What is a Professional and Career Development Loan?

A Professional and Career Development Loan is a deferred repayment bank loan set at a competitive fixed interest rate that can be used to support learning or training that enhances your job skills and or career prospects.

You can borrow any amount between £300 and £10,000 from a participating bank and use it to fund the course of your choice.

Like any loan you will need to repay the money you borrow. However with a Professional and Career Development Loan, the Learning and Skills Council (LSC) will pay the interest on the loan while you are learning and for up to one month afterwards, so you can focus on studying.

Even when you start to repay the loan to the bank, interest rates are set at a fixed rate that is competitive, compared with other commercial unsecured loans.*

Sprunt Media Ltd can provide you with an information pack, which offers guidance on applying for a Professional and Career Development Loan. Please call 020 7478 1000 to obtain an information pack.

*Currently banks offer Professional and Career Development Loans at a customer rate no greater than 9.9% per annum, equivalent to a typical APR of 5-6% over the lifetime of the loan. However, interest rates may vary from bank to bank. For further information, consult the participating banks.

Is the loan right for me?

Taking part in learning is an investment in your future. With a Professional and Career Development Loan you can invest in learning that improves your career and salary prospects.

You can apply for a Professional and Career Development Loan; as long as you are aged 18 or over, are settled* in the UK, have been a resident in the UK for at least three years prior to the start of your course, and are intending to work in the UK, the European Union (EU) or the European Economic Area (EEA) when the course finishes.

You choose the course you want to study
As long as the course leads to employment or enhances job skills and is not a foundation course that leads to another course, you can use the loan to help with the cost of a whole range of courses, even those that don't necessarily lead to an accredited qualification.

You choose how much you need to borrow
You can borrow from £300 to £10,000to help fund full time, part time or distance learning courses of up to two years (or up to three years if the course includes one year's relevant practical unpaid work experience). You can use the loan to cover course fees, other costs including books, travel, and even living expenses, such as rent or food.

Remember: like any loan, you must repay the money you borrow. It is important to think carefully about your ability to repay the loan after you have stopped your learning - taking into consideration the initial cost of investing in learning, and the potential long term rewards of a new career or profession.

* Settled means having either indefinite leave to enter or remain or having the right of abode in the UK.

What can I use the loan for?

Professional and Career Development Loans are flexible. You choose the course you want to study and how much you will need to borrow to cover the cost of learning.

What courses are covered?

As long as the course leads to employment or enhance job skills and is not a foundation course that leads to another course, Professional and Career Development Loans can be used to support a whole range of courses, even those that don't necessarily lead to an accredited qualification.

You can use the loan for any full-time, part-time or distance learning course shown on the Sprunt Media website. Examples include:

Skills Development and work experience
AutoCAD
Revit
3D Studio Max
Photoshop
Flash
Dreamweaver

What can I use the loan to pay for?

You can use the loan to fund:

Course fees - 80% of your course fees or 100% if you have been out of work for three months or more at the time of application
Other costs - including books, equipment, tools, childcare, travel expenses, and any costs associated with disability
Living expenses - these can only be claimed in respect of food, ordinary clothing or footwear, household fuel, rent, housing costs, council tax and water charges for which you are liable. These costs must not be covered by any other grants or state benefits. If you claim living expenses, you must not undertake work involving more than 30 hours per week.

What can the loan NOT be used to pay for?

The loan cannot be used to pay for anything that is being financed by another publicly funded source. For example, you couldn't get one if you're planning to study full-time for a first degree (because there's a separate package of Student Loans available).

However, in most cases, the loan can be used to supplement a grant or bursary that does not meet the full cost of your learning. For example, if you receive a grant for your course fees, you may still be able to apply for a loan to pay for associated costs, such as books or travel.

What should I consider before I apply?

Taking on a loan is a big commitment. Here are some of the things you should consider before taking this step:

Think carefully about how much money you need to borrow
For example, do you need money for course fees only or for other costs such as books or living expenses?
Check how much your monthly repayments will be
And think how you will meet them. You must be confident your course will help to position you well to build your career and will enable you to repay the loan over an agreed fixed period.
Can you commit to the course?
If you fail to complete your course, you will still be responsible for repaying the full amount to the bank.

