Your Finances

Students who are not able to obtain other loans, for example Student or Hardship loans, can apply for . This is a deferred repayment bank loan, that is offered in partnership by the Department for Education and Employment () and some High Street banks.

Career Development Loans are provided in order to support vocational training and education that lasts for up to 2 years. An extra year's practical work experience can also be supported. The courses can be full-time, part-time or distance learning.

Students who are over the age of 18 and live or whom are intending to train in the UK have the available to them. Career Development Loans cannot fund anything that is supported by the through either a mandatory grant or . Therefore you must meet the following criteria:

• You are over 18 years.
• You have no other funding at all.
• You have not been able to get support from your .

Unfortunately, these loans are not sufficient for the whole cost of the training but still can be used in addition to and . You can borrow amounts between £300 - £8000 in order to cover up to 80% of your course fees and also necessary items such as books,living costs, travel and accommodation. The only way you can use the funding for 100% of the course fees is if you have been unable to find work or been out of work for 3 months before applying for your course. Nevertheless, you will still need to get your application form endorsed by your local Training and Enterprise Council ().

You do not need to repay the loan during the course or training sessions, including up to one month after the end of the course. This period is known as the repayment holiday and the DfEE pays the interest on the loan during this term. Only after this period do you need to start repaying the loan. If you cannot afford to start repaying the loan after the repayment holiday, it is possible for you to make an application to the bank to postpone the payments for a period of 5 months only if you can prove that you are registered as unemployed and are claiming . There are other benefits that will be considered: Working Families' ; ; Council ; or . If you continue to be a student, trainee or need to continue your course for reasons beyond your control you will also be allowed a 5-month extension period.

Even after this period you can apply for two more extensions that last for 6 months each as long as you can still satisfy the above conditions.

For further advice on , contacting your local Training and Enterprise Council or your Careers Advisor will be of a great help. You can also ring the on 0800 585 505 between the hours of 8.00am and 10.00pm from Monday to Sunday.