You make an agreement with a participating bank
to borrow an
amount between £300 and £10,000.
Then once youíve stopped
studying, you pay it
back in the normal way.
The difference with a
Professional and Career Development Loan is
that the Young People's Learning Agency (YPLA)
pays the interest on
the loan while
youíre studying Ė and for one month afterwards.
After this, youíll pay
interest at the rate fixed when you took out the
Interest rates on the loans are set so
theyíre competitive with other
personal loans that are commercially available.
Currently, banks offer
Professional and Career Development Loans at a
reduced customer rate of 9.9% per annum,
equivalent to a typical APR of 5-6% over the
lifetime of the loan. For further
information, consult the participating banks.
For further information
on financial assistance to support your
learning, please visit
www.direct.gov.uk/adultlearning or contact
Careers Advice on 0800 100 900.