Career Development Loans

David_John_Lewis

I want to do a one year MSC course. My bank won't give me a personal loan as I'd have no income. What criteria do I need to fulfill in order to get such a loan. What other alternatives are there?http://img.moneysavingexpert.com/smilies/cool.gif
:cool:http://img.moneysavingexpert.com/smilies/beerchug.gif
:beer:

dips_3

Hi
Career development loans only cover certain postgrad study e.g further training to become a lawyer - they do not cover all postgrad study.

Other options for financing are limited - what subject are you wanting to study? This can make a difference.

You could try the university to see if they have funding. Alternatively you could try the Open University - i think you can pay their fees in installments and take the course over a longer period allowing you to work at the same time and earn.

Meryn82

No, it's the Professional Study Loans that are only for lawyers and doctors. Career Development Loans only stipulate that the course has to be 'vocational', which is a very loose term, as I managed to get one for my MSc in Public Policy.

Barclays, the Co-op Bank and one other which I've forgotten, offer CDLs. You can borrow up to 80% of the course fees, plus living expenses if you're studying full-time, up to a maximum of £8000. When the course has finished you are then given a one or two month 'payment holiday' - so I finished in September and started repaying in November. I got out the full £8000 and am paying it back at £181.10 per month for 5 years.

I hope this helps.