What is it?
A Career Development Loan (CDL) is a bank loan designed to help you pay for
work-related learning. You don't have to start paying your loan back until one month
after you stop training.
You can use it to fund a variety of courses with a wide range of organisations,
so you are able to choose the course that best suits your needs. You can apply for a
CDL if you are employed, self-employed or unemployed.
The key points about CDLs are:
- You can borrow anything from £300 to £8,000 to help fund up to two years
of learning (up to three years if the course includes one year of relevant
practical work experience)
- You can apply for a CDL with Barclays, The Co-operative Bank or the Royal
Bank of Scotland
- The LSC pays the interest on your loan while you’re learning and for one
month after you’ve stopped training
- You repay the loan to the bank over the agreed period at a fixed rate of
interest.