STUDENT FINANCE 2021 A GUIDE FOR UK/EU UNDERGRADUATES - London School of Economics
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STUDENT FINANCE 2021
A GUIDE FOR UK/EU UNDERGRADUATES
A
If you are thinking about going to university in also many other resources which provide
2021 you may be wondering about the cost information on student finance and a list of
of tuition, living costs and the availability of useful websites can be found at the back of
loans and bursaries. This booklet sets out this booklet.
the financial support which is on offer for The information in this booklet is correct at
new undergraduates at LSE and also what the time of going to print in February 2020.
is available from the UK Government. You Please visit lse.ac.uk/ug/fees-funding for
should read this information carefully to the most up-to-date information.
make sure that you don’t miss out on money
that you are entitled to receive. There are
B 1
LSE TUITION FEES LSE FINANCIAL SUPPORT
Undergraduate tuition fees Once the tuition fee loan is Students from Northern Ireland, LSE Bursaries Eligibility for the LSE Bursary LSE Discretionary Bursaries
for UK and EU students arranged, it is paid by the SLC Scotland and Wales is assessed annually (in line
directly to LSE after you have UK students with annual assessments for A number of Discretionary Bursaries
At the time of going to print the 2021 registered. The tuition fee loan Students living in Northern Ireland, maintenance loans). are available for LSE students who
fee has not been set. As a guide, the Scotland and Wales, including In recent years we have offered face exceptional financial need. This
is not paid to the student.
2020 fee is £9,250 and any further those who study in England, one of the most generous bursary There is no limit to the number might include, for example, caring
inflationary rise would have to be Students can apply for a loan receive their financial support packages in UK higher education. of LSE Bursaries available. All UK responsibilities, financial need related
approved by Parliament. The fee for the full fee or for any amount from their “home” devolved The LSE Bursary programme for students who are eligible for an LSE to disability or the unavoidable
may also rise with inflation in the below the full fee (if you or your administration. It is a matter for 2021 entry will be confirmed in Bursary will receive one. requirement to live at home. The value
subsequent years of your study. family want to pay some of the the devolved administrations summer 2020, following approval of the award may vary according to
fee up front). to decide how they wish to from the Office for Students. See The LSE Bursary does not have need, but is not expected to exceed a
support their students. lse.ac.uk/ug/fees-funding for to be repaid. total of £4,000 combined with the LSE
Tuition fee loans Interest charged on the tuition fee more information. Bursary. These bursaries do not have
loan and the repayment terms are In 2019, students living in EU students to be repaid.
Students from England and the EU the same as those applied to the Northern Ireland and Scotland In 2020 bursaries ranged from
maintenance loan (see page 7). received tuition fee loans to cover £750 – £4,000 based on household For 2020, students from the EU You should apply using the application
Under the 2020 arrangements, the full cost of the fee for the income using the parameters set (outside the UK) were eligible for form, which can be found at lse.ac.uk/
students ordinarily resident in Non-UK EU students have been duration of the undergraduate up by Student Finance for living an EU bursary based on the same ug/fees-funding. The form should
England and the EU do not have to eligible to take out a tuition fee programme. 2020 information cost loans. income assessment we used for be returned to the Financial Support
pay the tuition fee up front. You do loan, but this may change with the has not yet been published. UK students. At the time of going to Office by 31 August 2021.
not have to start repaying the loan terms of the UK’s exit agreement You can use a Bursary to help with print we are unable to confirm this
until you have graduated from your from the EU. Information will be In 2019, students from Wales your living costs or to help pay for for 2021. Although the terms of the UK’s exit
programme and you are earning updated on gov.uk as soon as it were eligible for a non-means your accommodation. It is up to you agreement from the EU have not yet
over £25,725 per year (see page 7). is available. tested fee loan of up to £9,250 how you choose to use your Bursary. been finalised, LSE will continue to
(payable to the university) for UK students do not have to apply make funding available to all students
The tuition fee loan is administered More information about tuition part of the tuition fee, together separately for the LSE Bursary. regardless of fee status.
by the Student Loans Company fee loans can be found on the with a loan to cover the balance.
(SLC), the company which also following websites: We will use the financial information
handles maintenance loans for Students should check the relevant you provide to the SLC when
students. You should apply for the Gov.uk website below for the latest applying for your maintenance loan
tuition fee loan at the same time gov.uk/studentfinance information on fees and financial to determine your eligibility for and
that you apply for your maintenance support available for 2021 entry the value of your Bursary, provided
loan, which is usually in the spring Moneysavingexpert.com from their administration: you opt to be means-tested (see
before you start university. Moneysavingexpert.com/students/ Applying for loans on page 6).
student-loans-tuition-fees-changes Northern Ireland
studentfinanceni.co.uk You will be notified during the
summer before the start of your
Scotland degree programme of your Bursary
saas.gov.uk award. The Bursary will then be
paid into your bank account in
Wales three termly instalments. The
studentfinancewales.co.uk first instalment will be paid in the
October of the first term once you
have registered.
