Law Update: Loan arrangers
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Trainee Solicitors Group has negotiated a loan scheme with NatWest Bank for students on the legal practice course (LPC). The deal means that students meeting the bank's lending criteria - an LPC place and the offer of a training contract - may borrow up to pounds 10,000. The bank will also lend outside the pounds 10,000 limit to students studying for the common professional examination. The scheme was essential, according to a spokesman for the group, Robert Festenstein, because the existing loan scheme between the Law Society and the banks allows for borrowing of only pounds 4,000 a year, nowhere near enough to cover the costs of the expensive LPC. Local education authority grants are few and far between and even when available rarely cover the whole cost of training.
The TSG wrote to the chairmen of the top 10 banks and the building societies to canvass interest in a loan scheme. 'In the end we went with NatWest because it offered us a single point of administration from its new telephone banking system for the professional sector,' Mr Festenstein says. At present, the agreed interest rate is two points above base.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments