Financing your LL.B in UK undergraduate finance at private institutions. law.ac.uk/finance

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1 Financing your LL.B in 2015 UK undergraduate finance at private institutions law.ac.uk/finance

2 Financing your degree Our courses are cost-effective compared to many other university degrees, regardless of whether you study the two, three or four year course. UK students starting September 2015 Course Duration Total course fee Fee per year LL.B Law 2 year 18,000 9,000 LL.B Law 3 year 18,000 6,000 LL.B Law Part Time 4 year 18,000 4,500 LL.B/BA (Hons) Law with Accounting 3 year 27,000 9,000 LL.B/BA (Hons) Law with Business 3 year 27,000 9,000 2

3 What financial help is available to me? Fees You can take out a Tuition Fee Loan from the Student Loans Company (SLC) to help pay for the costs of your course. As the University of Law (ULaw) is a privately funded institution, all UK students choosing to study their LL.B with us will be able to apply for a loan of 6,000 per year. If you choose our three year course this sum will cover your course fees in their entirety. If you choose the two year course, it is your responsibility to pay the remaining balance of 3,000 each year for the two years of the course. How do I pay my fees? You can pay your annual fee in a lump sum just before you start studying with us in September, or you can pay in instalments. These instalments are equal in cost and are paid at the start of each term. If you decide to take out a Tuition Fee Loan ULaw will be able to collect the value of the fee loan directly from the Student Loans Company, provided that you confirm your individual student support number with the SLC. 3

4 Living costs You ll also be able to apply for loans and in some cases grants to help you with your living costs i.e. accommodation, travel and other costs such as stationary. All full-time students can apply for a Maintenance Loan. How much you will receive depends on where you intend to be living while studying, and where you ll be attending university. You can also apply for a Maintenance Grant. This is assessed on your household income at the time of application. Household income is simply how much money is coming into the house you re living in added together. Unlike loans grants do not need to be paid back. Both the Maintenance Loan and Grant are paid into your bank account in three instalments at the start of each term. To see the full amounts that could be available to you and to use a student calculator to work out how much loan and grant you will be entitled to, visit gov.uk/student-finance/ 4

5 Repaying my loan The main things you need to know about repayments are: You don t start repaying your student loan until you re in work and earning over 21,000 a year Your Tuition Fee Loan and Maintenance Loan are added together so you repay both at the same time Repayments are automatically deducted through the tax system Outstanding payments are written off after 30 years Repayments are affordable and easy to manage you only repay 9% of your income over 21,000 So how does it work? Repayment is based on your ability to pay rather than how much you owe. So the more you earn, the more will be deducted from your pay packet and therefore the more quickly you will pay your loan off. If at any point you stop earning such as if you decide to go travelling or if your earnings drop below 21,000, your repayments will stop. What might I pay back per month? This depends on your earnings, but to give an example: a graduate earning 25,000 will pay 9% of 4,000, the sum they earn above 21,000. So this works out at 30 a month or 6.92 a week. Is there any interest? The Student Loans Company will charge interest on your loan but it is lower than on an ordinary loan. Whilst you re studying, interest is charged at the rate of inflation + 3%. In the April after your course finishes, the rate of interest will depend on your earnings. This will be a maximum of RPI + 3%. If you d like more information about loans, grants and repayments, and about other support available, at gov.uk/student-finance 5

6 International students EU students European Union (EU) students all pay the same tuition fees as UK students. Therefore tuition fees will be 9,000 per year for a 2 year course or 6,000 per annum for the 3-year course and 4,500 for the Part Time course. The tuition fees for the Law and Business or Accounting degrees are 9,000 per year. Just like UK students, you are eligible to apply for a tuition fee loan to cover 6,000 of the cost of your tuition fees. However, you will not be able to apply for a Maintenance Loan or Grant for living costs. 6

7 International students International students will pay slightly higher fees. The 2 year course costs 11,500 per year and the 3-year course is 9,500 per year. The tuition fees for the Law and Business or Accounting degrees are 11,500 per year for the first two years and 15,000 for the final year. If you re an international student, you won t be eligible for the UK government funding scheme. However, your local British Council office can provide you with details of scholarships and other sources of funding that you can apply for. You can find out more info at britishcouncil.org or visit the international pages of our website: law.ac.uk/undergraduate/funding-options If you require a Visa to study in the UK you ll need to pay 25% of the full course fee prior to the start of the course in order to satisfy the Visa requirements. It s a good idea to pay this by August before you start studying in order for your Visa to be processed in time. 7

8 The University of Law Administrative address for all LL.B centres: Braboeuf Manor, Portsmouth Road, St Catherines, Guildford, GU3 1HA T (UK) +44 (0) (international) E admissions@law.ac.uk law.ac.uk The University of Law pursues a policy of continuous development of its courses and services. This document is for guidance only and does not form part of any contract. It is subject to change without notice. The information contained within it is correct at the date of publication, December The University of Law Limited is a company registered in England and Wales, Company Number , with registered office at Braboeuf Manor, St Catherines, Guildford, Surrey, GU3 1HA, United Kingdom. The University of Law