Metro Bank, an independent UK high street bank, announced on Monday that it plans to provide financial support for post-graduate study with the launch of its new Professional Studies Loan Scheme, which is designed to provide finance for course fees and help with living expenses.
Initially, the scheme will be exclusively available to students at The University of Law (ULaw), a provider of professional legal education and training, who are studying full-time, part-time and online at any of ULaw’s eight centres. ULaw has centres in London, Birmingham, Bristol, Chester, Guildford, Manchester and York. Its courses include the Graduate Diploma in Law (GDL), LL.M Legal Practice Course (LL.M LPC) and the Bar Professional Training Course (BPTC).
The bank said it will provide loans of between GBP1,000 and GBP25,000 to cover all or part of a student’s course fees. A further 20% can be put towards living costs, subject to a maximum total loan amount of GBP25,000, with no early repayment charges. Students have up to five years to repay from the repayment start date. Repayments can be deferred until up to six months after the student has finished their studies, as long as no study gaps are taken between courses, for example taking any time-out between or during courses, deferring or intermitting any part of the course, switching from a full-term to part-time course mid-term, or discontinuing, cancelling or withdrawing from a course.
Chief executive of Metro Bank, Craig Donaldson, stated: “This is an exciting development for Metro Bank and demonstrates our commitment to broadening our offering to suit customers’ needs. We’re proud to be working with The University of Law as our launch partner for the new loan, and hope to support many budding lawyers through the scheme. Metro Bank is a community bank focused on offering the best in service and convenience, and we hope to be able to work in partnership with other educational institutions to offer the Professional Studies Loan in the future.”
John Latham, Provost and CEO at The University of Law commented: “Metro Bank is a modern pioneer in retail banking and we’re pleased to be partnering with a business that shares our values for innovation and forward thinking. Being able to offer Metro Bank’s Professional Studies Loan Scheme allows the University to continue to attract the best talent from a diverse range of backgrounds.
A range of products are offered by Metro Bank, such as tailored business banking services that include a full range of lending and cash management solutions and private banking that provides bespoke banking solutions for customers’ personal and commercial interests. Retail banking includes daily branch banking, 362 days of the year. Metro Bank’s new rapid account opening procedure provides on the spot bank cards and cheque books. Each store provides free coin counting with the Metro Bank Magic Money Machine. In addition dog -owners are made welcome with water bowls and dog biscuits available for their pets.
All Metro Bank products are subject to status and approval. Applicants must be UK passport holders, the bank added.