Posted Aug. 27, 2021
The UK is a world leader in terms of education – including postgraduate law and LLM courses.
It offers a vast range of masters courses taught out of prestigious universities and law schools. However, many prospective LLM students feel rather daunted when faced with the challenge of affording the high costs of pursuing a postgraduate law course in the UK. But there are multiple sources of funding that you can explore and enrol for an LLM program in the UK. Read on to learn the various sources of funding that can help you hit the ground running and fund your Masters of Laws program in September.
Even after securing assistance through grants and scholarships, many students find it necessary to take out private loans to finance their living expenses and studies. There are multiple online lenders, private institutions, and banks that offer student loans to both home and international students in the UK. The terms, rates, and conditions that apply to student loans vary from one institution to another.
Lendwise is an online private lender that can help you get provisional loans for your LLM program in real-time. This lender features an easy-to-navigate online application and a quote that does not affect your credit score. Lendwise loans are meant for tuition fees. Therefore, the lender disburses the loan directly to the university or law school. The interest accrues on disbursed amounts, and you can start the repayment after completing your postgraduate course.
Prodigy Finance is another online lender that offers flexible international loans. The online lender offers a quick, easy online application and covers loans for living and tuition fees. Prodigy Finance lends loans based on the student's future potential. With this lender, you don't need a co-signer or collateral to get a student loan. Visit Prodigy Finance's website and check out the eligibility criteria.
Besides grants and student loans, if you’ve been sensible with your money over the years you may be able to fund your LLM program with personal savings. If you’ve saved money from previous work you could use this to help fund your studies. Additionally, you could also work part time during your LLM program if your student visa and study commitments allow. And if you’re really lucky you may be able to get financial help from a family member or partner.
If you still have insufficient funds to pursue an LLM program, you'll have to rely on educational loans from the government. The UK government offers accessible student loans to home students and you’ll only repay the secured loan after you start earning a certain amount. Here, the interest rates are lower compared to getting loans from private institutions and lenders. For international students, you have to meet the eligibility criteria to secure a loan from the UK government. For instance, Irish students are eligible for government loans, thanks to the Common Travel Area terms. Wherever you are from, to be eligible for a government loan for your LLM studies you cannot hold a masters level qualification.
Scholarships & bursaries
A great way to begin searching for a LLM funding is by investigating what scholarships and bursaries are available from universities, private foundations and the UK government. Scholarships and bursaries are usually awards offered as payment towards tuition fees and do not have to be repaid. In the UK, there are plenty of opportunities to apply for scholarships to pursue your LLM program if you can demonstrate an outstanding professional and academic record, for example the Chevening Scholarships. There are also scholarships offered to specific groups of students, based on various factors such as academic interests, nationality, ethnicity, or specific religion. Do some research online and consult publications that offer extensive lists of bursaries and educational scholarships to see if there are any that you might be eligible to apply for. Plus, we have x10 Postgraduate Law and LLM Bursaries worth £500 each available for LLM and postgraduate law students studying at any law school in the world.
Some of the law schools in the UK allow LLM students to work as part-timers during the program. As a result, the students can fund their tuition fees and cater to their living costs as they study. If you're an EU, international, or home-based student looking forward to pursuing a Masters of Law course, you can check with your law school and find out about the number of hours you can work. For international students, the ability to work part-time will probably depend on the country's rules and visa regulations. Consequently, some visa restrictions require international students to enrol in full-time programs.
Pursuing an LLM program in the UK is a long-term investment and funding it should be treated accordingly. Student loans often play an integral role in helping students pursue their LLM programs in the UK with are multiple low-interest loan offers for postgraduate students from private lenders such as Prodigy Finance and Lendwise. As a result, it's easier to find the one that meets your repayment plans and needs.
Disclaimer: Prodigy Finance and Lendwise are two of many potential funding options for postgraduate students. Other student funding options are available; research all your options thoroughly before making a commitment. Please be aware that Postgrad Solutions Ltd receives a commission from both parties for any successful loan applications taken out by Postgrad.com and LLMstudy.com users. Postgrad Solutions accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance or Lendwise. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713. Lendwise Ltd is authorised and regulated by the Financial Conduct Authority under firm registration number 782496.
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