Professional & Career Development Loans

Analytic_Annie

Fingers crossed...you never know..I just always think the more information people have the better....and it puts us in a better position I think if people understand more about our circumstances...they may still say no but if you can justify the training, highlight how it will increase your job prospect(s) and possibly income and that you will absolutely have no problem paying the loan off then I think they would be more likely to offer one (providing your credit rating ok etc.) Also, you might want to check out student cash point dot co dot uk (sorry for the cryptics, it won't let me write web address!!) it has ooooooodles of funding opportunities for postgraduate study, it does mean you'd have to put the hours in writing off to organisations but you could ask for smallish amounts i.e. £500 from different organisations to bump up your money or to supplement/pay for tuition fees. Also, from what you wrote in previous 'blog' you don't have masses of debt by the look of things, so I'm thinking would it not be possible for you to get a regular bank loan to pay the tuition fees for your course? Oh, (sorry...I'll shut up soon!) on the old PCDL....I've been making more enquiries about that today (for myself) and The Royal Bank of Scotland will be re-joining the scheme again later in the year so if Co-op turn you down and you were still wanting to go ahead with a PCDL then you might want to try the RBS (although...I think...could be wrong??? that their interest rates were the highest out of the 3 banks involved in the scheme) Co-op always best in my estimations.....and obviously ethical which is always a HUGE bonus!
Cheers and keep at it!
Annie
Good luck
Annie

TMPilot

I contacted them recently. Here's some info..
PCDL Helpline (for application pack): 0800 585 505
Find out if the institution supports PCDL: 0845 000 0045

About Professional and Career Development Loans
Professional and Career Development Loans are bank loans to help you pay for learning or training that will enhance your job skills or career prospects. You can borrow between £300 and £10, 000 to fund up to two years' learning plus up to one year's practical work experience, where it forms part of the course.

The Learning and Skills Council pays the interest on your loan while you're learning, and for up to one month afterwards. You then repay the loan to the bank over an agreed period at a fixed rate if interest. If you claim benefits or don't go straight into work after your learning, you may get more time before starting the repayments.

About you
You can apply for the Professional and Career Development Loan if:

• 
  
• you are aged 18 years old or over at the point of application
• you are 'settled'* in the UK, and been ordinarily resident in the UK for at least the three years prior to the start of your learning programme
• you are intending to work in the UK, EU or the EEA (European Economic Area) when the course finishes.

*'settled' means having either indefinite leave to enter or remain (ILE/R) or having the right of abode in the UK

About your course

You can use a Professional and Career Development Loan for:

• 
  
• course fees - 80% of the fees, or 100% if you have been out of work for three months or more when you apply
• other course costs such as childcare, travel, equipment and living expenses (food, bills, housing costs etc)
• learning run by course/training providers that are on the PCDL Register of Learning Providers
• two years of a longer course (usually the last two years).

You can't use a Professional and Career Development Loan for anything you have other funding to cover. This includes Local Education Authority awards, mandatory grants, student loans, NHS bursaries, money from employers or if you've got over £16, 000 in savings to pay for the course yourself.

However, you can apply for a Professional and Career Development Loan to top up your funding if it doesn't cover the entire cost of the course.

You can't use a Professional and Career Development Loan for the following courses:

• 
  
• careers counselling - courses that provide you with information, advice, guidance, job hunting tips, CV advice etc
• franchise courses - a PCDL can cover the learning part of a franchise course, but can't help you buy the franchise itself
• foundation courses leading to a degree - but you can use a PCDL for 'stand-alone' foundation courses leading straight into employment.

We can advise you on eligibility, give you general information on Professional and Career Development Loans and send you an application form. For details of loan periods, interest rates and to check if the bank has received your application, please contact:

Barclays Bank - 0845 609 0060

Co-operative bank - 0845 721 2212

Hope this helps,
Rhys.

MumOf2

Wonder if anyone can help me.

My son has just applied to RBS for an old style CDL - they've confirmed that this is still available for the coming academic year. Does anyone know how long it takes from application to receiving a decision?

Any advice appreciated.

