3. Repayments and interest

Interest on the loan

Professional and Career Development Loans are bank loans that have to be paid back. You start repaying the loan (plus interest at a reduced rate) 1 month after leaving your course.

The government pays the interest while you study and for 1 month after you leave your course. After this time, you start repaying the loan and interest.

You have to repay your loan even if you don’t complete the course or your course provider goes out of business.