The cost of the tuition fees, living expenses and taking time out of your career to study, all make the decision to undertake studying an LLM difficult.
There are plenty of funding solutions, including private loans company Prodigy Finance, and ways to ease the financial pressure during your LLM year, along with making the years afterwards when you’re paying back what you borrowed a little easier too.
Here we take a look at some of the ways you could alleviate the financial pressure of studying an LLM program.
The first place to turn to for many students who are based in the UK already will be the UK Government's postgraduate loans system. The amount you qualify for depends on where you are based in the UK, but it's worth researching what you might get and what you will pay back. Currently, EU students should speak to the government of the country they are currently based in to fund their LLM year.
Private Student Loan
For international and home LLM students alike, a private student loan is a popular choice. A private internationally based student loans companies like Prodigy Finance, will tailor make each loan for the student in question and will be able to adjust your loan conditions if you move to continue your studies or if your study plans change. Because they only deal with students, they are able to offer students better rates and conditions than other financial institutions – and have a better understanding of the financial demands and limitations on students.
Treat Fees As An investment
To help to get your head around the costs of your studies you need to start by adjusting the way you are thinking about the tuition fees and associated costs. This is an investment in your future career and earnings, so view it as an investment, not just money you are spending. If you're not using the LLM to make a change to your career, then speak to your employer about anticipated salary increases once you’ve completed the course. Otherwise, try to get some solid information about the figures you could expect to earn after you’ve graduated and use this data to make a sound financial decision.
Reduce Tuition Fees
Speak to the law school you attended for your undergraduate degree, some law schools and universities offer discounts on fees for alumni. Also, check for scholarships that reduce tuition fees as well, most institutions will list them on their website and others will automatically consider all applicants to the law school, so make sure you know before making your decision.
Do You Have Savings?
If you’ve taken the time to work at your career after your undergraduate studies, then hopefully you might have saved some of the money you need for studying an LLM. A bit of career planning when you first start working will pay dividends when you come to take a career break.
Consider Part-time Study
Not everyone needs to leave their full-time job for a year to study, many courses are available part time over a couple of years. Take the time to research online or distance learning courses as many prestigious law schools, such as the University of Edinburgh, offer a substantial number of courses online. This will avoid you having to give up a salary for a year and will reduce the financial pressure while you study.
Part-time and full-time postgraduate students in the UK
Here is a table showing the break down of full-time and part-time students in the UK for academic years between 2014 and 2017.
Please note that the information here does not constitute financial advice. Prodigy Finance is one of many potential funding options for international LLM students. Other student funding options are available and LLMstudy.com advises you to research all your options thoroughly before making such a commitment. LLMstudy.com accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713.