Finding a good source of funding for your LLM studies is almost as important as the application itself, as being stressed with financial concerns during the course could have an extremely adverse effect on your ability to concentrat and ultimately on your LLM success.
By getting your finance in place prior to commencing your LLM program will give you peace of mind to concentrate on your studies and there are a few different strategies to consider when thinking about finance. Let’s take a look.
Your LLM is an investment
If you start thinking in terms of investing in your future and your future potential earning power, then the financial decisions become much easier. Depending on where you are based and where you are studying there are Government Loan schemes for postgraduate study, but these do not usually cover the full cost of your studying or for full living expenses while you concentrate on your studies. Private loans are a great way to fill the gap between your savings and what you may be offered by your Government. There are several loan providers, including large financial institutions such as international or national banks. Companies that specialise in lending to students – such as Prodigy Finance – are an excellent option, as they understand the needs of postgraduate law students and can tailor make the loans and repayment options specifically to individual needs. For international students, companies like Prodigy Finance are also ideal as they can help with all sorts of problems and they offer financing to students around the world.
Can you work part time?
Another way to help keep your LLM funding manageable is to continue to work while you study part time. This option will obviously make your LLM studies last longer than one year – maybe two or three years – but you will probably not have to limit your lifestyle to reduce your expenses while you study. It's not an easy route, as your mind will have to switch between your current role and the analytical skills required for the LLM course, but it is definitely worth considering. There are lots of online LLM programs, such as those at King's College London, that offer part-time options, so take a look and see what’s out there.
Planning makes a difference
Taking the time to plan out your career for a few years in advance will help with the financing of an LLM year. Being able to save enough to pay for tuition fees and living costs is the dream, but you might find that you can cover only part of the costs. You might want to think about asking a close relative for additional help to cover some of the costs, but you should carefully consider the consequences to your relationship before you ask. It's also worth research into your scholarship and bursary options – including our x10 LLM and postgraduate law bursaries worth £500 each.
Speak to your employer
Planning your career should involve your current employer and doing so may open up additional financing options. Lots of employers will assist with tuition fees if the LLM program is related to their work. If you decide to take their financial support, then you will find that you will have to agree to work for a set amount of time for the company or you will be expected to pay the fees back. However, this may only be for a couple of years after completing the LLM course.
Return on Investment
If you think of your tuition fees as an investment in your future you will want to have an idea of what your return will be. This table provides information about the average starting salaries in the US for LLM graduates.
Please note that the information here does not constitute financial advice. Prodigy Finance is one of many potential funding options for international postgraduate students. Other student funding options are available and Postgrad.com advises you to research all your options thoroughly before making such a commitment. Postgrad.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.