Student Finance 2019 A GUIDE FOR UK/EU UNDERGRADUATES - LSE
Page content transcription
If your browser does not render page correctly, please read the page content below
Student Finance 2019 1 If you are thinking about going to university in that you are entitled to receive. There are 2019 you may be wondering about the cost also many other resources which provide of tuition, living costs and the availability of information on student finance and a list of loans and bursaries. This booklet sets out useful websites can be found at the back of the financial support which is on offer for this booklet. new undergraduates at LSE and also what The information in this booklet is correct at is available from the UK Government. You the time of going to print in February 2018. should read this information carefully to Please visit lse.ac.uk/ug/fees-funding for make sure that you don’t miss out on money the most up-to-date information.
2 Student Finance 2019 LSE tuition fees Undergraduate tuition fees Once the tuition fee loan is Students from Northern Ireland, for UK and EU students arranged, it is paid by the SLC Scotland and Wales directly to LSE after you have At the time of going to print the registered. The tuition fee loan is Students living in Northern Ireland, 2019 fee has not been set. The not paid to the student. Scotland and Wales, including 2018 fee is £9,250. Any further those who study in England, inflationary rise would have to be Students can apply for a loan receive their financial support approved by Parliament and is for the full fee or for any amount from their “home” devolved likely to announced in November below the full fee (if you or your administration. It is a matter for 2018. The fee may also rise with family want to pay some of the the devolved administrations inflation in the subsequent years fee up front). to decide how they wish to of your study. support their students. Interest charged on the tuition fee loan and the repayment terms are In 2017, students living in Northern Tuition fee loans the same as those applied to the Ireland and Scotland received maintenance loan (see page 7). tuition fee loans to cover the full Students from England and the EU cost of the fee for the duration of Non-UK EU students are generally the undergraduate programme. Under the 2018 arrangements, eligible to take out a tuition fee students ordinarily resident in loan, but this is may change Students from Wales received a England do not have to pay the with the terms of the UK’s non means-tested grant of £4,954 tuition fee up front. You do not exit agreement from the EU. (payable to the university) for have to start repaying the loan Information will be updated on part of the tuition fee, together until you have graduated from your gov.uk as soon as it is available. with a loan to cover the balance. programme and you are earning over £25,000 per year (see page 7). More information about tuition Students should check the relevant fee loans can be found on the website below for the latest The tuition fee loan is administered following websites: information on fees and financial by the Student Loans Company support available for 2019 entry (SLC), the company which also Gov.uk from their administration: handles maintenance loans for gov.ac.uk/studentfinance students. You should apply for the Northern Ireland tuition fee loan at the same time Moneysavingexpert.com studentfinanceni.co.uk that you apply for your maintenance Moneysavingexpert.com/family/ loan, which is usually in the spring student-loans-tuition-fees-changes Scotland before you start university. saas.gov.uk Wales studentfinancewales.co.uk
