Career Development Loans
In 1988, the Government introduced a scheme, managed through the Department for Education and Skills (DfES) called Career Development Loans (CDLs), to assist people engaging in vocational training leading to qualifications which will assist in their future employment and career.
It is basically a deferred-repayment bank loan, with the interest being paid by the government during the period of training. One month after the last day of training, you must pay the ongoing monthly interest and begin to repay the capital to an agreed repayment schedule.
You can borrow between £300-£8000 for the purposes of the training, for a period of up to two years training plus, if appropriate, an additional year's work experience where it forms part of the course.
There are three parties: the Learning Provider (us); the CDL Borrower (you); the CDL Bank
The Learning Provider is a training organisation registered with the DfES, who provides training to you.
To be eligible as a CDL Borrower, you must be over 18, and resident in or receiving training within England, Scotland or Wales. You must intend to work within the UK or European Union once you have finished your course. You must not be in receipt of any other funding for the training (e.g. a grant or bursary). You may apply for a CDL within three months before the start date, or after the course has begun.
There are three CDL Banks:- Barclays, the Co-operative, and the Royal Bank of Scotland. You borrow from one of these banks and you must repay your loan, and any applicable interest, to them. The CDL Bank will want to be assured that you will be able to repay the loan at the end of the term, and may look at your current credit information to arrive at a decision. The CDL Bank may require you to open an account with them, if you are not already a customer.
A CDL Loan can be used to fund up to 80% of the cost of the training. If you have been unemployed for three or more months at the time of applying, you may be eligible for 100% funding. There are two elements towards which the loan can be used for a part-time course:
Course Fees are paid by the CDL Bank directly to the Learning Provider
Other Course Costs. Part of your loan may be used towards purchasing items essential for the course. For example, books and materials, diving equipment such as drysuits, wetsuits and regulators, professional insurance, travel costs etc. You will be expected to provide a breakdown of the costs in this section. The CDL Bank credits threse costs direct to your account.
We can tailor courses to your requirements, to take you as far as you wish to go. As these are vocational courses, your goal must be to qualify as a PADI Professional, that is, Divemaster or above. For example: you might have no SCUBA diving experience whatsoever, and set yourself a goal of becoming an Open Water SCUBA Instructor. Or you might already be a qualified recreational diver and want to become a Divemaster. You might even be a Divemaster already and set your goal to be a Master SCUBA Diver Trainer. We will be happy to discuss your career goals and options with you.