Metro Bank has launched its new Professional Studies Loan Scheme to provide financial support for post-graduate study.

The new scheme will initially be available to students at The University of Law (ULaw), and has been designed to fund course fees and help with living costs.

The Professional Studies Loan Scheme will allow students to borrow between £1,000 ($1,648) and £25,000 to cover all or part of their course fees while an additional 20% can be used towards living expenses, subject to a maximum total loan amount of £25,000, and with no early repayment charges.

Students can defer repayments until up to six months after they have finished their studies and have up to five years to repay from the repayment start date.

Craig Donaldson, chief executive, Metro Bank said: "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."

"As the UK’s leading law school, we recognise that it’s not always easy to find the financial support needed to study. This Metro Bank scheme underlines our commitment to provide students with the best opportunities to enter the legal services sector," said John Latham, provost and CEO at The University of Law.

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According to the bank, the loan is available to students at any of ULaw’s eight centres for those studying full-time, part-time and online. Courses included are the Graduate Diploma in Law, LL.M Legal Practice Course and the Bar Professional Training Course.

Although ULaw is the only legal partner accessing the newly-created loan, Metro Bank is also looking at other educational institutions outside the Law faculties, a bank’s spokesperson told RBI. She also said the bank is not planning to offer any other tailored loans in the medium term.