Student Finance 2019 3 LSE financial support LSE Bursaries LSE Discretionary Bursaries Undergraduate students from the UK and EU students are eligible for an LSE A number of Discretionary Bursaries Bursary assessed according to household income. For new students starting are available for LSE students who in 2018, the maximum Bursary available is £4,000 per year for those students face exceptional financial need. This with the lowest residual incomes. The Bursary value tapers to £750 for those might include, for example, caring students on higher incomes to a maximum of £42,611. responsibilities, financial need related to disability or the unavoidable LSE Bursaries requirement to live at home. The value of the award may vary according to Students’ household income LSE award per annum need, but is not expected to exceed a £0 – £18,000 £4,000 total of £4,000 combined with the LSE Bursary. These bursaries do not have £18,001 – £25,000 £3,500 to be repaid. £25,001 – £30,000 £2,750 You should apply using the application £30,001 – £35,000 £1,750 form, which can be found at lse.ac.uk/ £35,001 – £40,000 £1,000 ug/fees-funding. The form should £40,001 – £42,611 £750 be returned to the Financial Support Office by 31 August 2019. These Bursary values are provisional pending confirmation by the Office for Although the terms of the UK’s exit Fair Access in Summer 2018. agreement from the EU have not yet You can use this Bursary to help with Eligibility for the LSE Bursary been finalised, LSE will continue to your living costs or to help pay for is assessed annually (in line make funding available to all students your accommodation. It is up to you with annual assessments for regardless of fee status. how you choose to use your Bursary. maintenance loans). UK students do not have to apply separately for the LSE Bursary. There is no limit to the number of LSE Bursaries available. All UK We will use the financial information students who are eligible for an LSE you provide to the SLC when Bursary will receive one. applying for your maintenance loan to determine your eligibility for and The LSE Bursary does not have the value of your Bursary, provided to be repaid. you opt to be means-tested (see Applying for loans on page 6). EU students are eligible for an LSE EU Bursary based on the You will be notified during the same income assessment as summer before the start of your used for UK students. Application degree programme of your Bursary is by completion of a form, which award. The Bursary will then be can be found at lse.ac.uk/ug/ paid into your bank account in fees-funding three termly instalments. The first instalment will be paid in the October of the first term once you have registered.
4 Student Finance 2019 LSE scholarships Eligibility is often limited by, for It is too early to say which of these example, place of residence or awards will be available in 2019 but In addition to the LSE Bursary, the programme of study. However, you should check lse.ac.uk/ug/ School also makes available a all scholarships are awarded on fees-funding from Autumn 2018 to range of scholarships for its new the basis of financial need. see what is available for students undergraduates from the UK, EU and starting in 2019. You are advised overseas. These scholarships are In 2017 the following scholarships to apply once you have accepted donated by external organisations were available for students from the your offer. The final deadline for or alumni of the School. UK and EU. applications will be 1 June 2019. LSE scholarships and eligibility LSE Access to Education Scholarships Name Value Eligibility LSE is offering three awards made up of support for the tuition fee and Kadas Scholarship £15,000 per year Home EU applicant livings costs for: from specific countries (three awards) • an asylum-seeker; or Richard Jonathan Clark Fees plus £8,083 UK or EU applicant for Scholarship per year any programme • a refugee; or Pass the Torch Scholarships £20,000 per year EU or UK applicant • a person with humanitarian on any programme protection; or (two awards) Golden Scholarship £5,000 per year Home UK applicant • a person who is resident in the UK (preference for female and has been granted Discretionary/ applicant) Limited Leave to Remain in the UK. Dr Christos Pissiotis £9,250 per year Greek resident with Priority will be given to those who Scholarship an offer on the BSc are unable to access funding from Economics or an Student Finance England (or its economics-related national equivalent in Northern programme Ireland, Scotland and Wales), but each case will be assessed on need. If you are assessed as paying the overseas fee rate the minimum award will be the difference between the overseas fee rate and £9,250 (equivalent to a partial fee waiver). The maximum award will cover all fees due and up to £10,750 for maintenance. Deadline for applications will be April 2019.
