A Professional and Career Development Loan is a deferred repayment bank loan set at a competitive fixed interest rate that can be used to support learning or training that enhances your job or career prospects.
A Professional and Career Development Loan is essentially a bank loan, but the Learning Skills Council (LSC) will pay the interest on the loan during the agreed course dates and one month afterwards. This means that the loan is interest-free during your studies.
Your loan can help to fund a wide range of courses, lasting up to two years.
You may borrow between £300 and £10,000 from a participating bank, which can be put towards covering tuition fees, course-related costs or living expenses.
To be eligible for this loan, you must be:
It is important to remember that even if you meet these criteria, the success of your application will depend on whether you meet the participating bank's lending criteria.
Unlike undergraduate student loans, a Professional and Career Development Loan must be repaid at the end of the training, regardless of employment status.
Once you have completed your course, you will pay interest at the rate fixed when you took out the loan. Currently the interest rate is fixed at a maximum of 9.9% per annum, equivalent to a typical APR of 5-6% over the lifetime of the loan. However, interest rates may vary from bank to bank.
For more information on the eligibility criteria and application process, please visit a participating bank or for general help and advice call 0800 585 505 or visit www.direct.gov.uk/pcdl.