MumOf2

Analytic_Annie

Hi MumOf2
I didn't realise Bank of Scotland were still doing the old CDL's? Interesting. I received a CDL around 6 years ago and from application to a decision I think took around 4 weeks if I remember rightly. I had to have an interview with someone (Learning and Skills Council?? I think) and they stamped my form to give it the go ahead after they were happy that I would be able to re-pay the monies/have better job prospects at the end of it. Maybe it'd be worth your son giving the Bank of Scotland a call or folks at the Learning and Skills Council (the government body that pay interest on the loan throughout the study period)?
Good luck
Annie

MumOf2

Thanks, Annie. He's already been phoned a couple of times by RBS to clarify bits of his application and confirm that he still wishes to proceed with the old style CDL rather than apply to one of the other banks for a new style PCDL.

We'll get in touch with RBS/LSC if we don't hear by the end of July.

MumOf2

JadeStudent

Hi, I dont know how much of a good idea it would be going with RBS A)due to its current finacial problems and B)due to the fact the new scheme has lowered the % to a much more competitive rate. it should take 6 weeks for the bank to get back to you (so my new PCDL booklet tells me).

I have personaly made my mind up to go with CO-OP due to its marginly better rates than its other competetor Barclays (although i am a little annoyed as i was under the impression MORE banks were getting involved, not less!) with the CO-OP they are typical 9.9%APR and interest works on a daily basis of the current outstanding fee. there is a one month re-payment holiday at the end of your course so u can get on your feet and as before the government is paying for the interest before u start paying it back. the overal rate for the loan (including the governement paid bit) is 4.9%APR.

hope this is helpful - i have had to fight for this information myself! lol!

boogle_2

Hi,

Has anyone tried to register the University with the Learning an Skills council? They as that it can take up to 30 working days and my course starts then! Does anyone know if it will take that long or has anyone got any advice on what I should do?

Cheers

snowyemma2008

Hi I am undertaking a postgraduate diploma commencing next month for two years part-time, I have enough money to cover the course fees for year one but won't have enough as it stands for the second year. Am i able to apply nearer the time for the second year of the course? I believe you can only apply six weeks before the course - this is quite worrying considering you are left waiting so near to starting the course - are they quite quick to let you know if you are sucessful ? Does it matter that the course is part-time ( the coruse is not run full time) ? Any help much appreciated!Thank-you- Emma -

vintea

snowyemma2008 wrote: »

Hi I am undertaking a postgraduate diploma commencing next month for two years part-time, I have enough money to cover the course fees for year one but won't have enough as it stands for the second year. Am i able to apply nearer the time for the second year of the course? I believe you can only apply six weeks before the course - this is quite worrying considering you are left waiting so near to starting the course - are they quite quick to let you know if you are sucessful ? Does it matter that the course is part-time ( the coruse is not run full time) ? Any help much appreciated!Thank-you- Emma -

Hello, I dont think it matters whether part-time or full time and also if run by Uni or Not. From your course title i will say you are ok. As par how quick they make their decision,I applied to to barclays over the phone and i was refused straight and told on the phone. I have just applied to co-op on the 17th August and I havent heard from them. I am a bit worried now because when one bank refused you, other banks tend to follow that trend. finger crossed for now.Hope the information helps

vintea

Analytic_Annie wrote: »

Things may have changed slightly with the new PCDL scheme, but when I applied for one a few years back (old scheme) I was advised to write a covering letter detailing my needs/requirements and why I specifically wanted a Career Development Loan as this would go in my favour. I did this and subsequently had an interview with someone independant to the banks involved who went through my application and stamped my form (again, maybe a bit different now) I was offered the full loan. I would suggest putting something in writing to support the loan application.
I'm also waiting for the application forms for the PCDL and intend to write a covering letter explaining finer detail which would not be known about on the general application.
Fingers crossed that you can do your studies.
Annie

Firstly, I would like to thanks Annie for your advise. i did just as you said and it helped me. Yesterday i ranged CO-OP and I was told my professional development loan has been approved and documents are been sent to me to sign and return back to them. Overal it took 2weeks to get reply and the reason for 2wks was because of the postal strike and they said they were 3 days behind in normail processing timeline.

Thank you all:j