Student Finance 2019 5 Government financial support The following information sets for students studying in London (ie, of their parental income. This out what is available for the 2018 at LSE) and living away from home amounted to £5,654 to study in academic year. At the time of going is £11,354. If you study outside London (of a total of £11,354). to print 2019 figures were not London or if you live at home while Later figures are not yet available. available. Please check the you study, the maximum loan value gov.uk/studentfinance website for is lower – maximum £7,324. Income assessed loan: The the most up-to-date information. remainder of the amount you There are two elements to the can borrow is means-tested (ie, it Maintenance loan maintenance loan: a guaranteed depends on your or your parents’ loan and an income assessed loan. household income). All eligible students from England are able to take out a maintenance Guaranteed loan: Part of the The maintenance loan does have loan to help with living costs. In maintenance loan was available to be repaid. 2018 the maximum loan available to everyone in 2018 regardless The scholarship and funding I received enabled me to take up my place to study law at LSE. I have always been interested in studying law. LSE is an amazing university with great alumni, but I also chose it because of its impressive debate agenda, public events schedule, and ideal location in central London; a melting pot of law firms, Parliament and government offices. I love the diversity of the city, it’s a great place to study law and it’s a great place to socialise and have fun. My programme is both enjoyable and challenging. I feel like my opinion really counts; in classes I am able to channel my views and engage with and debate the material from lectures. The support from my teachers and peers at LSE and the skills I’ve gained have also helped me to advance my equal access campaign. I study not only to gain knowledge but to decide how I will use this knowledge to change injustices within and around my community. I am now a Pathways to Law mentor here at LSE and this opportunity is invaluable; it is a pleasure to guide my mentees by offering support as they complete their A levels. Chrisann Jarrett London, UK LLB
6 Student Finance 2019 Applying for loans information which the SLC uses Household residual income to assess your eligibility for an You should apply for both your loans assessed maintenance loan which is This is effectively the household (maintenance and tuition fee) in the additional to the basic loan of £5,354 income BEFORE tax and AFTER spring before you start university. (2018 figures). The information any pension contributions or The Student Loans Company submitted on the application form allowances for dependent children. (SLC) usually announces a date in allows the SLC to calculate the January/February when applications For all those dependent students “household residual income” (see open and a deadline in May by which (ie, not independent) then the section below). You can also allow you should submit your application. income assessment is based on your chosen university to access this You should check gov.uk and your combined parents’ income – financial information so that they slc.co.uk for further details. though if you have substantial can assess your eligibility for their savings/investments of your own own bursaries and scholarships. You and your family will need to generating income they will be In the case of LSE, this means that complete a PN1 form which asks taken into account. you will not have to apply separately for a range of financial information for our Bursaries (see LSE financial about you and the household in If your parents are divorced or support section on page 3). which you live. It is this financial separated then the SLC will assess the income of the parent you live with most of the time. If that parent Financial support by household income (2018 figures) remarries or has a cohabiting partner, their joint income will then Household income Income assessed living cost loan be assessed. (maximum London rate £11,354) £25,000 or less £11,354 Students from Northern £30,000 £10,719 Ireland, Scotland and Wales £35,000 £10,084 In 2018 there were grants and £40,000 £9,449 loans for living costs available £45,000 £8,813 for students from the UK devolved administrations. Please £50,000 £8,178 see their websites for information £55,000 £7,543 on 2019 support. £60,000 £6,907 £65,000 £6,272 over £70,000 £5,654 2019 figures had not been published by the Department of Business Innovation (BIS) at the time of going to print.
Student Finance 2019 7 Repayment of loans and While studying: The loan Graduates earning over £45,000: rates of inflation accrues interest at the rate of The loan accrues interest at the inflation, as measured by the Retail rate of RPI inflation plus 3 per cent. If you take out a tuition fee loan Price Index (RPI), plus 3 per cent. and a maintenance loan they are This continues until the first April The table below shows some bundled together to make one after graduation after which a salaries and typical repayments. combined loan. Interest starts to progressive taper is applied. accrue on the loan from the day The loan is repaid through the you receive the money. Graduates earning less than income tax system if you work in £25,000: The loan accrues interest the UK. Student loans do not go on You only start to repay your at the rate of RPI inflation. credit files. student loan after you graduate The student loan is written off and once you are earning over Graduates earning between after 30 years. £25,000 per year. You only repay £25,000 and £45,000: The interest 9 per cent of everything you rate will gradually rise from RPI to RPI In 2012, the Government earn annually above £25,000. plus 3 per cent the more you earn announced that graduates would (the interest rises 0.00015 per cent be allowed to repay their loans Rates of interest vary throughout for every extra pound you earn or, early, if they wished to do so, the life of the loan and are currently put another way, if you earn £1,000 without any penalty being applied. published as: more you accrue 0.15 per cent extra interest). These thresholds rise with average earnings. Sample repayments* Salary Amount of salary from Monthly which 9 per cent will be repayment deducted £30,000 £5,000 £37.50 £35,000 £10,000 £75.00 £47,000 £22,000 £165.00 £52,000 £27,000 £202.50 £60,000 £35,000 £262.50 * Provisional figures based on data supplied by the Department for Business, Innovation and Skills (BIS) in December 2017.
