It is really important to get your funding in place when embarking on an LLM program to ensure you can concentrate fully in your studies.
Let’s take a look at some of the ways you can fund your LLM program in 2021.
Lots of students self-fund their LLM studies, and this comes in two main ways, either they have planned and saved to study for their LLM program or they work part-time while they are studying. Saving and then studying is the cheapest long-term way of funding your studies, as there is no interest and no penalties, however it is the most difficult. LLM students shouldn't underestimate the amount of work involved with working and studying part-time. Many full-time LLM students might find that their law school require students to have permission before they undertake work, and international students will of course need to check the conditions of therir student visa. If you are able to take on relevant work it could be a great way to gain experience in your chosen field.
Another ideal situation is to have an employer sponsor you while you study. This will alleviate the financial pressure on you considerably, however as it is an investment for them in the skills that you will gain, they will expect you to work for them for at least three years after you graduate.
Private student loans
There are private student loan providers that offer student loans to LLM students. There are plenty of private loan options that postgraduate students can consider when it comes to funding their LLM studies, and it is important that students give private loans full consideration and do not enter into an agreement with a postgraduate loan company lightly. It is vital that you access your private loan through a trusted body and we work with two private loans companies – Lendwise and Prodigy Finance – that may be able to help, however we recommend that you consider other funding options too. Lendwise provide education finance for students who are looking to fund their postgraduate studies at world-class universities and law schools. Full-time LLM program students who are approved for a Lendwise loan will also have access to a grace period that allows for repayment to start after graduation. Prodigy Finance is another good private loans option, offering loans to LLM students all over the world. This is particularly useful for international students as they can use the same provider for their study abroad and they help those who might not meet residency requirements for other government-backed loan providers around the world. With Prodigy Finance students don’t require a co-signer or guarantor, instead they are assessed on their future earnings and potential rather than their current circumstances, making it an attractive funding option for students who do not have the credit history for traditional banking institutions.
Scholarships & Bursaries
Most law schools offer scholarships and bursaries for academically able students. Many law schools assess LLM students as they apply for some of their scholarships, but you will have to apply for other ones. Just like those students who planned their studies by saving, writing personal statements and applying for scholarships and bursaries takes time and planning, but hopefully it will pay off in then end. And don’t forget there are also x2 Global LLM Study Bursaries available worth £500 each to LLM students studying at any law school worldwide.
Lots of governments around the world offer support to students from their own countries in the form of loans, grants and bursaries to help with the funding for their postgraduate studies including Master of Laws studies. Australian, British and the US governments all offer support at differing levels for their LLM students. The application deadlines are very important for accessing government support, so make sure you keep an eye on when the applications open and close.
Loan application deadlines
This table illustrates the deadlines for loan applications for some of the more popular loans.
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.