Student Finance 2020 A guide for UK/EU undergraduates - LSE
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Student Finance 2020 A guide for UK/EU undergraduates
Student Finance 2020 1 If you are thinking about going to university in also many other resources which provide 2020 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 new undergraduates at LSE and also what at the time of going to print in March 2019. 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
2 Student Finance 2020
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 Students living in Northern Ireland,
2020 fee has not been set. The is not paid to the student. Scotland and Wales, including
2019 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 likely for the full fee or for any amount from their “home” devolved
to be announced in November 2019. below the full fee (if you or your administration. It is a matter for
The fee for new UK and EU students family want to pay some of the the devolved administrations
starting in 2019 is £9,250. The fee fee up front). to decide how they wish to
may also rise with inflation in the support their students.
subsequent years of your study. Interest charged on the tuition fee
loan and the repayment terms are In 2018, students living in
the same as those applied to the Northern Ireland and Scotland
Tuition fee loans maintenance loan (see page 7). received tuition fee loans to cover
the full cost of the fee for the
Students from England and the EU Non-UK EU students have been duration of the undergraduate
eligible to take out a tuition fee programme. 2019 information
Under the 2019 arrangements, loan, but this may change with the has not yet been published.
students ordinarily resident in terms of the UK’s exit agreement
England and the EU do not have to from the EU. Information will be For 2019 students from Wales
pay the tuition fee up front. You do updated on gov.uk as soon as it are eligible for a non-means
not have to start repaying the loan is available. tested fee loan of up to £9,250
until you have graduated from your (payable to the university) for
programme and you are earning More information about tuition part of the tuition fee, together
over £25,725 per year (see page 7). fee loans can be found on the with a loan to cover the balance.
following websites:
The tuition fee loan is administered Students should check the relevant
by the Student Loans Company Gov.uk website below for the latest
(SLC), the company which also gov.uk/studentfinance information on fees and financial
handles maintenance loans for support available for 2020 entry
students. You should apply for the Moneysavingexpert.com from their administration:
tuition fee loan at the same time Moneysavingexpert.com/students/
that you apply for your maintenance student-loans-tuition-fees-changes Northern Ireland
loan, which is usually in the spring studentfinanceni.co.uk
before you start university.
Scotland
saas.gov.uk
Wales
studentfinancewales.co.uk
Student Finance 2020 3
LSE financial support
LSE Bursaries Eligibility for the LSE Bursary LSE Discretionary Bursaries
is assessed annually (in line
UK students with annual assessments for A number of Discretionary Bursaries
maintenance loans). are available for LSE students who
In recent years we have offered face exceptional financial need. This
one of the most generous bursary There is no limit to the number might include, for example, caring
packages in UK higher education. of LSE Bursaries available. All UK responsibilities, financial need related
The LSE Bursary programme for students who are eligible for an LSE to disability or the unavoidable
2020 entry will be confirmed in Bursary will receive one. requirement to live at home. The value
summer 2019, following approval of the award may vary according to
from the Office for Students. See The LSE Bursary does not have need, but is not expected to exceed a
lse.ac.uk/ug/fees-funding for to be repaid. total of £4,000 combined with the LSE
more information. Bursary. These bursaries do not have
EU students to be repaid.
In 2019 bursaries ranged from
£750 – £4,000 based on household For 2019, students from the EU You should apply using the application
income using the parameters set (outside the UK) were eligible for form, which can be found at lse.ac.uk/
up by Student Finance for living an EU bursary based on the same ug/fees-funding. The form should
cost loans. income assessment we used for be returned to the Financial Support
UK students. At the time of going to Office by 31 August 2020.
You can use a Bursary to help with print we are unable to confirm this
your living costs or to help pay for for 2020. Although the terms of the UK’s exit
your accommodation. It is up to you agreement from the EU have not yet
how you choose to use your Bursary. been finalised, LSE will continue to
UK students do not have to apply make funding available to all students
separately for the LSE Bursary. regardless of fee status.
We will use the financial information
you provide to the SLC when
applying for your maintenance loan
to determine your eligibility for and
the value of your Bursary, provided
you opt to be means-tested (see
Applying for loans on page 6).
You will be notified during the
summer before the start of your
degree programme of your Bursary
award. The Bursary will then be
paid into your bank account in
three termly instalments. The
first instalment will be paid in the
October of the first term once you
have registered.
4 Student Finance 2020
LSE scholarships Eligibility is often limited by, for You are advised to apply once
example, place of residence or you have accepted your offer.
In addition to the LSE Bursary, the programme of study. However, The final deadline for applications
School also makes available a all scholarships are awarded on will be 1 June 2020.
range of scholarships for its new the basis of financial need.
undergraduates from the UK, EU and LSE Access to Education
overseas. These scholarships are In 2019 the following scholarships Scholarships
donated by external organisations are available for students from the LSE is offering three awards made
or alumni of the School. UK and EU. Other awards are up of support for the tuition fee and
likely to come in and you should livings costs for:
check lse.ac.uk/ug/fees-funding
from Autumn 2019 to see what is • an asylum-seeker; or
available for students starting
in 2020. • a refugee; or
LSE scholarships and eligibility • a person with humanitarian
protection; or
Name Value Eligibility
• a person who is resident in the UK
Kadas Scholarship £15,000 per year Home EU applicant and has been granted Discretionary/
from specific countries Limited Leave to Remain in the UK.