8 Student Finance 2019 Other support • have at least one dependent Parents’ Learning Allowance (PLA) child who is under 17, is registered Students who are eligible as having special educational You can apply for a Parents’ for benefits needs, and in registered or Learning Allowance if you’re a approved childcare. full-time undergraduate student In 2018, the maintenance with dependent children. This helps loan available to students who Disabled Students’ with the extra costs associated qualify for benefits was enhanced. with being a parent and a student. Allowance (DSA) The maximum loan for study in You don’t need to be paying for London was £12,382 and for those Disabled students from the UK can childcare to be eligible. living at the parental home it was access DSAs which are grants to £8,640. This replaces the Special help with extra costs you might face Adult Dependants’ Grant (ADG) Support Grant. as a result of a disability, long-term health condition, mental-health You can apply for the Adult Childcare Grant (CCG) condition or specific learning Dependants’ Grant if you’re a full- difficulty like dyslexia. time UK undergraduate student and You can apply for a Childcare Grant you have an adult who depends if you’re a full-time undergraduate Please visit gov.uk/disabled- on you financially. The adult can student living and studying in students-allowances-dsas for more be a partner or another adult who England and you: information about DSAs. depends on you financially, but you can’t count grown-up children as • have at least one dependent child adult dependants. who is under 15 and in registered or approved childcare; or I chose this programme as I knew that it wouldn’t just outline the theory but also highlight and explain the causes behind various issues and situations. During my time here, I’ve also taken part in hosting the Alternative Investments Conference (AIC), which brings together over 300 students from across the world to engage and speak with renowned global hedge fund managers and private equity fund managers. The resources at LSE help you grow and learn, not only in your field of study, but also individually as a person. I feel comfortable that LSE will help me to achieve what I really want in life. Receiving a scholarship has allowed me to feel financially stable. The funding has also allowed me to broaden my horizons both academically and socially; I am able to purchase new books, buy into societies at LSE and go out and meet new people! Jackson Read Southend, UK BSc Government
Student Finance 2019 9 Living costs The perceived cost of living and • You can also choose to live in You might also choose to save studying in London is a concern private housing in London in your money by cycling – there is a public for many students, but if you plan first year; in second and third cycle hire scheme in London, or you carefully and budget efficiently year, most students will live in can use your own bicycle. then it certainly is possible to private housing. take advantage of the amazing opportunities the capital has to offer, For more information, see Useful travel links whilst living within your means. lse.ac.uk/accommodation Transport for London LSE broadly estimates that Fares, payment methods, and maps students should allow £1,100- Travel for London Underground and buses £1,300 per month for all tfl.gov.uk LSE Halls are all within walking living expenses, including distance of campus, but London How to get to LSE accommodation, travel, food, is a large city and you will need to lse.ac.uk/lse-information/ laundry, study costs, and other factor travel costs into your budget. campus-map personal expenses. The main forms of public transport are the London Underground (the “Tube”), buses and taxis. The Food Useful budgeting tools transport system uses “zones” to We estimate that students will UCAS budget calculator determine how much you pay – spend £50-£200 per month on ucas.com central London is Zone 1, with higher food, depending on whether you zones the further out you travel. live in catered or self-catered Halls. Gov.uk calculator LSE, our accommodation and most There are steps you can take to gov.uk/student-finance-calculator cultural attractions are within Zone 1 reduce your food expenditure; and 2; in second and third