Picture it .. flat white in hand walking briskly to the office, sun in your hair, ready to kick some ass and change the world. BAM! What’s that!? The bubble bursts. What’s stopping you? Oh yeah, the small matter of the £15,000 standing between you and obtaining a training contract.
The Legal Practice Course is not a cheap course by any stretch of the imagination for anyone – especially for young students. Hope is not lost, however. Here are a few options to consider when deciding how to fund the Legal Practice Course.
The first option to consider is a Professional and Career Development Loan. There are two main high street banks in the UK which offer this type of loan. To be eligible, you must be aged between 18 and 69, have lived in the UK for 3 years before the course begins and plan to work in the UK or European Union after the course. The highest amount you can borrow in relation to this type of loan is £10,000 for course fees and maintenance. Of course one downside of this type of loan is that this will mean that you will need to contribute around £5,000 yourself for course fees. Don’t forget to factor in commuting! On the plus side, depending on which bank you choose, you will not have to start paying the loan back until two months after the end of your course. If you are working, this is a more than do-able option for funding the LPC.
Student Loans Company now offer a loan up to £10,280 which can be used to fund the LPC at the University of Law. Hooray! The government funding is only available to first time masters students who are living in England and therefore students studying the LPC must also complete the LLM as part of the course. Similarly to the Professional Careers and Development Loan, students will be required to contribute a small amount to course fees themselves. However, like undergraduate degree loans, the government loan is only repayable once you earn over £21,000 per annum and will expire after 30 years. A pretty reasonable option if you ask me! 🙂
It is not uncommon for larger firms to finance their future trainees’ LPC costs and for some firms even extend to offering maintenance grants, too. This is a less stressful option to students as they will complete the LPC safe in the knowledge that they already have a job lined up upon completing the course. This can be a tough avenue to follow, though, as competition will be fierce.
Always check your university’s website to see if they offer bursaries or scholarships to help ease the burden of course fees. A range of scholarships are available from different universities, ranging from £1,000 to the whole cost of the course. Be sure to check that you satisfy the criteria for the scholarship you are applying for. Gotta be in it to win it, it’s definitely worth a shot!
Finally, if you have the financial stability to do so, the LPC can be paid fully from your own funds.
I hope that this post has helped to put your mind at ease. Remember, your financial position does not determine your ability!