specified by the lending bank.
Eligibility:
The facility is available for individuals aged 18 and above. Besides this, one should be a resident of Wales, Scotland, or England and should possess unlimited rights to live in the country. In addition, it entails working in Liechtenstein, Norway, Iceland or any EU country on the completion of the program. However, individuals capable of getting a standard student loan or one who has resources available to easily repay the amount are not liable for such cash assistance.
Courses that Career Development loan is not applicable:
Although, this financial facility enables to fund educational programs that help to attain an employment, however it cannot be used to pay the costs of a foundation training course that supports a particular undergraduate degree. Besides this, it cannot be availed for any career advice programs or used as an aid for job hunting needs. Furthermore, the credit may not be utilised for any investment purposes or to cover start-up or running costs of a new business. Also, this loan does not support any educational programs offered by a provider located outside the EU even if the same is available within United Kingdom or any other European Union country.
Tips:
The foremost factor when opting for career development loan is to look out for approved learning providers offering standard courses that may be worthwhile to meet the desired needs. Since the banks or government authority do not make any verification before issue of the credit amount. It is therefore important to check with the provider regarding refund policies in case of unforeseen situations. It is also vital to be practical and not borrow unreasonable amount as loan which may later be difficult to repay. One should thoroughly understand the underlying terms and conditions about interest rate and repayment procedure. Taking the above point into consideration, It can be regarded that career development loan is an ideal choice to enhance job prospects.
