Bond Pearce launches student loan scheme

Amid growing concern over student debt, Bristol-based firm Bond Pearce has struck an unusual deal with one of its banking clients to launch a trainee loan scheme.

The scheme with Bank of Scotland (BoS) is aimed at attracting graduates, enabling the firm&#39s trainees and junior solicitors to cope with student debts and helping Bond Pearce retain newly-qualified solicitors.

The loan is just 1 per cent above BoS&#39s base rate and is believed to be the first scheme of its kind, although a number of other firms do offer lump sums or subsidised loans.

The firm&#39s HR director Paul Strutt said that 20 of the 53 trainees and newly-qualifieds eligible had expressed an interest immediately after the launch.

However, a spokesman at another Bristol firm is more sceptical. “We have faith in our trainees&#39 ability to manage their financial affairs,” he said. “There have been many products available to them and it&#39s their decision as to which ones they choose.”