2 3
GOVERNMENT FINANCIAL SUPPORT
LSE scholarships Eligibility is often limited by, for You are advised to apply once The following information sets living away from home is £12,010. of their parental income. This
example, place of residence or you have accepted your offer. out what is available for the 2020 If you study outside London or if amounted to £5,812 to study in
In addition to the LSE Bursary, the programme of study. However, The final deadline for applications academic year. Please check the you live at home while you study, London (of a total of £11,672).
School also makes available a all scholarships are awarded on will be 1 June 2021. gov.uk/studentfinance website for the maximum loan value is lower –
range of scholarships for its new the basis of financial need. the most up-to-date information. maximum £7,747. Income assessed loan: The
undergraduates from the UK, EU and LSE Access to Education remainder of the amount you
overseas. These scholarships are In 2020 the following scholarships Scholarships Maintenance loan There are two elements to the can borrow is means-tested
donated by external organisations were available for students from the LSE is offering three awards made maintenance loan: a guaranteed (ie, it depends on your or your
or alumni of the School. UK and EU. Other awards are up of support for the tuition fee and All eligible students from England are loan and an income assessed loan. parents’ household income).
likely to come in and you should livings costs for: able to take out a maintenance loan
check lse.ac.uk/ug/fees-funding to help with living costs. In 2020 the Guaranteed loan: Part of the The maintenance loan does have
from Autumn 2020 to see what is •a
n asylum-seeker; or maximum loan available for students maintenance loan was available to be repaid.
available for students starting studying in London (ie, at LSE) and to everyone in 2019 regardless
in 2021. •a
refugee; or
LSE scholarships and eligibility (2020) •a
person with humanitarian
protection; or
Name Value Eligibility
•a
person who is resident in the UK
LSE Stelios Scholarship £10,000 per year Five awards for and has been granted Discretionary/ The scholarship and funding I received enabled me to take up my
students from Greece, Limited Leave to Remain in the UK. place to study law at LSE.
Cyprus and the UK I have always been interested in studying law. LSE is an amazing
on a business related Priority will be given to those who
university with great alumni, but I also chose it because of its
programme are unable to access funding from
impressive debate agenda, public events schedule, and ideal
Student Finance England (or its
New Futures Awards From £4,000 Up to 15 awards for UK location in central London; a melting pot of law firms, Parliament
national equivalent in Northern
upwards per year and EU students on any and government offices. I love the diversity of the city, it’s a great
Ireland, Scotland and Wales), but
programme place to study law and it’s a great place to socialise and have fun.
each case will be assessed on need.
Golden Scholarship £6,250 per year One award for a If you are assessed as paying the My programme is both enjoyable and challenging. I feel
female UK student on overseas fee rate the minimum like my opinion really counts; in classes I am able to channel
any programme award will be the difference between my views and engage with and debate the material from
Francesca Swirski £9,500 per year One award for EU the overseas fee rate and £9,250 lectures. The support from my teachers and peers at LSE
students from specific (equivalent to a partial fee waiver). and the skills I’ve gained have also helped me to advance
countries on any The maximum award will cover
my equal access campaign.
programme all fees due and up to £11,385
for maintenance. Deadline for I study not only to gain knowledge but to decide how I will use
Kadas Scholarship £15,000 per year One award for a student applications will be 26 April 2021. this knowledge to change injustices within and around my
from specific European community. I am now a Pathways to Law mentor here at LSE
countries on any and this opportunity is invaluable; it is a pleasure to guide my
programme
mentees by offering support as they complete their A levels.
Chrisann Jarrett
London, UK
LLB
4 5
Applying for loans information which the SLC uses Household residual income Repayment of loans and While studying: The loan Graduates earning over £45,000:
to assess your eligibility for an rates of inflation accrues interest at the rate of The loan accrues interest at the
You should apply for both your loans assessed maintenance loan which This is effectively the household inflation, as measured by the Retail rate of RPI inflation plus 3 per cent.
(maintenance and tuition fee) in the is additional to the basic loan of income BEFORE tax and AFTER If you take out a tuition fee loan Price Index (RPI), plus 3 per cent.
spring before you start university. £5,812. The information submitted any pension contributions or and a maintenance loan they are This continues until the first April The table below shows some
The Student Loans Company on the application form allows the allowances for dependent children. bundled together to make one after graduation after which a salaries and typical repayments.
