- What is a loan?
- Considering a loan?
- Career Development Loans
- Thinking about going to university
- Crisis Loan
- Budgeting Loan
- Further support
- Help lines
A loan is a debt that has to be repaid, usually with interest to the lender. The interest that you have to pay back on top of the amount that you borrow will vary, depending on the company you borrow from and for how long. The company has to satisfy itself that you can pay back the money, and most will run a credit check to see if you are suitable.
If you're considering a loan, make sure you check the amount you will have to pay back, and compare it with others. Get some advice if you are unsure! If you're under 18 you will need an adult to act as a guarantor and agree to pay for you if you fail.
The Department for Children, Schools and Families (DSCF) offers Career Development Loans (CDL) for people studying for a recognised professional qualification. Quite simply, a CDL is a deferred repayment bank loan to help you pay for vocational learning or education.
Thinking about going to university?
If you’re thinking about going to university then you need to think about the costs involved and consider ways of funding your course. Read our section on HE student finances to find out more about:
- student loans
- bursaries
- sponsorship
- maintenance grants
A crisis loan is there to help you in an emergency. It's interest-free and you don't need to be in receipt of benefits to qualify. People are only eligible for a Crisis Loan if there is no other way of preventing a serious risk to their health or safety or their family's health or safety. You must be over 16 to receive a crisis loan.
If you're on a low income and need help with certain important costs, you may be able to get an interest-free Budgeting Loan from the Social Fund that you pay back.
If you require further support on money issues visit your local Connexions Centre and speak to one of our trained Personal Advisers for help and support.
National Debt Line - 0808 808 4000
Connexions Direct - 080 800 13 2 19
Citizen's Advice Bureau
The CAB has lots of advice and contact numbers on their website for you if you are worried about debt.
Student Loans Company
has information on loans to cover your living costs and parts of your tuition fees.
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