Professional Career Development Loans
Professional and Career Development Loans (PCDL’s) are bank loans to help individuals to pay for learning that will improve their skills for work. Currently Barclays Bank and the Co-operative Bank participate in this scheme. Learners can borrow between £300 and £10,000 to help cover tuition fees, course costs and living costs for two years or three years if this includes one year of work experience.
To be eligible to apply for a PCDL learners must be:
- aged 18 years old or over at the point of application
- ‘settled’ in the UK, and been ordinarily resident in the UK for at least the three years prior to the start of their course
- intending to work in the UK, the EU or the EEA (European Economic Area) when the course finishes.
Repayments commence one month after completing the course of study whether you are in employment or not. PCDL’s do accrue interest and at present the interest rate is 9.9% per annum, equivalent to a typical APR of 5-6% over the lifetime of the loan. However, interest rates may vary from bank to bank.
For more information about PCDL’s and to request and application pack call: 0800 100 900 or see www.gov.uk/career-development-loans/overview
Newcastle University's Registration Number is 2915.
Please note: we cannot make recommendations about specific lenders nor can we recommend that you should finance your studies using a loan. Any queries you have about the scheme outlined above should be directed to the loan providers.