Remember: a Professional and Career Development Loan is not a student loan. You must repay it at the end of your training, whether or not you are in employed. For more advice about borrowing money, speak to one of the participating banks or visit www.moneymadeclear.fsa.gov.uk/loans

How do I apply?

Applying for a Professional and Career Development Loan is easy; just follow these seven simple steps.

Check you meet the basic eligibility criteria
Request an information pack from Sprunt Media Ltd
Choose a current course from Sprunt Media website listing
Check if your learning provider is on the Professional and Career Development Loan Register; Sprunt Media's approved LSC provider number is 20189
Determine how much money you will need to borrow
Choose one of the participating banks
Complete and submit application form to your chosen bank

To apply for a Professional and Career Development Loan with one of the participating banks, you must complete an application form (enclosed in this pack) and then submit it to your chosen bank. The bank you apply to will process the form to determine your eligibility for the loan.

Each bank application form is different, so please ensure you follow your chosen bank's application guidance and contact their designated helpline for specific questions about the application form.

If you need additional help and advice about applying for a Professional and Career Development Loan, please call 020 7478 1000.

Check you meet the basic eligibility criteria

Professional and Career Development Loan with one of the participating banks, you must check if you meet the basic eligibility criteria:

Be aged 18 years old or over at the point of application
Be settled* in the UK, and you have been ordinarily resident in the UK for at least the three years prior to the start of your learning programme
Be intending to work in the UK, the EU or the EEA when the course finishes

Settled means having either indefinite leave to enter or remain or having the right of abode in the UK.

You are NOT eligible to apply for a Professional and Career Development Loan, if you:

Are eligible for a Local Education Authority mandatory grant and/or student loan for your course at a publicly funded higher or further education institute
Are in receipt of an NHS non-means tested bursary
Have a job and your employer will be receiving a grant for your course (except if this is part of the Graduate or Registered Teacher Programmes)
Have access to funds of £16,000 or more
Will use it to pay for anything that is being financed by another publicly funded source
Are an employee of a Professional and Career Development Loan registered learning provider and want to use the loan to support a course with that learning provider. This also applies to those involved in the sale and delivery of training with the learning provider, parent company, subsidiaries or affiliates and members of their immediate family or others living in the same household

Request an information Pack from Sprunt Media

Simply write to the following address, telephone 020 478 1000 or e-mail:
info@sprunt-media.net
Sprunt Media Limited
The Quadrangle
180 Wardour Street
London W1F 8FY

Choose a current course from Sprunt Media website listing

Autodesk courses: www.sprunt-media.net/autodesktrainingcourses
Adobe courses: www.sprunt-media.net/adobetrainingcourses

You should take time to assess the impact that your learning will have on your life and your career prospects. The course should be aimed at the right level and length that helps enhance your job skills or career prospects.

You should consider what you want to achieve from your learning:

What career do you want?
What skills and experience will you need?
What qualifications will you need?

Your course does not necessarily have to lead to a qualification to be funded by a Professional and Career Development Loan, but it should enhance the skills you need to improve your job skills.

Remember: this is a bank loan and you must repay it at the end of your training, even if you fail to complete the course. It is important that you are confident that your chosen course positions you well for building your career and being able to repay the loan.

Check that your learning provider is on the Professional and Career Development Loan Register

Sprunt Media's approved LSC provider number is 20189

Determine how much money you need to borrow

You should consider other costs in addition to course fees, such as travel, childcare and living expenses. Most importantly think about your ability to repay the money you borrow - remember you can borrow from £300 to £10,000 to support your learning

With a Professional and Career Development Loan, you can borrow from £300 to £10,000 to help fund full time, part time or distance learning courses of up to two years (or up to three years if the course includes one year's relevant practical work experience).

