Career Development Loans

A Career Development Loan (CDL) is a delayed repayment bank loan offered in partnership with the Department for Education and Skills (DfES) and Barclays, the Co-operative Bank and the Royal Bank of Scotland. This loan funds up to two years’ vocational training and one further year of practical work experience. Generally the loan is used to cover the cost of learning materials like the cost of books, stationery and tools, and sometimes for childcare, travel costs and costs associated with a disability. To qualify for a Career Development Loan you will need to be resident in England, Scotland or Wales and plan on obtaining employment within the EU, Iceland, Norway or Leichtenstein when you have completed your course. Loans for between £300 and £8000 are normally available. The loan is called ‘delayed repayment’ because you do not have to begin repaying it until you have finished your training, similar to a student loan. Interest on the loan is paid by the DfES until you finish your course, at which point you are liable for paying it.