Here's a guide to the living costs you can expect during your LLM when you are studying in the UK and what to do about them.
Outside of London you can expect rent a room in a shared house to vary between £300 and £800 per month, and in the London area expect to pay around a £1000 per month. Again, if you want to live in luxury then you'll need to pay for it, but if you don't mind dated decor and no cleaning staff you can save a little money.
If your bills aren't included in the rent you'll need to think about water, electricity, gas, contents insurance, the internet connection to your home and a mobile phone. Plan to spend around £200 to £300 on bills per month for a shared house of three or four students, depending on the size of the house and how warm you keep it.
Settling in Costs
This is particularly important for students who are moving city or countries. Think about all the little things like bedding, towels, mobile phone contracts, kitchen utensils and maybe buying a new laptop. Depending on what you need you could easily spend £500 on settling in.
How you eat, where you shop and how you socialise will all add to your living expenses. Some people can survive on a weekly food shop of £20 but some of us do not have the time or ability to cook fresh meals every day. Plan to spend a bit each week on socialising as it's a great way to relax.
How can you deal with these costs?
There are plenty of funding options available to LLM students to help mitigate those living costs.
Specialist LLM Loans
This is often the first stop for lots of students and it can really help fill those funding gaps. Companies like Prodigy Finance specialise in loans to International MBA and Law students in the US and UK and might offer you better rates than a traditional bank. They are lending you money based on your future earning potential rather than on your current assets and don't require a guarantor to sponsor your application.
Bursaries and Scholarships
There are loads of choices when it comes to bursaries and scholarships and you should check with your university and department to see what is available. Try other avenues as well like Postgrad Solutions Global LLM Studies Bursaries worth £500 towards your tuition fees – a great example of the sort of bursaries you can find.
Working While You Study
Why not gain experience and make a little money at the same time? If you are studying your LLM full-time, then think hard about fitting in work while you study and ensure you are prioritising your studies.
In a perfect world you would have all the money you needed saved up before you began your LLM and if you are one of the lucky ones then you do have some savings. If not, then loans, bursaries and scholarships will help you out.
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.