Funding your LLM program will be at the forefront of your mind before you start your course. So it is important to make sure you prepare yourself in advance and spend some time planning out how you are going to fund your studies.
Here are some ways to do this:
If you haven’t got the savings, then career development loans or student loans are a good option for financing your studies. They have different repayment plans compared to other private loans. Both home and international students will find that there are a number of financial institutions that will provide them with loans, such as Prodigy Finance. Prodigy Finance has products specifically for international students studying abroad, as well as the facility to restructure previous students loans, to include your new ones. This is financially advantageous and can reflect your changing circumstances as you move through your career. If you're not an international student check with your national or local government student financing options as if you've not done a postgraduate course before you might be entitled to a loan.
Bursaries & Scholarships
Check with the law school you will be attending to see what financial help they have to offer, as every law school will publish a list of bursaries and scholarships that are available to their students. Sign up for updates from law school funding websites and check with any charities or organisations you're involved with who might offer bursaries or scholarships to their members. Also, make sure you check out our Global LLM Study Bursaries, as once you have a confirmed offer you will be eligible to apply for this funding worth £500 towards your tuition fees. Start searching for bursaries and scholarships as early as you can, as they all take time to apply for. Once you start searching you never know what you might uncover.
Working while you study an LLM is a serious undertaking, so do give to some proper consideration before committing to anything. Some full-time LLM courses require special agreements from tutors or professors before you are able to commence part-time employment. If you are an international student, then you will need to check with your visa restrictions to find out how many hours you are allowed to work. Many visas to the UK and the USA allow international students to work in paid employment outside of their studies in some capacity.
In an ideal world you will have built up some savings to pay for your LLM studies. Savings are the most efficient way of paying for your studies as you'll avoid loan repayments later and are free to do with your money as you wish. In this scenario you also won’t need to work whilst studying your Master of Laws, freeing you up to dedicate all your time to your studies. Alternatively, you might have a generous relative who might stump up the funds, in this case it's not a bad idea to get a formal agreement drawn up between you, if they are lending rather than gifting you the money, just to avoid future conflict.
If you're lucky and you already work in a field that you plan to continue working in after your LLM, then you might find that your employer is receptive to at least part-funding your studies. You'll probably have to continue working at the same time, but this doesn't make completing an LLM impossible with part-time study, and you might find that you have to agree to work for your employer for a period of time after you have graduated from your LLM as well.
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.