Considering a career development loan? Are they worth it?

borrowing moneyIf you are looking to improve your career by taking a course and are wondering how to fund it then maybe a Career Development Loan is an option to consider.

Here’s a quick run-down of what Career Development Loans are, what type of course you will need to be applying for and alternative choices to help fund future vocational training.

What is a Career Development Loan? Who might use one?

A Career Development Loan is a loan from the banks usually; quite a lot of the major national banks do them.

They are for vocational courses to help people to get into work and they can be for quite a lot of money.

Are Career Development Loans easy to get?

There is quite a rigorous procedure with most Career Development Loans – The banks will interview you and see whether you are eligible.

Each bank will have their own criteria, but generally the most essential is that it must be for a course that is recognised and will get you into work.

So it would not be given for a generalised degree or something similar; it would have to be a course that would help you get into work and they can see that it is accredited.

What sort of things can the loan used for?

The loan can be used, for example:

  • If you wanted to go on a course and you needed help funding a post graduate course in teaching, or;
  • You want to do a counselling course that was BSc accredited

The banks would consider the above examples as they are courses that have a defined outcome and you are more likely to get work from.

So they are the kind of course they will fund. Unfortunately they won’t do very short courses where they are worried that you’re not likely to progress or get anything from – unless it is accredited and it is going to be vocational.

Would I recommend considering a career development loan? What alternatives are there?

Yes – they are worth considering.

Career Development loans are very useful and I have known people to use them , benefited from them and improved their career.

The only thing with a loan is, of course, you have to pay it back – usually as soon as you have qualified regardless of whether you get or have a job!

There are alternatives;

There is a government scheme called 24+ Advance Learning Loan that is available to everyone in England over the age of 24.

The scheme allows you to apply for courses that are Level 3 and Level 4 and pays for those; courses that are diplomas, advanced higher apprenticeships or certificates.

The great advantage of this scheme is that you don’t have to pay those back till you are earning over £21,000 per year.

Share your Career Development experiences

Are there other aspects of Career Development that you’d like to know more about, or do you have experience or advice you’d like to share?

If so feel free to Get in touch and let us know!

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