Student Finance 2019 A GUIDE FOR UK/EU UNDERGRADUATES - LSE
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Student Finance 2019
A GUIDE FOR UK/EU
UNDERGRADUATES
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 GovernmentStudent 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 groceries10 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 Management12 Student Finance 2019
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