You will need to consider all costs involved in your learning and how they will be funded. It is important you think about:

What the course fees include, e.g. there may be exam fees that you need to be aware of
Checking the provider's cancellation policy - make sure you are not liable for the full fee should you leave the course early
Any additional costs such as books, childcare and travel expenses
If any benefits you receive or national insurance contributions will be affected
If you can get any extra help to fund your learning, e.g. you may be eligible for other Government support to help with the costs of books and travel

Work out how much you'd need to borrow and what the repayments would be once you leave your course. Make sure you'll have enough left over from your monthly budget to make the repayments.

It's worth remembering that if you initially apply for less than the maximum £10,000, you may be able to apply for additional funds to reach the maximum loan amount at a later stage. You must discuss any changes to the amount you borrow with your chosen bank.

For more advice about borrowing money, speak to one of the participating banks. Contact numbers for each of the participating banks are on their application forms enclosed at the back of this pack.

For independent financial advice visit www.moneymadeclear.fsa.gov.uk/loans

Remember: a Professional and Career Development Loan is a bank loan. You must repay it at the end of your training, whether or not you are in work. Think carefully about your ability to repay the loan taking into consideration the initial cost of investing in learning, with the potential long term rewards of a new career or profession.

Choose your bank

You can only apply to one participating bank at a time. If you're not successful with your first choice, you can apply to another bank. Before you apply, you should compare the interest rate on the loan for each participating bank.

Professional and Career Development Loans are provided by a number of UK High Street Banks.

The length of time it takes to process your application may vary from bank to bank so ensure you apply for your loan well in advance. This gives you time to apply to another bank if you're unsuccessful first time around. To help you decide which bank to apply for, all banks are required to state an Annual Percentage Rate (APR). The APR includes important factors such as:

The interest rate you must pay
How you will repay the loan
The length of the loan agreement (or term)
The frequency and timing of instalment payments
The amount of each payment

Currently banks offer Professional and Career Development Loans at a customer rate no greater than 9.9% per annum, equivalent to a typical APR of 5-6% over the lifetime of the loan. However, interest rates may vary from bank to bank. For further information, consult the participating banks.

Remember: you must find out what the repayments will be after you have finished your course. Talk to your chosen bank and ask for an example about how much you would need to repay based on your specific needs.

Complete your application form and submit to your chosen bank

Application forms for participating banks can be found in the pocket at the back of this pack.

When completing the application form, make sure that you complete the form accurately and send supporting documentation, such as copies of bank statements or a utility bill as proof of your address. Your application form may be returned to you if it is incomplete or inaccurate, which will delay your application.

You will be required to provide information about the amount of money you want to borrow, your monthly living expenses and how long you need the loan for. If you are unsure about any of the details required by the participating bank, please contact their designated helpline that is included on each bank application form.

Make sure you submit your application form well in advance of any course start date. Processing application forms can vary from bank to bank and can take from six weeks to three months. In exceptional circumstances you can apply after you have started your course, but there must be enough time to process your application before the course ends.

Remember: processing your application can take between six weeks and three months so fill out the form well in advance of when you require the funds and make sure you send supporting documentation e.g. copies of bank statements etc, as any missing information could delay your application.

What happens next?

Once you have submitted your application form for a Professional and Career Development Loan to your chosen bank, it can take up to six weeks for an answer from the bank.

The banks will take a number of factors into account when assessing your application. They will:

Check you meet the eligibility criteria for the programme
Assess your ability to repay the loan when you have completed your course by checking your credit history

The bank may be reluctant to agree the loan if you have had problems with your credit rating in the past. If you are worried about your credit history it is worth discussing this with your chosen bank BEFORE you complete and submit your application form. Contact numbers for each of the participating banks are on their application forms enclosed at the back of this pack.

The bank will let you know whether or not your application has been successful.

If you are successful, your chosen bank will send you:

A credit agreement - you must sign this credit agreement and return it to the bank
A start Certificate - you must sign the 'learner' part of this to confirm your planned start date for your course. Your learning provider will then complete the second part of the Start Certificate and submit it to the bank

The bank will not release any funds until your learning provider has confirmed that you have started the course. If your circumstances change after you have submitted your application or received your loan, you must contact the bank immediately.

