BPP Law School has teamed up with Investec to offer its students an exclusive law loan.

The Investec loan, which students will be able to apply for from today (6 July), will be available to full-time UK students who have already accepted and enrolled to study the Graduate Diploma in Law (GDL), Legal Practice Course (LPC) or Bar Professional Training Course (BPTC) at any of BPP's eight locations.

Students will be able to borrow between £1,000 to £25,000 on a five-year fixed interest rate of 9.5%. The loan can cover all or part of the course fees, as well as living costs of up to 20% of the cost of the course.

BPP said the initiative had been developed in response to student feedback, citing funding as the number one barrier to studying law.

The loans will be able to be repaid through monthly instalments with a repayment holiday of 18 months from the start date of the loan.

Chief executive Peter Crisp (pictured) said: "We are pleased to be working with a highly-regarded financial organisation such as Investec, and this initiative will be welcome news to students. BPP is committed to supporting students as much as we can, and in addition to our scholarship programme, we are always looking for ways in which we can help train our future lawyers".

Investec director of structured finance Roy Beddows said: "The law loan has been designed to address the key funding requirements facing many law students and combines a competitive rate with a high degree of flexibility. We hope that it will enable those students who have previously been dissuaded from studying law because of lack of funding to review their decision and apply to BPP."

The news comes three months after NatWest withdrew its Professional Trainee Loan Scheme. NatWest was the only bank to offer loans to both College of Law and BPP students sitting postgraduate law courses.

Click here for more analysis from Charon QC.