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Professional and Career Development Loan

Career loan
  • A Professional and Career Development Loan offers financial assistance while you improve your prospects
  • The government pays your interest while you study
  • Pay nothing until 2 months after you finish your course – includes one-month interest holiday

 

  • Apply to borrow from £300 to £10,000 2 with a Professional and Career Development Loan 3
  • Pay nothing until two months after you finish your course (including a one-month interest holiday) – interest rate of 9.9% APRthereafter
  • Please note that you'll need to start making repayments straightaway if you leave your course early
  • Flexible repayment terms of 12 to 60 months
  • Payments are fixed when your Professional and Career Development Loan is agreed

Representative example:

Representative APR 5.7% APR variable for a 21-month course
Interest rate per annum
0% until one month before the first monthly payment is due then 9.9% fixed thereafter
Loan amount
£3,000
Monthly payment
£63.59
Total amount payable
£3,815.40
Loan term 4 83 months

To be eligible for the Career Development Loan, you must:

  • Be aged 18 or over
  • Be ordinarily resident in the UK for at least 3 years
  • Have unlimited right to remain in the UK
  • Intend to work in the European Union (EU), Iceland, Norway or Liechtenstein once you've finished your course
  • Not have reasonable or adequate access to funds to pay for the course yourself
  • Be studying full or part-time in an approved vocational course

You should apply for your loan up to three months before your course starts as we may not be able to make a decision on your loan straight away. Certain times of the year – for example, the start of the academic year in September/October – are particularly busy and it may be a number of weeks before we can advise you about your loan application.

When considering your application for borrowing, your financial circumstances will be appraised.

What you need to know:

  • You can borrow from £300 up to £10,000
  • Your payments remain fixed when the loan is agreed
  • Interest-free for up to one month after the end of the course. After the interest holiday, the rate is 9.9%
  • You pay back nothing until two months after your course ends
  • You can repay the loan over a period of 12 to 60 months

Representative example:

Representative APR 5.7% APR variable for a 21-month course
Interest rate per annum
0% until one month before the first monthly payment is due then 9.9% fixed thereafter
Loan amount
£3,000
Monthly payment
£63.59
Total amount payable
£3,815.40
Loan term 4 83 months

Subject to application and status.

 

Key information

  • You can borrow between £300 and £10,000.
  • You can repay over 12 to 60 months.
  • Your replayments remain fixed when the loan is agreed.
  • The loan funds will be provided on a staged payment basis. This will only apply to the course element of the loan, for course fees over £1,000 and where the course length is over three months.
  • The funds required for living expenses will be paid in a lump sum at the outset of the loan.
  • The staged payment matrix is shown below:

Staged payment matrix

Course duration Stage payment
1 1
4
1, 3
6
1, 4
9
1, 6
12 1, 6, 9
15 1, 6, 12
18 1, 6, 12
20 1, 6, 12, 18
24 1, 6, 12, 18

Staged payments

For example: If you are borrowing a total of £5,000 for a 20 month course and an additional £2,000 for living expenses, the £5,000 required to pay for the course will be provided to the learning provider on a staged payment basis at months 1, 6, 12 and 18.

The payments will be split evenly between each of the payment stages. The £2,000 required for living expenses will be provided as a lump sum to you at the outset of the loan. The course fee payments will be released to your learning provider as follows:

Month 1 – £1,250
Month 6 – £1,250
Month 12 – £1,250
Month 18 – £1,250

Repayments

Representative 5.7% APR variable.

The interest you receive will be based on your personal circumstances, your course duration, the amount you chose to borrow and the repayment period. The representative APR reflects the overall rate charged, including the period in which you make no repayments.

For example: If your 21 month course starts on 1 December 2010, you will get a 22 month interest holiday. Thereafter interest will be charged at the equivalent nominal rate of 9.9%. Repayments will commence on 1 November 2012, giving you a two month repayment holiday following completion of your course. If you borrow £3,000 over 60 months to fund the 21 month course, the following interest and repayments will apply:

Representative example

Representative APR 5.7% APR variable for a 21 month course
Interest rate per annum
0% until one month before the first monthly payment is due then 9.9% fixed thereafter
Loan amount
£3,000
Monthly payment
£63.59
Total amount payable
£3,815.40
Loan term 4 83 months

 

Key information for a Professional and Career Development Loan from £300 to £10,000

5.7% APR Representative

The interest rate per annum shown below applies to all loans but the APR for your loan will depend upon the length of your repayment period.

APR ranges

Loan size range From % To % Indicative APR %
£300 - £10,000 5.7 5.7 5.7

 

Interest charging information
No interest will be charged for the period from the start of your loan agreement until one month before the first monthly payment is due. From then on, interest at a rate of 9.9% per annum will be calculated daily on the balance outstanding and debited to your loan account quarterly in arrears until the loan is repaid in full.

Repayment information
Payment is by monthly standing order.

First monthly repayment is due two months after the course of training is expected to end. If we receive notification from you or we become aware that you are no longer attending the course we may give you 30 days written notice to nominate a new date on which repayments shall begin.

Repayment period
Loans are available for repayment over one to five years (12, 18, 24, 30, 36, 48, 54 or 60 monthly repayments).

By spreading your loan over a longer term, your monthly repayments may be lower, but the overall cost of borrowing may be higher.

Amount of loan available
Loans are available from £300 to £10,000.

Application/arrangement fee
No application or arrangement fees.

Other fees
Not applicable.

Default fees
We may charge you for any costs or losses we incur as a result of you breaking your loan agreement.

Early settlement
No early settlement fee.

If you run into difficulties with your repayments, please call us immediately and we will be happy to help.

This could suit you if:

  • You plan to enroll in an approved vocational course

See our alternative loans if:

  • You need to borrow more than £10,000

Ready to apply?

  • To make sure you're eligible and to get an application pack, call National Careers Service on 0800 100 900 5
  • If you've confirmed eligiblility with National Careers Service and have been a Barclays customer for 3 months or more, you can apply by phone on 0333 202 7480 1

 

Important information
 
1. Lines are open Monday to Friday 9am to 7pm. To maintain a quality service, we may monitor or record phone calls. Call charges
 
2. Subject to application and status. Please see the eligibility criteria for more information about applying for the Professional and Career Development Loan. We're a responsible lender so we urge you not to take out loans that you can't afford to repay.
 
3. The Lending Code. Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. The Lending Code sets minimum standards of good practice when dealing with certain customers in the UK in relation to loans, current account overdrafts, charge cards and credit cards. Further details can be found at: Lending Standards Board
 
4. The loan term reflects the total number of months the loan is open. For the above example, the 83-month loan term consists of the 21-month course duration followed by the two month repayment holiday and then 60 monthly repayments.
 
5. Lines are open 7 days a week, 8am to 10pm. Calls to 0800 numbers are free if made from a UK landline. Non-BT customers and mobile phone users should contact their service providers for information about the cost of calls.

Barclays Bank PLC. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 122702). Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. Further details can be found at www.lendingstandardsboard.org.uk. Barclays Insurance Services Company Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register number: 312078).

Barclays Bank PLC. Registered in England. Registered no. 1026167. Barclays Insurance Services Company Limited. Registered in England. Registered no. 973765. Registered office for both: 1 Churchill Place, London E14 5HP. ‘The Woolwich’ and ‘Woolwich’ are trademarks and trading names of Barclays Bank PLC. Barclays Business is a trading name of Barclays Bank PLC.


 

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