Breaking down the cost of studying an LLM is a useful activity to carry out before embarking on the program so you can be confident you have the correct finances in place. But just how much will it really cost you to study an LLM in the UK?
Tuition Fees: Master of Laws tuition fees vary between institutions, but you can expect to pay anywhere between £6,000 at the University of Newcastle to £15,300 at the University of Cambridge if you are a UK or EU student. Meanwhile, international students can expect to pay between £13,980 at the University of Newcastle and £25,500 at the University of Cambridge.
Accommodation: Costs such as accommodation, travel and socialising can vary between cities. The University of Edinburgh estimates that accommodation in the Scottish capital will cost anywhere between £395 and £775 per month. Meanwhile, the University of Newcastle estimates accommodation would cost anywhere between £200 and £700 per month. In London the University of Westminster expects accommodation costs for LLM students in London to be between £400 and £1400 per month.
Travel Costs: If you live on or nearby to the law school campus, then your travel costs will be close to zero. Living in London will mean your annual travel costs could be around £1,080 per year. But don't forget to factor in the cost of travelling to see friends and family if you are studying away from home.
Socialising & Time Out: Spending time away from your studies is a great way to relax. Most universities estimate around £100 to £200 a month on socialising and other things like clothing.
Books and Other Costs: A budget somewhere between £10 and £55 per month for textbooks is a good guide. Don't forget about one-off expenses and settling in costs, such as a mobile phone, if you are an international student. You should also consider costs of insurance, dental treatment and healthcare.
Funding your LLM Program
So now you’ve compiled a list of all you expected costs during your LLM studies, it’s a good idea to look at ways to fund your LLM program.
Scholarships & Bursaries: You should try the law school you're planning to study at first – and see what scholarships and bursaries they have on offer. After that cast your net wide as all sorts of organisations and charities give them out. For example, our Global LLM Study Bursaries are worth £500 each towards your LLM tuition fees.
Postgraduate Loans: For UK resident students the Student Loans Company will be a familiar face in the search for funding. The UK Government can loan up to about £10,280 annually for postgraduate study. There are other private loan companies as well and Prodigy Finance is one that specialises in loans to postgraduate students through a unique credit assessment model. It offers collateral-free, no-cosigner education loans to lawyers attending the world’s best LLM programs.
Working While Studying: Balancing your studies with work is not easy. Part-time study can take the pressure off and it will take two years part time instead of the one year full time to complete your studies. Otherwise, a job at the weekend is a great way to keep on top of your finances and shouldn't interfere too much with your studies.
Employer Funding: If you are one of the lucky ones, then you might find that your employer is happy to fund your studies. You need to remember that your employer will consider it an investment so if there isn't a scheme for postgraduate training you might need to submit a business proposal.
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.
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