Is It Possible to Pay Off Career Development Loans Once You Finish Your Course?

A person who wants to improve his career prospects but does not have funds for a vocational course, can borrow a career development loan from a bank.  If the person is living in the United Kingdom, he can apply for this loan with prestigious banks like the Royal Bank of Scotland, Barclays and so on, which are authorized by the government.

The Following Conditions Should be Fulfilled for Qualifying for a Career Development Loan:

  • The applicant should be above 18 years of age.
  • He should have been a UK resident for a minimum period of three years before commencement of the course.
  • He should intend to work in the UK or in the European Union after course completion.
  • The loan should be for a vocational course and not for foundation courses, job hunting purposes and so on.

Repayment of Career Development Loans

If one were to ask the question “Is it possible to pay off career development loans once you finish your course?” the answer is “Yes”.  In fact, the main reason why people take these loans is that they need not pay anything during the course period.  Their payments – both principal and interest- will start only a month after finishing the course.  This is very helpful for people who are not earning and do not have money to spare.  They can look for a job immediately after they finish and start repaying the loan.  They need to start payment a month after they complete the course.

Those who can pay interest when the course is going on need not borrow career development loans.  They can apply for a normal unsecured loan.

Features of a Career Development Loan

  • The loan money covers a major portion of the course fee as well as course costs such as books and stationery and living expenditure.
  • The part of the loan which covers the course fee is paid directly to the institute which is conducting the course.
  • If the borrower abandons the course midway, he would have to start repayment immediately.