Starting university is an exciting time, but understanding the financial side of your degree is crucial for a smooth journey. This guide breaks down the essential information about undergraduate fees and the range of financial support available to help you focus on your studies, not just your finances.

1. The Cost of Tuition: Home vs. Overseas Fees

The first thing to understand is how your fee status determines the cost of your tuition.

1. Home Students (UK): The tuition fee is generally set in line with the maximum amount determined by the UK Government. For those eligible, you do not have to pay this amount upfront. You can apply for a Tuition Fee Loan from the relevant Student Finance body (like Student Finance England, Scotland, Wales, or Northern Ireland). This loan is paid directly to the university after you enrol.
2. Overseas Students (International): The fee is significantly different from the Home rate. A key point for international students is that the Overseas undergraduate fee is typically fixed for the duration of your programme based on your year of entry. This means you know what you will pay in your later years, even if the fee for new students rises.

Important Note on Fee Status: Your fee status (Home or Overseas) is assessed based on guidelines from the Department of Education and depends on things like your nationality and where you have been ordinarily resident. This decision is made after you apply.

2. Planning for Living Costs

Remember, your tuition fee only covers things like registration, lectures, classes, and student union membership. It does not cover your living expenses.

To give you an idea of what to plan for, a broad estimate for a student's living costs is needed. This covers everything you need to live in the city, including:

1. Accommodation (rent)
2. Food
3. Travel (local transport)
4. Laundry
5. Study materials
6. Other personal expenses

This estimated cost can vary greatly depending on your personal lifestyle and choices, especially where you choose to live. It is important to do your own research to create a realistic budget.

3. Essential Financial Support for Home Students

If you are a Home student, there are two main types of funding to help you manage your finances: government support and support from the university.

1. Government Loans: You can apply for a Maintenance Loan from Student Finance to help cover your living costs. This loan is means-tested, meaning the amount you receive depends on your household income.
2. LSE Bursary: This is one of the most valuable sources of financial aid. The LSE Bursary is non-repayable funding (you don't have to pay it back) and is awarded automatically to eligible Home students based on their assessed household income by the Student Loans Company (SLC). The value of the bursary varies and is designed to support your living or accommodation costs.

4. Scholarships and Financial Support for All Students

Both Home and Overseas students can benefit from scholarships and other financial aid, which are usually awarded based on a combination of financial need and academic merit.

1. LSE Scholarships: The university offers a variety of scholarships each year, often funded by private donations. Submitting a single, completed Undergraduate Scholarship Application will ensure you are considered for all scholarships for which you are eligible, saving you time.
2. Specific Schemes: There are dedicated programmes like the Undergraduate Support Scheme for Overseas fee status students who need financial assistance to cover their costs. There are also awards for specific groups, such as the Access to Education Undergraduate Scholarships for asylum seekers, refugees, and those with limited leave to remain in the UK.

Scholarship amounts and eligibility criteria change yearly, so it is crucial to check the most up-to-date details and submit your application on time after receiving an offer of admission.

Reference

1. https://www.lse.ac.uk/study-at-lse/Undergraduate/fees-and-funding