Students outraged as NatWest cancels vital post-grad loan

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  • Being in third year at university and having put down a deposit on a flat for next year - given that I was going to be doing the GDL - Natwest have now pulled the plug on its funding. There are no other sources of funding whatsoever. What are prospective students supposed to do? Outrageous decision.

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  • Given that there are 10 people finishing the LPC for every 4 traineeships being made available, this is only a sensible move by the banks.

    Put simply: banks should not lend money to people who do not stand a good chance of paying it back in a timely fashion. Someone who finishes the LPC without getting a trainee contract (i.e., 60% of people who passed the LPC last year) is not likely to be able to pay back the money lent to them in good time.

    If people want to complain, I would say that the first place they should send their complaints to should be the law schools who have been increasing their fees by 10% every year for the past few years. Increases in fees with no possible justification given the economic circumstances.

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  • I agree with their decision, although I think they should allow the loan for people who actually have a T/C.

    In any event the law schools and the people applying are also to blame. People should not undertake the course if they will not be able to get a T/C. Its the same advice for the BPTC and Pupillage. Applicants should seriously look at themselves before considering it as a career.

    Law schools should also lower the excessive costs.

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  • About time the banks withdrew these large loans from the public.

    The problem with society is that everyone wants to be the lawyer, the banker, the doctor, the office worker. Well the reality this is not possible so GET USED TO IT. Simple economics: too much demand (too many people wanting to be lawyers) too little supply (little number of traineeships available)

    The fact is that the banks should have realised a long time ago that there are no jobs left in the legal sector and that the legal bubble has burst. Too many stupid people have bought the idea that law is a secure job sector with high incomes to be made. That is a lie. Everyday, lawyers are being made redundant, cuts being made to legal aid and legal fees going up, making it impossible for clients to even bother seeing a lawyer.

    The legal sector is no longer a niche, but a burst bubble. So many LPC graduates coming out with no actual job offer in law, and the banks realising that their money is not being paid back. People studying law should realise there are no jobs left, but just too much competition. Just too much for this day and age.

    Law students should stop moaning and realise that in this economy, it is not feasible for others to pay for their dreams and ambitions. You want to study the LPC, then raise the money the old fashioned way-by getting a job and saving up.

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