The Cost of Graduate Study: Planning Your Investment

Starting a graduate degree is an investment in your future, and understanding the costs involved is the first and most important step. When you plan your budget, you need to consider two main areas: Tuition Fees and Living Costs.

1. Tuition Fees

Tuition fees for graduate programs can vary a lot depending on your chosen course and your fee status (whether you are a Home/UK student or an Overseas/International student).

1. Varying Costs: Specialized or professional Master's programs, such as those in Finance or Data Science, often have higher tuition fees than some other programs. The tuition fee is the cost for your teaching, supervision, examinations, and access to all the School's main resources and services.
2. Check Your Program: It is vital to check the exact fee for your specific program on the official website. The figures change each academic year, so look for the most current information.
3. Alumni Discount: If you completed your undergraduate study at the School and are starting a taught graduate program, you may be eligible for a fee reduction—often around 10% of the tuition fee.

2. Living Costs (The London Factor)

Studying in a major city like London means you must plan for significant living expenses. These costs are separate from your tuition.

1. Estimated Monthly Budget: The general recommendation is to budget for at least £1,550 per month for all living expenses.
2. What This Covers: This estimate includes your accommodation, food, travel (especially with a student travel card), personal expenses, and course materials.
3. Accommodation is Key: Your largest expense will typically be accommodation. Whether you choose a private rental or a place in one of the School's halls of residence will heavily influence your overall budget.

Funding Your Graduate Degree: Major Opportunities

The good news is that top universities offer a wide range of scholarships, studentships, and support schemes to help ease the financial pressure. You should never assume you cannot afford a degree before exploring all the funding options available.

1. Internal University Funding Schemes

These are the most relevant opportunities as they are specifically for students applying to the university.

1. The Graduate Support Scheme (GSS):
2. Focus: This scheme is primarily based on financial need. It is designed to supplement funding you have already secured.
3. Award Value: Awards can range from around £5,000 to £15,000.
4. How to Apply: By submitting the Graduate Financial Support Application, you are automatically considered for the GSS and other merit-based Master's Awards.
5. LSE Master's Awards:
6. These awards are often merit-based and are given to high-calibre students across different disciplines.
7. Research Funding (For PhD Students):
8. PhD Studentships: These are highly competitive, typically available for up to four years, and cover full tuition fees plus an annual living stipend. They are awarded based on outstanding academic merit and research potential.
9. ESRC Funding: Students in social science disciplines may be eligible for funding from the Economic and Social Research Council (ESRC) Doctoral Training Partnership (DTP). This funding is available to students of all nationalities.

2. Major External and Country-Specific Scholarships

Do not limit your search to just the university itself. Many prestigious external scholarships are available for international students.

1. Chevening Scholarships: A major global scholarship program for students with leadership potential.
2. Commonwealth Scholarships: Available for citizens of Commonwealth countries.
3. Joint Japan/World Bank Graduate Scholarship Program (JJ/WBGSP): Supports students from developing countries.
4. Country-Specific Awards: Many countries and foundations have agreements or dedicated scholarships for their citizens to study at top global institutions. Be sure to check your home country's education ministry and major international scholarship databases.

Key Financial Logistics and How to Apply

Understanding the application timeline and payment process is crucial for a smooth start to your studies.

1. The Funding Application Process

1. Apply for Your Course Early: This is the most important first step. You usually need a conditional or unconditional offer of admission before you can be considered for many internal awards.
2. The Single Application: For most of the university's internal scholarships, you only need to complete the Graduate Financial Support Application. This single application considers you for multiple different awards.
3. Deadlines: There is typically an early funding deadline for graduate applications. Submitting your main application for admission well in advance of this date is essential.

2. Payment and Loan Options

1. Payment Plans: For self-funded students, the university often offers flexible, interest-free payment plans. This allows you to split the tuition fee into several equal payments after the start of the program, rather than paying the full amount upfront.
2. Employer Sponsorship: If you are a working professional, especially for executive programs, explore the option of employer sponsorship. The structure of some graduate programs is well-suited for professionals who can immediately apply their learning in the workplace, making a strong case for employer support.
3. Government Loans: Eligible UK students can apply for a UK Government Postgraduate Loan to help cover both fees and living costs.

By carefully researching the fees for your specific program and actively pursuing the multiple avenues of financial aid—from need-based university schemes to global merit scholarships—you can build a robust funding plan for your graduate education.

References

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