Co-op Career Development Loan Payments Issue

FilthyOstrich

Hi boo_star - thanks for your advice, you just saved me a trip this morning! I've already had the conversation which I mentioned in my original post, so I think I will just write them a "Subject Access Request" as Stator as mentioned.

Thanks to everyone so far. You've been great!:beer:

I'll report back soon!

FilthyOstrich

Hi boo_star - thanks for your advice, you just saved me a trip this morning! I've already had the conversation which I mentioned in my original post, so I think I will just write them a "Subject Access Request" as Stator as mentioned.

Thanks to everyone so far. You've been great!:beer:

I'll report back soon!

David147

The reason a Career Development Loan is more desirable than a normal high-street loan, is that the Learning and Skills Council pay the interest on your loan for the duration of your studies. You can borrow up to £10,000, although the amount you’re allowed is limited to 80% of your course fees, expenses, and living costs. There are only two banks that run genuine Career Development Loans, Barclays and Co-op. The rate of interest from both banks is 9.9% PA, but because you don’t pay interest whilst you study, this actually works out as a typical APR of 5%-6% over the life of the loan. Whilst other banks often advertise ‘Postgraduate Loans’, these don’t work in the same way, and you will usually pay interest on the loan whilst you study.

FilthyOstrich

David147 wrote: »

The reason a Career Development Loan is more desirable than a normal high-street loan, is that the Learning and Skills Council pay the interest on your loan for the duration of your studies. You can borrow up to £10,000, although the amount you’re allowed is limited to 80% of your course fees, expenses, and living costs. There are only two banks that run genuine Career Development Loans, Barclays and Co-op. The rate of interest from both banks is 9.9% PA, but because you don’t pay interest whilst you study, this actually works out as a typical APR of 5%-6% over the life of the loan. Whilst other banks often advertise ‘Postgraduate Loans’, these don’t work in the same way, and you will usually pay interest on the loan whilst you study.

Hi David,

Thanks for your response.

Am I right in thinking you're telling me that I do in fact owe them this money? I studied for 1 academic year?

Thanks.