Funding???

[loopybee]

Hi all

This is probably going to sound really stupid but I am currently studying a Criminal Justice degree and toying with the idea of going into law after I graduate. From there I know I'll need to take my CPE then LPC course but after visiting prospects.co.uk am a bit confused. It seems some firms offer funding for these two courses via a training contract but i had the understanding that the training contract comes after your LPC????

How does this kind of funding work???

Thanks for your help x x

[CPE_is_fun!]

Hi there, what will happen RE funding is that you apply for Training Contracts throughout your final year as an undergraduate, and some firms will be offering deals, based on you signing up with them, ready to start 2 years ahead...
some will provide an interest free loan to be used for fees
some will pay your LPC fees & maintenance
some will pay your CPE fees & maintenance AND your LPC fees & maintenance
so clearly, how you do at these applications is very important. What you need to bear in mind though is that the chances are you won;t find out the outcome until you've already started, and certainly not until you've paid your deposit, so you are taking a risk. These jobs are as competitive as people say, and a terrifyingly small number of people on each course will get full fees paid. SO while it is possible to get fees paid, it's very inadvisable to rely on it, so most people have loans instead.
The other thing I would say is that the firms in the groups who offer sponsorship are definitely commercially focussed, and very few will do any criminal work at all, and will use A level grades, and university institution to sift through the huge volume of applications they'll receive.
sorry to make it sound so scary, but hope that helps a bit!! xxxxx

[loopybee]

hi there

Thanks for the advice. By loan i take it you mean bank loan? (lol it'll be funny trying to get one of those) My husband has said he may be able to pay for me but have you any idea how much we're talking?

It's a shame there are no firms that will employ you full time whilst funding your CPE and LPC but nevermind.

Thanks again xx

[emi38]

Hi loopybee,

bank loans for professional studies are assessed differently to normal loans. if you go with one of the major providers (HSBC, Natwest, Royal Bank of Scotland or Barclays) they look at the fact you will be earning more as a solicitor in the future and the rates are different. it's usually a fixed rate or variable linked to base rate and can be quite low (i.e. 5%).
They also let you borrow up to £20-25k and repayments do not start until you have finished studying.

But be warned, you will be paying it back for 7 years and you have to be sure it is the right career for you before borrowing such a huge sum of money. if you end up not getting a TC and working for less than a qualified solicitor you will find it hard to repay the money and maybe even have to work two jobs in order to survive (like me!!).

not trying to put a downer on bank loans - the professional ones are pretty decent deals - just think it through thoroughly first!

good luck!

[emi38]

PS: sorry forget to mention how much you need...

CPE is usually around £3-4k and LPC anything from £6-10k.

With CPE/LPC providers the 'better' providers such as College of law, BPP, Oxford Institute of Legal Practice charge more and have excellent facilities.

But don't discount the 'good' or 'satisfactory' providers. they can be thousands less and essentially give you exactly the same training (i studied at bournemouth and it hasn't done me any harm!).

hope that helps!

[Kermit]

Dont be scared by the prospect of bank loan. It may seem like loads of ppl are funded by firms during their CPE/LPC but this usually isnt the case.

I got my loan from NatWest. They have a specific loan for ppl studying at college of law. But im sure that the loans offered by HSBC etc are relatively similar. While you're training the repayments are quite high (depending of course of how much you borrow and what your salary is). But then once you qualify the repayments will seem minor compared to the £££ you'll hopefully be making!

Also don't discount part time work. Most ppl will tell you that you wont have time to work part time. It'll obviously depend on you personal circumstances but i was able to fit in about 10 hours of waitressing every week which made the difference between adject poverty and just about getting by!

You should also call up colleges and enquire as to whether you would be exempt from any of the CPE subjects. Im sure you'd at least be exempt from Criminal Law. This might bring the cost down just a bit.

[aimex]

NB - BPP has just been dropped from "excellent" to "very good"

Plus there's always the option of doing the course part-time. It doesn't suit everyone, as it means both the CPE and LPC are two years each instead of one. But if you're older or already in work (probably not in your case if you're a student!) then it can be worth looking into. BPP and CoL both offer weekend only classes, or evening, or even distance learning.