Education, Study UK, Teaching
Loans for study at university, college or work based education loan are available from most countries banks, state education system or through private education loan companies. Professional, career development loan and an education loan for undergraduate and postgraduate study is available.
The UK has a well developed range of education loan products, ad loan opportunities for students and people that wish to gain further training and qualifications.
An education loan is a form of financial support from banks or financial institution that helps students taking higher education and courses of professional, educational and vocational study. Some education loans require you to obtain a place on an appropriate course before securing the actual loan and of course the education loan requires to be paid back.
All education loan providers before issuing the loan will ask for information, complete a credit check and possibly ask for security, depending on the course of study and your personal and financial circumstances. Depending on your age, family financial circumstances come into affect, and households on low income tend to secure an education loan from a college or university or even a commercial company.
There is not a requirement to repay an education loan until your studying has been completed. In general repayments start after you have finished the course or started working. An education loan can be repaid over several years, typically over a period of 5 to 7 years. There are different forms of education loan issued by public bodies, banks and financial institutions.
Professional and Career Development Loan
For UK study at university, college, or other provider a professional or career development loan is available for many courses of study if you qualify. Provided by 3 well known banks, career development loans can be up to £10,000 for non professional study courses and banks are willing to provide an education loan up to £25,000 for professional courses such as law and medicine. To obtain a professional and career development loan application pack call 0800 585 505 and you will be sent an education loan pack containing basic information on all 3 providers of the loan.
Facts about Professional and Career Development Loans
Are you eligible?
Conditions about you and your course require to be met to be eligible. These conditions are based on a number of factors including; the type of course you wish to study and your residency status at the time.
People on state benefits at the time of applying are eligible to apply for 100% of their course fee, books and materials.
Career development loans are subject to status and a credit check is conducted by the bank you apply.
80% of the course fee is covered by the loan and you require at least to pay 20% of the course fee.
Career development loans take up to 3 months to be processed and an acceptance to be given.
Interest is payable, although the interest on the loan during your course is paid by the UK government.
An education loan can be for a course lasting up to 2 years.
Written by: Education Tay RCB