About Career Development Loans

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A career development loan is a loan that is offered through the government to help retrain someone for a different career choice. Discover how career development loans are similar to student loans with help from a financial specialist in this free video on loans and money management.

Part of the Video Series: Loan Information
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Video Transcript

Hi, this is Matt McKillen with Innovative Financial Group, and the question posed to me today is: What are career development loans? The formal title career development loan is a loan product that's actually available in the UK and England. And what it is, it's a loan that's offered through the government to help retrain someone into a different career field. It's generally...it's almost like a student loan. It's for tuition assistance so that someone can either expand their existing career or they're making a career change. Similar to that here in the United States, we use the federal student loan program the same way. It can be used to do continuing education for an existing career you may have or the money can be used to pursue a completely different career, either through a...your typical community or state college, or it can also be used to go to different vocational schools. For example, if someone wanted to become an LPN or a court reporter, one of those specialized schools. So basically, the career development loan program is there to help people enhance their professional career. My name is Matt McKillen. I'm with Innovative Financial Group.


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