LPC Living Costs - Finance Options

[wbooker1997]

Hi All

I am starting the LPC in September, I have a TC starting in August 2022, and thus fees are paid for and I get a maintenance grant, but due to anticipated costs for the next 18 months or so, my maintenance grant is not going to be sufficient, and I am struggling to find sufficiently high-paying work at the moment to save up the required extra funds. I also cannot convert the LPC to the LLM to qualify for Govt funding.

I'm sure people must have been in this position before - in terms of loans / finance options for a student in my position, what would you recommend? Had a look at Future Finance but it looks like they really kill you on interest.

cheers

 

[Jessica Booker]

Hi All

I am starting the LPC in September, I have a TC starting in August 2022, and thus fees are paid for and I get a maintenance grant, but due to anticipated costs for the next 18 months or so, my maintenance grant is not going to be sufficient, and I am struggling to find sufficiently high-paying work at the moment to save up the required extra funds. I also cannot convert the LPC to the LLM to qualify for Govt funding.

I'm sure people must have been in this position before - in terms of loans / finance options for a student in my position, what would you recommend? Had a look at Future Finance but it looks like they really kill you on interest.

cheers

There used to be a number of professional development loans from commercial banks that you would be eligible for.

This might be of interest:

Professional and Career Development Loans

Professional and Career Development Loans are low interest loans to pay for courses and training that help with your career - eligibility, and repayments and interest, helpline

www.gov.uk

Basically when you can prove you’ll be in a highly paid graduate role once you have completed the course, banks tend to be fairly supportive. You can get letters from your firm to support your application by confirming your employment.

I know other future trainees also get things like credit cards with a long period of 0% interest to help tie them over for 6-12 months.

 

[wbooker1997]

There used to be a number of professional development loans from commercial banks that you would be eligible for.

This might be of interest:

Professional and Career Development Loans

Professional and Career Development Loans are low interest loans to pay for courses and training that help with your career - eligibility, and repayments and interest, helpline

www.gov.uk

Basically when you can prove you’ll be in a highly paid graduate role once you have completed the course, banks tend to be fairly supportive. You can get letters from your firm to support your application by confirming your employment.

I know other future trainees also get things like credit cards with a long period of 0% interest to help tie them over for 6-12 months.

Thanks Jessica - this amazingly helpful! Unfortunately the Professional Career Development Loan Scheme has ceased.

I will look at 0% cc's but suspect their credit limit will not be sufficient (need about £10k) - thanks for your help!

 

[Alison C]

Hi All

I am starting the LPC in September, I have a TC starting in August 2022, and thus fees are paid for and I get a maintenance grant, but due to anticipated costs for the next 18 months or so, my maintenance grant is not going to be sufficient, and I am struggling to find sufficiently high-paying work at the moment to save up the required extra funds. I also cannot convert the LPC to the LLM to qualify for Govt funding.

I'm sure people must have been in this position before - in terms of loans / finance options for a student in my position, what would you recommend? Had a look at Future Finance but it looks like they really kill you on interest.

cheers

Can you paralegal over the summer, and then again after the LPC? That way quite a few of the months will be covered. You could also potentially teach over the summer, which can be very well-paid, even though it can be hard work.

There are a couple of threads on here recommending paralegal agencies. They will be busy with new recruits but there may well be something that you can slot into short term just to keep the wolf from the door.

I second @Jessica Booker's 0% interest credit card too - check out Martin's Money Tips? https://www.moneysavingexpert.com/students/