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London School of Economics

London

LSE made me an offer! Now, how am I going to pay for this course!

I have been looking for ways to fund the course, thought I'd see what student room had to say. The course is Global Politics MSc and it costs £18,000!!! Would LSE's Graduate Support Scheme cover it? Any advice would be greatly appreciated.

Bill.

Reply 1

Klix88

From their web page about it
http://www2.lse.ac.uk/intranet/students/moneyMatters/financialSupport/ScholarshipsLSE/MScApp/GSS/GSS.aspx

GSS awards range in value from £3,000 to a maximum of £12,500 and have an average value of £6,000.

Because:

1. Graduate Support Scheme awards are intended to supplement funding already secured or expected, and not to provide a full funding package to applicants.

So in short, no. Sorry.

Did they not ask about funding when you applied? My Masters uni wouldn't give an offer unless you gave a credible plan for funding it in the application. Offers were then conditional on the funding being secured if you were planning to apply for things like competitive grants.

(edited 11 years ago)

London School of Economics

London

Reply 2

BillMurray

Original post by Klix88

From their web page about it
http://www2.lse.ac.uk/intranet/students/moneyMatters/financialSupport/ScholarshipsLSE/MScApp/GSS/GSS.aspx

Because:

So in short, no. Sorry.

Did they not ask about funding when you applied? My Masters uni wouldn't give an offer unless you gave a credible plan for funding it in the application. Offers were then conditional on the funding being secured if you were planning to apply for things like competitive grants.

Thanks for the response. No they didn't. Right, on this page it states "The value of support ranges in value from 10% of the tuition fee to a full fees and maintenance award", i'm wondering how one gets the full fees and maintenance award. Couldn't really figure it out from reading the page. Any ideas?
http://www2.lse.ac.uk/intranet/students/moneyMatters/financialSupport/ScholarshipsLSE/MScApp/taughtMScprogrammes.aspx

Reply 3

Klix88

If you look at that web page, it's split into two parts - the Graduate Support Scheme and Awards. It seems that it's the combination of the two which would potentially give you the full fees/maintenance. Some of the awards might be competitive and some will have tight qualification criteria - you might have to wade through them to find those which match your circumstances.

In your place I'd use the option about half way down the left of the page, "Contact the Financial Support Office", and ask them direct. Term is winding up now, so there should be people around to answer your question.

Reply 4

danny111

Original post by BillMurray

No, they do more funding for Phds, but not master, they got too many applicants for that anyway.

Reply 5

You!Me!Dancing!

Original post by BillMurray

Technically as they do courses which are only £8k fees, getting maximum GSS award would count as full fees and a maintenance award. However, I think there are Awards which cover this, I don't *think* GSS would give out £28k for example.

If you're a UK student I think technically full Graduate development loan (£10k) + working part time (£4k) + significant GSS funding (up to £12.5k) would cover it, if you really have no other way of doing it. Or you can defer your offer and save up?

Reply 6

BillMurray

Original post by You!Me!Dancing!

I have been rejected by the GSS, doubt I'll be able to get any scholarship or other awards to cover it. Damn it! It'll take me years to save that sought of money.

Reply 7

You!Me!Dancing!

Original post by BillMurray

I have been rejected by the GSS, doubt I'll be able to get any scholarship or other awards to cover it. Damn it! It'll take me years to save that sought of money.

Oh that's a shame :/ I thought the GSS was meant to be for those that wouldn't be able to afford it otherwise!

Reply 8

Klix88

Original post by BillMurray

I have been rejected by the GSS, doubt I'll be able to get any scholarship or other awards to cover it. Damn it! It'll take me years to save that sought of money.

I'm so sorry to hear that. Don't give up hope that one day you'll be able to take up a Masters. An offer from LSE is quite an achievement in its own right.

Maybe when you've recovered a bit, you could think about shopping around for a slightly less costly Masters? They do vary a lot even within the same uni. As a guide, it's the ones which attract full fee paying non-EU students from abroad, which tend to be the most expensive.

Good luck with the future.

Reply 9

Primal

Could you not take up a loan in a bank? Surely when you've finished your degree you'll be more than able to repay it. A friend of mine did that to be able to do a pilot education in USA.

Reply 10

LS9

Original post by BillMurray

Massive congratulations on your offer for this course. Might you be able to tell us anything about your application for this? I'm waiting for a response for this so would love to know anything about it!

Thanks so much.

Reply 11

BillMurray

Original post by LS9

Thanks! Sure, um, well according to one of my lectures LSE are looking for more UK students this year, can't say for sure whether this is 100 percent true, they wouldn't advertise that anyway. But I rekon my offer was based on the fact that I applied fairly early, had a strong personal statement (my lecturer went over it with me like 10 times!). My academic history from school to uni sucks and I only got a very low 2:1 in my second year, no internships or work experience whatsoever either. I was shocked when they gave me an offer! Also, I go to Staffordshire University as well, which is ranked poorly.

Reply 12

BillMurray

Original post by Primal

Could you not take up a loan in a bank? Surely when you've finished your degree you'll be more than able to repay it. A friend of mine did that to be able to do a pilot education in USA.

Hi, thanks for the response. Well there is the Careers Development Loan, but the maximum you can take out is around £10000. Do you mean like a normal loan? It would have to be at least £30000!!

Reply 13

Primal

Then borrow £30000 and let that sum fund your entire year at LSE, including food, rent, electricity, etc. I am assuming you would be able to actually get the loan. It's a ton of money, but if you're looking at your career prospects (since it's LSE we're talking about after all), you should be able to handle the loan in my opinion. Also, the interest rates are lower than they've been in a long time, so if you ever were to take up a loan, I'd say this is the time. I'm also guessing the bank would be willing to help you structure the loan in a beneficial manner.

For your £30000 you have to pay interest, but the UK market interest rate isn't expected to rise until 2017/2018 (according to interest rate futures - a decent estimate on future interest rate).

Alternatively you could apply for the Careers Development Loan, while at the same time apply for a £20000 loan.

Last alternative is to find a different place to study. It's still going to cost money though (£10000+).

Reply 14

You!Me!Dancing!

Original post by Primal

I think you would struggle for any bank to give you a 20k standard loan for an undergrad... and even if you could the repayments would be a massive risk. Yes, having an LSE degree will open doors but a job isn't going to fall in your lap just by having it, not in this economic climate.
I know LSE is good but MANY applicants that get accepted end up not being able to go there due to lack of funding. It's gutting and unfair, but it's the truth. Just look at the previous applicant boards.

If I were the OP I would defer and try and save up/reapply for GSS.