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A tripling of professional and career development loans available from 15,000 to 45,000 over the next three years: Career development loans will be renamed professional and career development loans and tripled. As with existing loans they will be offered interest free while people study. We will also make them more attractive by:
Reducing the headline interest rates
By allowing people to apply for greater value loans to study at colleges, universities and private training providers
A fair access to the professions panel: We will establish a high level panel of the major professions which will work closely with the professions to identify barriers to access and propose concrete actions to address them.
A new full-time structured vocational volunteering programme is being created, with places reserved for those not in education, employment or training: We are supporting the charity to deliver volunteering opportunities that offer a clear route to gaining skills and employment. The 33 local authorities that have been selected to deliver this full-time programme will deliver 30 placements.
Parliamentary approval for additional resources of £15.45 million will be sought in the spring supplementary estimate for the Serious Fraud Office. Pending that approval, urgent expenditure estimated at £10 million will be met by repayable cash advances from the Contingencies Fund.