A decision by NatWest to cease offering preferential loans to students studying the Legal Practice Course has prompted concerns over access to the profession.
NatWest, owned by Royal Bank of Scotland, is currently the only bank to offer loans under a Professional Trainee Loan scheme for College of Law and BPP students sitting the LPC, Graduate Diploma in Law (GDL) and Bar Vocational Course (BVC).
The bank describes its interest rates as ‘preferential’, and students have up to 10 years to repay the loan. However, it will cease offering the product to new customers from the end of April.
Junior Lawyers Division spokesman Kevin Poulter said there had already been a big decline in professional skills training loans.
He said: ‘This could be the final straw. Graduates from affluent backgrounds can apply to the bank of mum and dad, but most are going to struggle.’
Law Society president Linda Lee said: ‘With so much government rhetoric about opening up access to the professions to people from disadvantaged socio-economic groups, this seems a move that will further undermine that objective from a bank with 85% public ownership.’
NatWest said other loan products would be available for graduates.
Medico-Legal News Source: Law Society Gazette
