Sir Paul remains a patron of the performing arts school
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A fame school co-founded by Sir Paul McCartney is considering applying for university status.
The principal of Liverpool Institute for Performing Arts (LIPA), Mark Featherstone-Witty, says university status would give it "more freedom".
Mr Featherstone-Witty, who set up the institute with Sir Paul in 1996, is now weighing up the financial viability of pursuing such a request.
Former students include singer-songwriter Sandi Thom.
The graduate praised the school last summer when her debut album entered the charts at number one.
'Expensive process'
About 700 students currently attend the institute, which has seen an 18% rise in the number of people applying to study there this year.
Mr Featherstone-Witty said: "We are seriously interested in becoming a university but there are a few factors that we have to look at first.
"It is a lengthy and expensive process which costs around £30,000 so I need to be absolutely certain that it will benefit the institute before we consider diverting funds from frontline services for students to fund the application."
Students graduating from the institute currently receive their degrees through Liverpool John Moores University but the institute would be able to award its own degrees if it was given university status.
It would also allow the institute more administrative freedom if it wanted to alter courses or appoint examiners.