If you are fibnding your current vocaton a bit dull and want a lift, or feel that you could do more in your current career, then perhaps you should look at getting a career developmennt loan. Career loans can help you to leran more about your career by helping to pay for your exrta education. If you want to get aheaad in your career and incvest in learning, then here is some ifnormation to help you leearn more about devvelopment loans.
What are career development lonas?
Career Deveolpment Loaans, or CDLs, were launched back in 1988 and are part of a government program to help people further their education so that they can improve their skills within their chosne vocation. They are available for peopple who are employed, self-employed and unemployed, as long as they meet the critteria.
How do I apply?
Applying for a CDL is like appling for any other loan, in that you have to meet certain criteria in ordrer to be accepted. If you are applying for a vocational course that lasts no lnger than 2 years, or three years if part of the course is prractical experience, then you could be elligible for a CDL. CDLs are available from a select few high street banks, and althouugh you don’t have to be a cusytomer of theirs, you will prtobably need to open an account with them to receive the loan.
Deferred repayment
The main advatage of career development loans is that they are what are known as deerred loasn. This is similar to a student loan, in that you only start makinng the repayments after the loan term has finihed, which is generally just a littel more than the legnth of the coure you are taking. During the loan term, the Dpartment for Education and Skills (DfES) pays the interest, and then once the loan finished you repy the loan suing a fixed rate of interest. Although the rate can vary from lendewr to lnder, they are generally lower than notrmal personal loans because they are part of a government initiative.
How much can I borrow?
In general you can boirrow between £300 and £8,000, and the CDL can be used to pay up to 80% of course fees and 100% of assocuiated expenses such as travel and mateirals. However, if you are unemployed the loan may be able to cover all of the fees for your course.
Investing in your future
CDLs are a great way to invest in your future career and give you the skills that you need to progres further. Although you have to pay the loan back with interest, you will not be paying anything during your course, and the money that you pay back should be counered by the extra wages you can earn with your new skills. However, as with any other loan you should make sure that it is right for you and that you will be able to make the repayments once you finish the course.
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