(SLC) usually announces a date in SLC to calculate the “household combined loan. Interest starts to progressive taper is applied.
February when applications open For all those dependent students accrue on the loan from the day The loan is repaid through the
residual income” (see section
and a deadline in May by which you (ie, not independent) then the you receive the money. Graduates earning less than income tax system if you work in
below). You can also allow your
should submit your application. You income assessment is based on £25,725: The loan accrues interest the UK. Student loans do not go on
chosen university to access this
should check gov.uk and slc.co.uk your combined parents’ income – You only start to repay your at the rate of RPI inflation. credit files.
financial information so that they
for further details. though if you have substantial student loan after you graduate
can assess your eligibility for their The student loan is written off
savings/investments of your own and once you are earning over Graduates earning between
own bursaries and scholarships. after 30 years.
You and your family will need to generating income they will be £25,725 per year. You only repay £25,725 and £45,000: The interest
In the case of LSE, this means that
complete a PN1 form which asks taken into account. 9 per cent of everything you rate will gradually rise from RPI to RPI
you will not have to apply separately In 2012, the Government
for a range of financial information earn annually above £25,725. plus 3 per cent the more you earn
for our Bursaries (see LSE financial announced that graduates would
about you and the household in If your parents are divorced or (the interest rises 0.00015 per cent
support section on page 3). be allowed to repay their loans
which you live. It is this financial separated then the SLC will assess Rates of interest vary throughout for every extra pound you earn or,
early, if they wished to do so,
the income of the parent you live the life of the loan and are currently put another way, if you earn £1,000
without any penalty being applied.
with most of the time. If that parent published as: more you accrue 0.15 per cent extra
Financial support by household income (2019 figures)
remarries or has a cohabiting interest). These thresholds rise with
partner, their joint income will then average earnings.
Household income Income assessed living cost loan be assessed.
(maximum London rate £11,672) Sample repayments*
£25,000 or less £11,672
Students from Northern Salary Amount of salary from which Monthly
£30,000 £11,020 Ireland, Scotland and Wales 9 percent will be deducted repayment
£35,000 £10,367 £30,725 £5,000 £37.50
In 2019 there were grants and
£40,000 £9,714 loans for living costs available £35,725 £10,000 £75.00
£45,000 £9,062 for students from the UK
devolved administrations. Please £45,725 £20,000 £150.00
£50,000 £8,409 see their websites for information £50,725 £25,000 £187.50
£55,000 £7,756 on 2020 support.
£60,725 £35,000 £262.50
£60,000 £7,103
* Provisional figures based on data supplied by the Department for Business,
£65,000 £6,451
Energy and Industrial Strategy in December 2017.
over £70,000/not assessed £5,812
At the time of going to print the Department for Business, Energy and Industrial
Strategy had not yet published the figures for 2020.
6 7
LIVING COSTS
Other support • have at least one dependent child Parents’ Learning Allowance (PLA) The perceived cost of living and • In catered halls, one or two of your As a student, you are entitled to
who is under 15 and in registered or studying in London is a concern daily meals will be included. In self- receive 30 per cent off standard
Students who are eligible approved childcare; or You can apply for a Parents’ for many students, but if you plan catered halls, you will need to buy Tube and bus fares if you purchase
for benefits Learning Allowance if you’re a carefully and budget efficiently your own groceries a Student “Oyster Card”. See the
• have at least one dependent full-time undergraduate student then it certainly is possible to table below for 2020 travel fares.
In 2019, the maintenance child who is under 17, is registered with dependent children. This helps take advantage of the amazing • You can also choose to live in
loan available to students who as having special educational with the extra costs associated opportunities the capital has to offer, private housing in London in your You might also choose to save
qualify for benefits was enhanced. needs, and in registered or with being a parent and a student. first year; in second and third money by cycling – there is a public
whilst living within your means.
