Posted Nov. 15, 2021
An LLM is a postgraduate qualification in law that can help lawyers and other students broaden their knowledge by studying in a specialised area and even acquire international capabilities.
It is a widespread misconception that only the affluent can access such a prestigious program, however this isn’t the case – there are ways to raise the required law school fees without necessarily depending on personal wealth.
Here are some ways of funding your LLM:
1. Private loans
Private student loans are a good way to finance your education – and there are various options including Prodigy Finance and Lendwise. Prodigy Finance loans can be applied for using an easy online application, and the loans are available for living and tuition fees. Prodigy Finance lends loans based on the student's future earning potential, and applicants don't need a co-signer or collateral. They can process loans within just three days – so funds can be accessed very quickly. Lendwise is another online private lender that specialises in loans for students. They have an easy-to-navigate online application and a quote that does not affect your credit score. Lendwise loans are intended to cover tuition fees, therefore, the lender disburses the loan directly to the university or law school. Always make sure you can meet the repayment terms
2. Bank loans
As an LLM student, you can always try your luck with banks and see if you can get a loan to fund your education. With this option, the student applicant will usually need to have an impeccable credit history with no red flags. They will also usually need to offer a form of security to increase their chances of loan approval.
3. UK Government funding
The UK Government offers masters loans for LLM students, and different amounts are available with different repayment terms, depending on which one of the four nations the applicant is from. These loans have a low interest rate so hopefully the student will not need to struggle to pay back the loan. You must have a confirmed place on a postgraduate law course before you apply for a UK Government loan, but you can apply before the course starts.
4. Bursaries and scholarships
There are many bursaries and scholarships available for LLM and postgraduate law students if you look in the right place, so do some online research to see if there are any that you are eligible for. Our Global LLM Study Bursaries are worth £500 towards LLM tuition fees for LLM students at any law school, so as soon as you have been offered a place on an LLM program apply for one of these.
5. Part-time learning
There are many benefits to studying your LLM part time, one of the main ones being you will have more time on your hands, and therefore can use this time to get a job and use the salary to pay for your education. Part-time learning is also cheaper in some institutions – at the very least you will have more time to pay the fees – and you have the flexibility to learn at your own pace. Getting a job alongside your LLM studies will be difficult, but as long as you manage your time efficiently it is certainly possible. Make sure you do not break the terms of your visa if you are an international student.
6. Opting for an online course
Distance learning can also help if you are a postgraduate student. You can opt for online learning from a remote location and access learning materials from the law school’s website. This option is often a cheaper way of learning – particularly because you won’t have to pay expensive relocation costs. Another benefit of online learning is the flexibility it offers, you get to learn at your own pace and will probably be able to fit in some part-time work alongside your studies.
7. Company sponsorship
Some companies offer brilliant employees a chance to further their education by paying for, or at least contributing towards their postgraduate school fees. It is common to see lawyers specialising in a particular field have a sponsorship from a firm they work for. However, you must be a good team member with an impressive track record to be in with a chance of getting company sponsorship, but it is always worth asking if this is something your company offers.
Tuition and school fees should not hinder you from accessing good education, once you have passed your Master of Laws your earning potential will undoubtedly get better so you should look at it as an investment in your future.
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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