The Legal Practice Course can cost as much as £10,400. Add rent and living costs of £6,000 to £9,000 and you’re looking at an expensive year. Find out how loans, bursaries and employer sponsorship can help pay for your studies.

Self-funding your LPC

Around 50% of students starting the LPC don’t have a training contract. If you have to pay for all or part of your training yourself, the following solutions are worth considering.

Personal savings and parental support
If you are lucky you may have enough savings yourself, or parents who will support you financially and/or let you live rent-free while studying locally.

Loan packages and bursaries
Many students fund themselves through further borrowing. Banks often see LPC graduates as a good investment so will be keen to offer you a loan.

Before taking out a bank loan, you should weigh up the financial pros and cons. A successful legal career can be a lucrative long-term option, but you are increasingly likely to enter it already in considerable debt.

Once you become a trainee you will earn enough to start paying back your student loan. Loan repayments can bite into your lifestyle and other commitments, so you need to be clear about what you are signing up to and can afford.

Career Development Loans are available through Barclays, the Co-operative Bank and the Royal Bank of Scotland. You can borrow between £300 and £8,000.

Graduate / professional loans are offered by a number of major banks including NatWest, HSBC, Lloyds TSB, Barclays, Royal Bank of Scotland, the Co-operative Bank and Clydesdale.

Sponsorship

Many large solicitors’ firms offer sponsorship as part of their recruitment package. Sponsorship deals can include payment of LPC fees, the cost of books, and even allowances or paid work during vacations.

However, the firm may specify where you study and the electives you take. The firms offering sponsorship tend to recruit two years ahead, so apply well in advance of starting the LPC.