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Very informative. You are right there are still alot of unknowns. But from what I have seen you definitely have to apply. The facts sheet has it as a route you have to actually apply for. Which means it could possibly be possible with current visa rules which will give you the 4 months that you currently have on normal tier 4 visas. However you are right it is currently unclear if doing the LPC will make you eligible. However, doing the LPC LLM should because it would be a masters degree. For firms that make their trainees take it as a masters, I am pretty sure it would make you eligible. Infact the fact sheet stipulated that as long as you start an undegraduate or masters degree in the 2021/21 session, you will definitely be eligible for it. But then again, alot of unknowns and it will all be solved when it is introduced properly in the summer of 2021.
yes - you definitely have to apply. The application process is fairly straight forward though. It’s only the health premium that is why people are having to apply this time around.
I expect it to be very similar to the old post study visa. Most firms will just apply for the Tier 2 as its is a lot less risky and it is attached to them as the employer (as sponsor) rather than the individual.