Funding the SQE

Nov 02, 2021

Written By Emily Buckley

Qualifying as a solicitor is changing. The Solicitors Regulation Authority (SRA) has launched its Solicitors Qualifying Examination (SQE): a new route for budding lawyers that will eventually replace the current Legal Practice Course (LPC). It’s cheaper than the LPC, but is still thousands of pounds. How can you finance it?

Costs

The two assessments alone for SQE1 and SQE2 amount to £3,980 and, should you apply for ULaw’s LLM Legal Practice programme, tuition fees range from £12,000 to £16,500.

Law firms

Some firms are currently planning to fund SQE prep courses for their current and future trainees.

It’s always worth being cautious when it comes to finances: if you choose to have SQE courses funded by a firm, make sure they've officially confirmed this funding before you take it as a given.

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Scholarships & bursaries

Fear not if you are yet to acquire a training contract, as there are some scholarships up for grabs. For instance, training provider Kaplan – running the SQE exams – has announced that funds will be in place to provide financial support to some students with regards to the £3,980 assessment costs.

The size and number of such grants, together with the criteria for successful applications, are yet to be announced but keep your eyes peeled for further information.

The Law Society’s Diversity Access Scheme has been extended to cover financing the SQE for students from less advantaged backgrounds, such as those who attended non-fee-paying schools, were entitled to free school meals, were the first generation in their family to attend university and have less than £5,000 to their name.

You can claim up to the full cost of both the tuition and exam fees through this channel, so ensure you have read through the application process if you think it might be a suitable option. Previous applicants had to submit a 750-word essay and attend an interview, so preparation and time management will be essential here, but well worth the effort.

ULaw is also offering support to its students taking the LLM Legal Practice course, namely the Charles Russell Speechlys scholarship of £5,000. All applicants will need to fill out an online assessment, with finalists undertaking a pre-recorded presentation and a live interview. This is available to all ULaw students – alongside the Professional Services Excellence Award for £3,000 – as well as some campus-specific options.

Students in Hong Kong, for example, could receive a 10% discount through the Hong Kong Campus Award, whilst those attending the Chester and Manchester campuses could attain £250 to £1,500 towards their expenses from the Rice-Jones Scholarship. Individual SQE1 and SQE2 preparation courses have so far been excluded from the postgraduate bursaries and scholarships.

Student finance options

Despite the SQE being promoted as more accessible than the LPC, there are no plans to supply government-backed student finance loans for the “pure” individual courses as of yet. However, if you are looking for a law conversion course and are not intimidated by the thought of undertaking a master’s degree, ULaw’s MA Law (SQE1) could be a good pathway for you.

This programme can be financed by a postgraduate master’s loan from the government and includes SQE1 prep (worth 60 credits) but does not cover the cost of any examination fees nor the SQE2 prep, so these three elements would need to be paid for using other means.

Introductory offers & discounts

To help aspiring SQE students, ULaw have announced a £500 concession for both the SQE1 prep course starting in 2021 and for the SQE2 prep course for November 2021 and February 2022.

Returning ULaw students can also use a £250 alumni discount on each of these individual courses, so this is certainly worth considering if you still need to pay for the SQE2 course.

Bank loans

A final alternative to consider is a postgraduate bank loan. Whilst banks will all have their own individual criteria when reviewing your application, the SQE’s potential to boost your future employability and earnings should work in your favour. One offer worth researching is Future Finance, which is advancing loans from £2,000 to £60,000 for law students with no fees or penalties should you pay the loan off early.

Always make sure you thoroughly read the terms and conditions of any loans you apply for, so that you’re fully informed about how it may affect your future finances.

Funding