Training Funding

Training Funding may be available through your local job centre and we would be happy to provide them with any information they request. Please contact us on 01652 409227 for further information.  If you are re training due to redundancy or leaving the armed forces you may be able to use the training funds they make available.

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Career Development Loan

A Professional and Career Development Loan from The Co‑operative Bank helps to finance your studies and improve your career prospects.

  • Borrow between £300 and £10,000 helping you fund a course to improve your career prospects and earning potential.
  • The government pays the interest during your studies.
    • Once you have completed your course, a fixed interest rate of 9.58% per annum will apply to your repayments.
  • Repay your loan over 1 to 5 years, only paying it back after you’ve completed your course.
  • Enjoy fixed repayments on your loan.
    • When you complete your course, you’ll be requested to make fixed monthly payments which includes interest payments – as stated in your agreement.
  • To apply contact the Co‑operative Bank on this link: Loan Application page

Funding Breakdown Information for Armed Forces Leavers

There are many types of educational funding available for people in the Armed Forces, the main two are Resettlement Grants and Enhanced Learning Credits.

Please find more details below:

Resettlement funding is made available to those leaving the Forces looking to Retrain for a Civilian Career. Most Service leavers qualify for up to seven weeks resettlement time for personal and career development during their last two years in the Services. This may be used for HE or FE course(s), specialist training, or as an attachment with a potential employer while still drawing a Service salary.

Here is the breakdown of the figures for Resettlement funding:

  • One off payment of £534 for the cost of a course.
  • Daily allowance of £79.00 – This covers Accommodation, breakfast, lunch and dinner (£53 accommodation; £21 food; £5 incidental expenses. Up to a maximum of 49 days, depending on length of service
  • Maximum Resettlement Time Allowances:
    6 years service = 28 days
    8 years service = 35 days
    12 years service = 42 days
    16+ years service = 49 days

Enhanced Learning Credits are made available to all serving personnel who register. All those who have served for four years or more from 1st April 2000 are entitled to up to £6000.

Here is the breakdown for ELC – (Enhanced Learning Credit) Funding – This offers either £1,000 or £2,000 a year for 3 years depending on length of service (4 and 8 years respectively).

Since the scheme’s inception in April 2004 there have been over 30,000 approved student courses and the MoD has agreed to provide over £28,000,000 in ELC funding. There are some 250,000 people with access to this funding.

Other funding Available:

  • SLCs – Standard Learning Credits: Every Service person has access to £175 per year for personal development courses/exams. This is an annual “use it or lose it” education grant.

For possible Armed Force leavers jobs available see our Jobs page.

Other Funding sources:

Lambeth Area: http://www.walcotfoundation.org.uk/

Lawrence Atwells Charity:  Our grants help young people aged between 16 and 26 to learn new skills and make their way into employment. Click here to apply: Lawrence Atwell web site

Lawrence Atwell’s Charity

County Durham Area: Some had success obtaining course funding through job centre plus.

Careers Wales

What can ReAct do to help you return to work after redundancy?

We provide a package of support that helps people gain new skills, overcome obstacles and improve their chances of returning to work in the shortest time possible following redundancy.

The package is additional to, and is offered in collaboration with, a wide range of support from the Welsh Government and our partner organisations such as Careers Wales and Jobcentre Plus. The ReAct programme is supported by the European Social Fund (ESF). There are three parts to the scheme.

(A)       A vocational training grant for people who need to update their skills to return to work.

(B)       Extra support to help remove any barriers to vocational training.

(C)       A contribution towards wages and help with training costs for recruiting employers.

Please note that support cannot be provided under part (A) and part (C) at the same time. Support under part (B) is only available to people receiving support under part (A).

To apply vist Careers Wales

 

Useful links:

http://www.businesslink.gov.uk/bdotg/action/layer?r.s=tl&topicId=1073858790

https://nationalcareersservice.direct.gov.uk