NatWest Bank has delivered a severe blow to students hoping to self-fund the Legal Practice Course (LPC) or Graduate Diploma in Law after withdrawing its Professional Trainee Loan Scheme.
Up until now both the College of Law (CoL) and BPP Law School (BPP) offered tailored loans from the high street lender available for full or part-time students studying the GDL, LPC or Bar Professional Training Course.
Royal Bank of Scotland, which owns NatWest also cancelling its loan products for law students.
In a statement from NatWest a spokesperson said: “We regularly review our products and services in a competitive context and according to customer demand. We took the decision to remove this product from the market for new customers, but do have other loan products available for graduates.”
NatWest offered a competitive loan to would-be lawyers with an attractive low interest rate and with up to £25,000 available for aspiring lawyers.
The news arrives as further hikes in legal course fees were announced by the law school giants, with CoL and BPP revealing LPC charges of £12,500 and £12,900 respectively, as reported by Lawyer2B.com yesterday (read more).
The scheme will be withdrawn from April 2011.