(three awards)
Priority will be given to those who
LSE Stelios Scholarship £10,000 per year Seven awards from
are unable to access funding from
Greece, Cyprus and
Student Finance England (or its
the UK on a business
national equivalent in Northern
related programme
Ireland, Scotland and Wales), but
Pass the Torch Scholarships £10,000 per year EU or UK applicant each case will be assessed on need.
on any programme If you are assessed as paying the
(two awards) overseas fee rate the minimum
Brian Smith Scholarship £5,000 per year Home UK applicant award will be the difference between
(preference for female the overseas fee rate and £9,250
applicant) (equivalent to a partial fee waiver).
The maximum award will cover
New Futures Awards From £4,000 Up to 15 awards for UK all fees due and up to £11,385
upwards per year and EU students on any for maintenance. Deadline for
programme applications will be 26 April 2020.Student Finance 2020 5
Government financial support
The following information sets at LSE) and living away from home of their parental income. This
out what is available for the 2019 is £11,672. If you study outside amounts to £5,812 to study in
academic year. Please check the London or if you live at home while London (of a total of £11,672).
gov.uk/studentfinance website for you study, the maximum loan value
the most up-to-date information. is lower – maximum £7,529. Income assessed loan: The
remainder of the amount you
Maintenance loan There are two elements to the can borrow is means-tested (ie, it
maintenance loan: a guaranteed depends on your or your parents’
All eligible students from England loan and an income assessed loan. household income).
are able to take out a maintenance
loan to help with living costs. In Guaranteed loan: Part of the The maintenance loan does have
2019 the maximum loan available maintenance loan was available to be repaid.
for students studying in London (ie, to everyone in 2019 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
LLB6 Student Finance 2020
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 This is effectively the household
(maintenance and tuition fee) in the is additional to the basic loan of income BEFORE tax and AFTER
spring before you start university. £5,812. The information submitted any pension contributions or
The Student Loans Company on the application form allows the allowances for dependent children.
(SLC) usually announces a date in SLC to calculate the “household
February when applications open For all those dependent students
residual income” (see section
and a deadline in May by which you (ie, not independent) then the
below). You can also allow your
should submit your application. You income assessment is based on
chosen university to access this
should check gov.uk and slc.co.uk your combined parents’ income –
financial information so that they
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
remarries or has a cohabiting
partner, their joint income will then
Household income Income assessed living cost loan be assessed.
(maximum London rate £11,672)
£25,000 or less £11,672
Students from Northern
£30,000 £11,020 Ireland, Scotland and Wales
£35,000 £10,367
In 2018 there were grants and
£40,000 £9,714 loans for living costs available
£45,000 £9,062 for students from the UK
devolved administrations. Please
£50,000 £8,409 see their websites for information
£55,000 £7,756 on 2019 support.
£60,000 £7,103
£65,000 £6,451
over £70,000/not assessed £5,812Student Finance 2020 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
£25,725: 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.
£25,725 per year. You only repay £25,725 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 £25,725. 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 percent will be repayment
deducted
£30,725 £5,000 £37.50
£35,725 £10,000 £75.00
£45,725 £20,000 £150.00
£50,725 £25,000 £187.50
£60,725 £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 2020
Other support • have at least one dependent Please visit gov.uk/disabled-
child who is under 17, is registered students-allowances-dsas for
Students who are eligible as having special educational more information about DSAs.
for benefits needs, and in registered or
approved childcare. Parents’ Learning Allowance (PLA)
In 2019, the maintenance
loan available to students who Please note that from 2019/20 You can apply for a Parents’
qualify for benefits was enhanced. payments will be made directly Learning Allowance if you’re a
The maximum loan for study in to Childcare Providers based full-time undergraduate student
London was £12,729 and for those on actual costs incurred. Please with dependent children. This helps
living at the parental home it was visit gov.uk/childcare-grant for with the extra costs associated
£8,946. This replaces the Special more information. with being a parent and a student.
Support Grant. You don’t need to be paying for
Disabled Students’ childcare to be eligible.
Childcare Grant (CCG) Allowance (DSA)
Adult Dependants’ Grant (ADG)
You can apply for a Childcare Grant Disabled students from the UK can
if you’re a full-time undergraduate access DSAs which are grants to You can apply for the Adult
student living and studying in help with extra costs you might face Dependants’ Grant if you’re a full-
England and you: as a result of a disability, long-term time UK undergraduate student and
health condition, mental-health you have an adult who depends
• have at least one dependent child condition or specific learning on you financially. The adult can
who is under 15 and in registered or difficulty like dyslexia. be a partner or another adult who
approved childcare; or depends on you financially, but you
can’t count grown-up children as
adult dependants.
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 2020 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
LSE provides a range As a student, you are entitled to a 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 £107
and £405 per week Weekly travel with student Monthly travel with student
discount discount
• This includes utility bills, internet
Zone 1 only £24.50 £94.10
access and contents insurance
Zones 1-2 £24.50 £94.10
• Pay up front or in three
Zones 1-3 £28.80 £110.60
termly instalments
Zones 1-4 £35.30 £135.60
• 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 2020
Study costs Personal expenses Useful links for
Study costs include books, You will also need to consider saving 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 2020 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/
students/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 2020
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