Woolwich PLC
Phone: +44 (0)800 316 5500, +44 0800 022 4022
Email:
Name
Professional and Career Loan
Category
Description
If you take out a Professional and Career Development Loan while you're on a vocational course, the government will pay your interest while you study.
Loan Amount
From £300 to £10,000
Interest Rate
5.7% AER
Eligibility
-Be aged 18 or over
-Be ordinarily resident in the UK for at least 3 years
-Have unlimited right to remain in the UK
-Intend to work in the European Union (EU), Iceland, Norway or Liechtenstein once you've finished your course
-Not have reasonable or adequate access to funds to pay for the course yourself
-Be studying full or part-time in an approved vocational course
-Be ordinarily resident in the UK for at least 3 years
-Have unlimited right to remain in the UK
-Intend to work in the European Union (EU), Iceland, Norway or Liechtenstein once you've finished your course
-Not have reasonable or adequate access to funds to pay for the course yourself
-Be studying full or part-time in an approved vocational course
Details
A Professional and Career Development Loan offers financial assistance while you improve your prospects
The government pays your interest while you study
Pay nothing until 2 months after you finish your course – includes one-month interest holiday
Staged payments
For example: If you are borrowing a total of £5,000 for a 20 month course and an additional £2,000 for living expenses, the £5,000 required to pay for the course will be provided to the learning provider on a staged payment basis at months 1, 6, 12 and 18.
The payments will be split evenly between each of the payment stages. The £2,000 required for living expenses will be provided as a lump sum to you at the outset of the loan. The course fee payments will be released to your learning provider as follows:
Month 1 – £1,250
Month 6 – £1,250
Month 12 – £1,250
Month 18 – £1,250
Repayments
Representative 5.7% APR variable.
The interest you receive will be based on your personal circumstances, your course duration, the amount you chose to borrow and the repayment period. The representative APR reflects the overall rate charged, including the period in which you make no repayments.
For example: If your 21 month course starts on 1 December 2010, you will get a 22 month interest holiday. Thereafter interest will be charged at the equivalent nominal rate of 9.9%. Repayments will commence on 1 November 2012, giving you a two month repayment holiday following completion of your course. If you borrow £3,000 over 60 months to fund the 21 month course, the following interest and repayments will apply:
The government pays your interest while you study
Pay nothing until 2 months after you finish your course – includes one-month interest holiday
Staged payments
For example: If you are borrowing a total of £5,000 for a 20 month course and an additional £2,000 for living expenses, the £5,000 required to pay for the course will be provided to the learning provider on a staged payment basis at months 1, 6, 12 and 18.
The payments will be split evenly between each of the payment stages. The £2,000 required for living expenses will be provided as a lump sum to you at the outset of the loan. The course fee payments will be released to your learning provider as follows:
Month 1 – £1,250
Month 6 – £1,250
Month 12 – £1,250
Month 18 – £1,250
Repayments
Representative 5.7% APR variable.
The interest you receive will be based on your personal circumstances, your course duration, the amount you chose to borrow and the repayment period. The representative APR reflects the overall rate charged, including the period in which you make no repayments.
For example: If your 21 month course starts on 1 December 2010, you will get a 22 month interest holiday. Thereafter interest will be charged at the equivalent nominal rate of 9.9%. Repayments will commence on 1 November 2012, giving you a two month repayment holiday following completion of your course. If you borrow £3,000 over 60 months to fund the 21 month course, the following interest and repayments will apply:
Featured
Yes
Reviews