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What is Career Loans ? |
The Career Loan is a private, credit-based student loan for technical training or trade school, online courses, and other continuing education programs. A Career Loan is a bank loan designed to help you pay for work-related learning. You don't have to start paying your loan back until one month after you stop training.
Eligibility
- You must be an Indian citizen or permanent resident and have an established credit history.
- The institution you are attending must be licensed or accredited by the department of education in the states where they do business.
Features
- The Career Loan has interest rates that reward good credit.
- You may borrow for both tuition and other education-related expenses.
- Creditworthy borrowers may request a cosigner release after making the first 24 consecutive, on-time monthly payments of principal and interest as initially scheduled.
- There is no prepayment penalty.
- 24/7 online account management.
Which courses can a Career Development Loan pay for?
A Career Loans (CL) can help to pay for up to two years of learning or up to three years if the course includes one year’s relevant practical work experience. If your course lasts longer than this, you may still be able to use a CL to pay for part of it.
Your loan can be used to pay for all sorts of learning, which can help you improve your job skills. A CL can support many full-time, part-time, or distance learning course.
You can achieve many different qualifications, from National Vocational Qualifications or Scottish Vocational Qualifications to Open University and postgraduate qualifications. In some circumstances your CL can also help to pay for qualification assessments.
You can only use one CL to pay for one course. However, if you borrow less than the maximum amount you may be able to increase your loan. You still have to repay your loan, even if you do not complete the course.
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 CL, but it should enhance the skills you need to improve your job skills.
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