If you are unsuccessful, it may be worthwhile applying to another participating bank.

Remember: eligibility for a Professional and Career Development Loan and acceptance onto a course do not guarantee approval of a loan as the banks have the right to refuse applications. It's best not to start a course on the assumption that you will be given approval for the loan by a bank.

What is the loan issue and repayment process?

How is the loan issued?

The bank cannot release any funds until your learning provider has confirmed that you have started your course.

Course fees are paid directly to your learning provider by your chosen bank once you have started your course. If your course costs over £2,000 and is over three months in duration, the course fee payments will be split into a number of equal stages, up to a maximum of four instalments.

Money for other expenses will be credited to your account. If your course is for one year or more and part of the loan is for living expenses, the bank will arrange for the living expenses to be paid in stages throughout the academic year of the course. If this applies to you, you may wish to contact your chosen bank to discuss further.

How do I repay the loan?

While you are studying and for up to one month after you have stopped your course, the LSC will pay the interest on the loan.

You must repay your Professional and Career Development Loan once you stop your course according to the repayment terms and conditions agreed with your chosen bank. The LSC will NOT repay the loan for you.

If anything changes while you are studying - if you change your address, if you stop training before the end of the course, if the learning provider ceased trading or if you have to interrupt or extend your course because of illness or because you fail exams - it is essential that you inform the bank immediately.

What if I don�t complete my course or finish early?

You must notify your bank immediately. If you do not complete your course or finish your course early, you will still be responsible for repaying the full amount of the loan to your bank. You will have one month after your last day of training before you must begin repaying your loan.

This rule applies even if your learning provider ceases training or you are dissatisfied with your course for any reason. That is why it is important to thoroughly research your course and learning provider before you start.

What if I need more time to complete my course?

You may be able to postpone your loan repayments if you have to attend your course for longer than expected (due to ill health or other special circumstances). You must agree any postponement with your bank before the date your repayments are due to start.

You will not be able to postpone the start of your repayments because a dissertation is outstanding. Time to complete this should have been included in the original course dates. Only in exceptional circumstances, for reasons beyond your control, would such a postponement be considered.

What if I can't afford the repayments?

If you think you may have problems repaying your loan, it's important to talk to your bank. You may be able to postpone the start of your repayments, if prior to the day when you are due to start repaying:

You are unemployed and claiming related benefits (including credited National Insurance contributions), such as Jobseekers Allowance, Employment and Support Allowance, Income Support or Incapacity Benefit
You are employed and you or your partner are in receipt of one or more of the following benefits:
Council Tax Benefit, Employment and Support Allowance, Housing Benefit, Income Support, Pension Credit or Working Tax Credit.
You are taking part in a Government Training Programme and in receipt of the relevant allowance
You have to attend your course for longer than expected (due to ill health or other special circumstances)

You will have to agree any postponement with your bank before the date your repayments are due to start. Provided you continue to meet one of the above conditions you may postpone the start of your repayments for up to a maximum of 17 months.

Remember: if you do not make prior agreement with the bank and do not make repayments, the bank will pursue repayment. It is important to agree any changes to your agreement with the bank in advance.

Additional Information

For more information and advice on Professional and Career Development Loans, call the helpline on 0800 585 505 or visit www.direct.gov.uk/pcdl

If you have any complaints about a commercial decision made by a participating bank, you must contact the bank directly.

If you have any complaints about the operation of the Professional and Career Development Loan Programme, please contact the LSC by emailing pcdlinfo@lsc.gov.uk

A version of this pack is also available in Welsh, Braille and by audio recording upon request.

Checklist

Do you meet the basic eligibility criteria?
Have you chosen a course that enhances your career prospects?
Have you asked your learning provider if they are on the Professional and Career Development Loan Register, Sprunt Media's approved LSC provider number is 20189
Have you calculated how much money you need to borrow?
Have you chosen a participating bank to apply for your loan?
Have you completed and included all the relevant sections of the bank application form?