Professional and Career Development Loans
A Professional and Career Development Loan (PCDL) can help fund a wide range of courses lasting up to two years (or three years, if the course includes a year of work experience). A PCDL can be for anything between £300 and £10,000. It is a commercial loan that you will arrange with a bank, but it has the following benefits:
- Interest on the loan will be paid by the Young People's Learning Agency (YPLA) whilst you are studying and for one month after you finish studying.
- You do not have to make any repayments on the loan until you have finished studying.
- The interest rate on a PCDL will always be competitive.
You can use a PCDL to pay for:
- Course fees (normally up to 80% of the total)
- Books, travel, childcare, examinations etc.
- Living expenses (special criteria applies)
PCDLs are intended to help with costs that aren't covered by other sources of public funding. In addition, there are some restrictions on the type of course you can take and you must be personally eligible for the funding. Most importantly, you must be able to afford the repayments when you have to start making them.
For more details about PCDLs, contact Next Step on 0800 100 900 or visit the PCDL website.