| What
is a Career Development Loan? Quite simply, a CDL is a deferred
repayment bank loan to help you pay for vocational learning or education.
·
You can borrow anything between £300 and £8,000 to help you
fund up to two years of learning plus (if relevant) up to one year's
practical work experience where it forms part of the course.
·
The Department for Education and Skills (DfES) pays the interest
on your loan while you're learning and for up to one month afterwards.
If you finish the course before the agreed date, the repayment holiday
will end up to one month after your last day of training.
·
You then repay the loan to the bank over an agreed period at a fixed
rate of interest.
·
CDLs are available through four high street banks: Barclays, Clydesdale,
The Co-operative and The Royal Bank of Scotland. You do not need
to be an existing account holder but the bank may require you to
open an account with them. |