year, you for example, shopping at local may need to travel out to Zone 4, markets, shopping and cooking Accommodation depending on where you live. with your flatmates, and bringing a LSE provides a range As a student, you are entitled to packed lunch to university. of accommodation for first year receive 30 per cent off standard students, with varying costs Tube and bus fares if you purchase depending on location, room type a Student “Oyster Card”. See the and facilities. table below for typical travel fares. • LSE Halls cost between £100 and £390 per week Weekly travel with student Monthly travel with student discount discount • This includes utility bills, internet Zone 1 only £23.80 £91.40 access and contents insurance Zones 1-2 £23.80 £91.40 • Pay up front or in three Zones 1-3 £27.90 £107.20 termly instalments Zones 1-4 £34.20 £131.40 • In catered halls, one or two of your daily meals will be included. In self-catered halls, you will need to buy your own groceries
10 Student Finance 2019 Study costs Personal expenses Useful links for saving Study costs include books, You will also need to consider money stationery and any other equipment how you will budget for things like NUS extra discount card to assist you with your studies. clothing, gym memberships, nights nus.org.uk Although some students prefer to out, mobile phone bills, or anything buy books new, you can save a lot else that you will want to buy. LSE Students’ Union of money buying them second- lsesu.com hand from older students or recent Remember that students are graduates. You don’t necessarily often entitled to discounts. The Student Beans need to buy even your core texts – National Union of Students (NUS) Discount site for students the library stocks multiple copies of discount card will give you access studentbeans.com core and recommended readings to discounts across clothing, food (as well as single copies of more and socialising. The LSE Students’ Time Out magazine specialist books). A large amount Union offers lots of societies, Weekly events listings for London, of reading material is now also activities and social events at including free things to do available online. cheap rates. London is also full of timeout.com free activities – for example, most museums are free to enter.
Student Finance 2019 11 Further information The following websites provide LSE undergraduate fees Students from Scotland more information for prospective and funding saas.gov.uk university students: lse.ac.uk/ug/fees-funding Students from Wales MoneySavingExpert.com Gov.uk studentfinancewales.co.uk LSE alumnus Martin Lewis has gov.uk/studentfinance also published a number of YouTube videos about student Students from Northern Ireland funding and money matters. studentfinanceni.co.uk moneysavingexpert.com/ family/student-loans-tuition- fees-changes The best thing about studying at LSE is the academic and social side of the university. You are mixed in with the brightest people and you are taught by famous professors. Also, in London, there are so many activities you can take part in. Receiving the scholarship has eased my financial difficulties and has given me the opportunity to concentrate on my studies and hobbies. I joined the Football Society (LSESU FC) and I could never imagine having so much fun. The biggest opportunity I think is that you have global firms coming to campus and giving you presentations. You get a real insight into these firms and the chance to get to know their employees. When I graduate, I would like to do my master’s degree at LSE. In three years’ time I will have a better understanding of what I would study, but I can already imagine myself studying another management degree. Anh Phung Prague, Czech Republic BSc Management
12 Student Finance 2019 Meet, visit and discover LSE OPEN DAYS VIDEOS Wednesday, 11 April 2018 Thursday, 5 July 2018 CAMPUS WEBINARS TOURS STUDENT STUDENT BLOG SHADOWING SELF-GUIDED TOURS STUDENT VIDEO DIARIES DROP-IN SERVICE VISITS AROUND THE UK AND THE WORLD lse.ac.uk/meet-lse
Student Finance 2019 13
lse.ac.uk/visitlse lse.ac.uk/lsevisitsyou blogs.lse.ac.uk/studentsatlse COVER IMAGE: ©MIKE KEMP/GETTY IMAGES @londonschoolofeconomics @studylse youtube.com/lsewebsite facebook.com/lseps lse.ac.uk/studycontactus lse.ac.uk
You can also read