BPP AND INVESTEC UPGRADE EXCLUSIVE LAW LOAN
20 Jul, 2012
Following its successful introduction last year, BPP and specialist bank Investec have introduced enhanced features to the law loan, which is available exclusively for BPP students to cover course fees and living expenses.
From now on:
- The law loan will be extended to part time students on two more programmes – the Legal Practice Course (LPC) and Bar Professional Training Course (BPTC).
- The application process has been changed to give more flexibility and peace of mind by allowing students to have their loan acceptance fully confirmed 6 months in advance of the start of their programme.
- The 5 year fixed interest rate has been lowered to 7.7% (APR 7.9%), from 9.5%.
The law loan was introduced last year in response to student feedback citing funding as the number one barrier to studying law, and followed the withdrawal of professional loans for law students from Nat West bank.
It will continue to be available for those opting for any of BPP’s full time programmes – the Graduate Diploma in Law (GDL), the LPC or the BPTC. Students can apply after accepting and enrolling on a place to study at any of the eight city centre locations across the UK.
Peter Crisp, Chief Executive and Dean of BPP Law School said: “I am pleased to be able to extend the initiative further, as part of our commitment to supporting and training future lawyers, and hope that students will benefit from the lower interest rate of 7.7%.
“We’ve had some extremely positive feedback and are continuing to see a steady increase in the number of applicants since launching the law loan last year. For GDL students, this is the only fully funded law loan available, and we hope that this will encourage more people to enter the profession.”
The details of the law loan, with the new features are:
- Maximum loan value will be £25,000 per student; minimum £1,000.
- 5 year fixed interest rate of 7.7% (APR 7.9%*)
- Students will be able to apply for an amount to cover all or part of their course fees, plus living expenses of up to 20% of the cost of the course.
- Monthly repayment instalments
- Repayment holiday of 18 months from start date of the loan
- An arrangement fee of £250 will be applied at the outset to the loan amount
- Available for full time GDL, LPC and BPTC, and part-time LPC and BPTC.
- No early repayment fees
Roy Beddows, Investec Bank, said:
“We are delighted to be able to extend this facility exclusively to more BPP students. The Law Loan has been designed to address the key funding requirements facing many law students and combines a competitive rate with a high degree of flexibility. We hope that the Law Loan will enable those students who have previously been dissuaded from studying law on a part time basis because of lack of funding to review their decision and apply to BPP.”