Information on Professional and Career Development Loans (PCDLs)
- A Professional and Career Development Loan is a bank loan individuals can use to help pay for work related learning.
- Learners can borrow from £300 to £10,000 from a participating bank to help pay for their course. This could help you pay for learning that enhances your job skills or career prospects.
- Like any commercial loan product, learners must repay the money they borrow but, with a Professional and Career Development Loan, the Government will pay the interest on the loan while the learner is in learning and for one month afterwards.
- To be eligible, you need to be 18 or over, been in the UK for a minimum of three years prior to the start of your learning program or intending to work in the UK, EU or the EEA when course finishes.
A student’s guide to career development loans
- PCDLs are loans, available through participating banks such as Barclays Bank or Co-operative Bank of between £300 and £10,000, available to learners aged 18 to 69 to help with the cost of taking any approved full-time, part time or distance learning course which will lead to employment, or boost and existing worker’s skills.
- PCDL can help with course fees – up to 80% of the total, or up to 100% if unemployed for three months.
- Adults can also consider a government subsided Professional and Career Development Loan.
Is the loan right for you?
Step one: Make sure you’ve looked at all your funding options
Step two: Are you eligible?
Step three: Make sure the course is right for you
Step four: Make sure you’ve checked out the learning provider
Step five: Make sure you can afford the repayments
Professional and Career Development loans could be an option for:
- A postgraduate course, like a masters
- A 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)
Information
If you’re getting benefits, a Professional and Career Development Loan could change what you are entitled to. Also, the bank will usually take between six weeks and three months to process your application, so apply well in advance. If you already have a Career Development Loan then you can’t get a Professional and Career Development loan for the same course.
For information on repaying your loan click here
What the loan can help with?
Course fees (up to 80 per cent total – or up to 100 per cent if you’ve been unemployed for three months). Other course costs such as books, travel and childcare. Can also help with living expenses, like rent, food and clothing.
If you need to talk to someone then you can Email a Next Step careers advisor or book a free call back from a Next Step careers adviser. (for contact details go to the Nextstep website- located on right hand side of page)
To get a Professional and Career Development Loan application pack, just call Next Step on 0800 100 900.