Funding the MSc in Legal Technology

Jan 26, 2023

Written By Panashe Nyadundu

As technology has fast become a vital part of the legal sphere through means of support of the legal industry, services, software and much more; educational institutions have followed suit to provide courses that equip budding lawyers with the necessary technological acumen for issues in this field. Considering this, studying a Master’s (MSc) in Legal Technology is now a popular option for graduates who aspire to work in the legal tech sector.

Funding options

Like any other MSc, deciding how you will fund it is extremely important and is dependent on your personal circumstances, financial resources and ability to access financial aid. Wondering what your funding options are for MSc in Legal Technology? Read on to explore the many possibilities.

Most students do not outright pay for their degrees, and instead opt for financial aid to cover their tuition fees and living expenses.

Funding a master’s degree, like any degree is typically done through private sources such as:

Student Loan

Government agencies such as Student Finance England (SFE), Student Awards Agency for Scotland (SAAS), Student Finance Northern Ireland (SFNI) and Student Finance Wales (SFW) all provide postgraduate master’s loans for UK nationals.

Eligibility for this loan is dictated by your course, age, and nationality/residency status. Repayment of these loans begin when your income post university is past a certain threshold, determined by the agency.

It is important to note that you may not qualify for funding the MSc if one of the following applies:

- You have outstanding student loan repayments

- You have already completed a master’s degree or Phd

- A student loan agency has already granted you a loan for a previous master’s course

Student overdrafts

For UK nationals, arranging an interest-free arranged overdraft can be a great way to ensure that if you are ever financially stuck, you can fall back on your overdraft to cover textbooks, tuition or maintenance fees or unexpected costs. However, it’s important to make sure you have the capacity to pay back your overdraft once your course ends.

Personal Loan

Postgraduate loans can be offered by banks and private loan specialists. These types of loans differ from typical student loans, which are provided by government student finance agencies.

Specifically designed for postgraduates who are studying a masters, private banking lenders will set their own criteria based on your credit history, future employability, course duration, your university, and other financial factors, such as providing a guarantor.

International students may be eligible for these loans, however, it depends on the specific organisation.

Grants, Bursaries & Scholarships

Like undergraduate courses, those studying a master’s degree may obtain scholarships, bursaries, and grants to cover tuition costs, maintenance fees, or both. This form of funding is often provided by universities, charities, private individuals and companies, the government, and employers. If obtained, students do not have to pay back any money given to them.

Grants

Grants are often awarded to underrepresented groups such as individuals from low-income backgrounds, ethnic minorities or those who are unable to receive funding elsewhere.

Bursaries

Like grants, you may be entitled to a bursary if you identify with any of the aforementioned factors. In some cases, bursaries may offer more specific allowances for funding such as carers and specific courses.

Scholarships

Unlike grants and bursaries, scholarships are typically given to students who have shown incredible academic excellence. As such, the competition to get one is high. University departments, their alumni and companies in your career field are great places to look for scholarships.

Sponsorship from an employer

Employers may sometimes offer to pay for their future and existing employees MSc’s. As a result of this, employers will expect a return investment. They may ask that you work for them for a set time once the masters is complete, or you take on increased responsibilities and workload.

If your employer does not already offer sponsorship, it is worth doing the research to make a strong case for why they should fund your MSc.

Personal savings

If you have a substantial amount of personal savings, you may be interested in self-funding your MSc in technology. Although there is nothing wrong with using a loan to fund your studies, there are several benefits in using your own savings:

- You won’t acquire student loan related debt

- Avoiding interest rates

- Peace of mind that you don't need to find a way to support yourself

Family

Depending on your family’s financial circumstances, your parents, or other relatives may be able to provide monetary support for your living costs and tuition. Also, many organisations offer bursaries or additional support for students who are estranged from their family.

Personal income from part-time work

Working part-time while studying is an option for those who need to cover extra costs for their postgraduate degrees. Many students choose to take up part-time jobs to cover necessities or extras.

International students should note that they are restricted to working 20 hours a week during term-time. If you breach this, you may be prohibited from obtaining a new visa or completing your degree.

Finding what’s right for you

Taking time to find the right funding option that not only suits you but is available to you and within your means is extremely important! As tuition fees for an MSc in Legal Technology will cost you upwards of £10,000 in the UK, you will want to be content in your chosen payment choice.

Here are some factors to think about when deciding what may be best for you:

- Thinking about working part-time during your Master’s? A postgraduate degree is incredibly demanding, both physically and mentally. Working long hours before and after intense studying may cause burn out and affect your grades. So, it’s worth giving it some thought about how many hours you’ll be able to complete.

- Like any bank loan, you need to be confident that you will be able to pay it back within the agreed time frame. If you fail to pay your loan back, you’ll be at risk of damaging your credit score. As well as this, high interest rates may be off-putting for some.

- If you have agreed to be sponsored through an employer or scholarship, you will have to keep your end of the investment up, whether that is guaranteed employment with a firm or continuous high grades - be prepared to see this through!

- Student overdraft – While this may serve as a great buffer to keep you afloat, it’s easy to fall into the trap of spending it as free money; use it wisely, as you will have to pay it back.

University Funding