The maximum loan for study in approved childcare. You don’t need to be paying for year, most students will live in cycle hire scheme in London, or you
London was £12,729 and for those gov.uk/childcare-grant childcare to be eligible. LSE broadly estimates that students private housing. can use your own bicycle.
living at the parental home it was should allow £1,100-£1,300 per lse.ac.uk/accommodation
£8,946. This replaces the Special Disabled Students’ Adult Dependants’ Grant (ADG) month for all living expenses,
Support Grant. Allowance (DSA) including accommodation, travel, Useful travel links
You can apply for the Adult
food, laundry, study costs, and other
Childcare Grant (CCG) Disabled students from the UK can Dependants’ Grant if you’re a full- Travel Transport for London
personal expenses.
access DSAs which are grants to time UK undergraduate student and Fares, payment methods, and maps
LSE Halls are all within walking
You can apply for a Childcare Grant help with extra costs you might face you have an adult who depends for London Underground and buses
distance of campus, but London
if you’re a full-time undergraduate as a result of a disability, long-term on you financially. The adult can Useful budgeting tools is a large city and you will need to
tfl.gov.uk
student living and studying in health condition, mental-health be a partner or another adult who
depends on you financially, but you factor travel costs into your budget. How to get to LSE
England and you: condition or specific learning UCAS budget calculator
can’t count grown-up children as The main forms of public transport lse.ac.uk/lse-information/
difficulty like dyslexia. ucas.com
adult dependants. are the London Underground campus-map
gov.uk/disabled-students-
(the “Tube”), buses and taxis. The
allowances-dsas Gov.uk calculator
transport system uses “zones” to
gov.uk/student-finance-calculator
determine how much you pay – Food
central London is Zone 1, with higher
We estimate that students will
Accommodation zones the further out you travel.
spend £150-£200 per month on
During my time here, I’ve taken part in hosting the Alternative LSE, our accommodation and most
LSE provides a range food, depending on whether you
Investments Conference (AIC), which brings together over cultural attractions are within Zone 1
of accommodation for first year live in catered or self-catered Halls.
300 students from across the world to engage and speak and 2; in second and third year, you
students, with varying costs There are steps you can take to
with renowned global hedge fund managers and private equity may need to travel out to Zone 4,
depending on location, room type reduce your food expenditure; for
fund managers. depending on where you live.
and facilities. example, shopping at local markets,
The resources at LSE help you grow and learn, not only in your field shopping and cooking with your
of study, but also individually as a person. I feel comfortable that • LSE Halls cost between £103 flatmates, and bringing
LSE will help me to achieve what I really want in life. and £584 per week a packed lunch to university.
Receiving a scholarship has allowed me to feel financially stable. • This includes utility bills, internet
Weekly travel with student Monthly travel with student
The funding has also allowed me to broaden my horizons both access and contents insurance
discount discount
academically and socially; I am able to purchase new books, buy
into societies at LSE and go out and meet new people! • Pay up front or in three Zone 1 only £25.20 £96.80
termly instalments
Jackson Read Zones 1-2 £25.20 £96.80
Southend, UK Zones 1-3 £29.60 £113.70
BSc Government
Zones 1-4 £36.30 £139.40
8 9
FURTHER INFORMATION
Study costs Personal expenses Useful links for The following websites provide LSE undergraduate fees Students from Scotland
Study costs include books, You will also need to consider saving money more information for prospective and funding saas.gov.uk
university students: lse.ac.uk/ug/fees-funding
stationery and any other equipment how you will budget for things like TOTUM student discount card
to assist you with your studies. clothing, gym memberships, nights Students from Wales
totum.com Moneysavingexpert.com Gov.uk
Although some students prefer to out, mobile phone bills, or anything studentfinancewales.co.uk
LSE alumnus Martin Lewis has gov.uk/studentfinance
buy books new, you can save a lot else that you will want to buy. LSE Students’ Union also published a number of
of money buying them second- lsesu.com Students from Northern Ireland
YouTube videos about student
hand from older students or recent Remember that students are often studentfinanceni.co.uk
funding and money matters.
graduates. You don’t necessarily entitled to discounts. The TOTUM Student Beans
moneysavingexpert.com/
need to buy even your core texts – student discount card will give Discount site for students
students/student-loans-tuition-
the library stocks multiple copies of you access to discounts across studentbeans.com
fees-changes
core and recommended readings clothing, food and socialising. The
(as well as single copies of more LSE Students’ Union offers lots of Time Out magazine
specialist books). A large amount societies, activities and social events Weekly events listings for London,
of reading material is now also at cheap rates. London is also full of including free things to do
available online. free activities – for example, most timeout.com
museums are free to enter.
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
10 11
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prospectuses@lse.ac.uk
The London School of Economics and Political Science is a School of
the University of London. It is a charity and is incorporated in England
as a company limited by guarantee under the Companies Acts (Reg no 70527).
The School seeks to ensure that people are treated equitably, regardless
of age, disability, race, nationality, ethnic or national origin, gender, religion,
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Published by: Student Marketing and Recruitment, LSE.
Design: LSE Design Unit (lse.ac.uk/designunit).
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Acknowledgements: Thanks to all the students and staff who gave permission
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