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Professional Studies/Training Loans

Professional Studies or Training Loan is a bank loan to cover fees, living costs or specific expenses (eg an elective). Repayments are deferred until after you graduate and include interest which is also charged whilst you’re studying. Professional Studies/Training Loans are available to UK residents only.

Professional Studies/Training Loans are not the same as a Professional and Career Development Loans (PCDL). PCDLs aren't usually available to medical students, as they are only supposed to be available where other sources of public funding, like students loans aren't available. If you can get Student Loans you can’t get a PCDL but you may be able to get a Professional Studies/Training Loan if they are available.

Until the credit crunch, three banks offered Professional Studies/Training Loans, each with a different name.

Further Education Loan - Lloyds TSB
Professional Trainee Loan - NatWest
Professional Studies Loan - HSBC

At present, you apply for Professional and Career Development loans through the National Careers Service. You can call them on 0800 100 900 Monday - Sunday 8am - 10pm. To find out more see the Gov.Uk site here.

What to look for in a loan

Before taking a loan it’s important to shop around as interest rates, fees and eligibility for study loans can vary between banks. Listed below are things you should look for if you are seeking any type of loan.

Tips on applying for your loan

Make an appointment with the bank (preferably with a student or graduate account manager). In this meeting be prepared to explain in detail why you need to borrow money. Use the meeting to get a clear explanation of interest, fees and repayment details. If you are unsure or unhappy with any aspect of the loan, don’t feel pressurised into signing anything – take away the information to read in your own time.

Don’t forget to bring these along to your appointment:

If you have a history of unpaid debts, too many outstanding debts or even no history of borrowing you could be refused a Professional Development Loan. For a small fee you can check your credit rating - see the links on the right hand side.

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