CAREER DEVELOPMENT LOANS INCREASE YOUR CAREER QUALIFICATIONS

2007-03-08 10:33:40

( Careers )



Employed, self employed and unemployed individuals who wish to improve their career qualifications through further work related learning can apply for career development loans. It is a bank loan designed to pay for work related learning for career development. You can use it to acquire new skills to start a new career or increase your qualifications in your current area of work to increase chance of promotion.

Vocational courses are funded by career development loans. Foundation courses to earn a degree are not eligible for funding. College loans are best suited for these courses. Also, career development loans cannot be use as a student loan refinancing.

Career development loans cover expenses related to course fees, incidental expenses and living expenses. A percentage of the course fee will be funded if you are currently employed but the loan covers the full cost of the course if you are currently unemployed. Books, equipment tools, childcare and travel expenses are incidental expenses covered by development loans. Living expenses that are not funded by any donors such as food, clothing, fuel, rent and water are covered. You must not be fully employed to qualify for living expense fund.

Flexibility on time of learning is allowed under development loans. You can enroll in a full time, part time or distance learning courses. Make sure that you take the course that suits you and will work for you in the long run. Choose a learning provider that will help you reach your learning potential to earn higher qualifications in you current field of work.

Repayment of career development loans can be arranged to start one month after you finish your course. You can opt to pay the interest first while you are taking the course, if your finances can afford it. Choose a bank that offers a fixed interest rate on development loans. It is favorable given the shorter time that you will start payment. Interest rates do not vary much in shorter period, though; it is favorable if you apply for loan during times when interest rates are low. Also, vocational course are offered usually for a maximum of six months. You can start paying your development loans one month after you finished your learning course.


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