FULL-TIME STUDENT FINANCIAL POLICY

Scope of the Policy

The purpose of this policy is to explain the financial rules and regulations of the London School of Business and Management (LSBM). All full-time students are required to adhere to and abide by this policy.

Policy Version

This policy (2008.V1) is effective from the 1 January 2008, and replaces all previously published versions of the LSBM Full-Time Student Financial Policy.

Definition

A full-time student is defined by LSBM to be any individual studying on an academic programme that requires a minimum of 15 hours contact time per week.

Fee Schedule

The fees for all LSBM full-time academic programmes are published on the school’s website. Students should consult the Fee Schedule for the current price structure and information about future fee increases.

VAT

All LSBM fees are inclusive of UK VAT (currently 17.5%).

Application Fee

Prospective students who apply to study at LSBM will not be required to pay an application fee.

Payment of Fees – New Students

Non EU Students:

International students who require a visa to study in the UK must make the following payments before LSBM can issue them with the necessary visa support documentation:

• Full fees paid in advance for the entire programme, or;
• A minimum of the annual course fee paid in advance for programmes greater than 1 year in duration.

EU Students:

Students who do not require a visa to study in the UK may select one of the following payment options:

• Full fees paid in advance for the entire programme, or;
• A minimum of the annual course fee paid in advance for programmes greater than 1 year in duration, or;
• The payment of a 30% deposit and monthly instalment amounts (as agreed to in the Tuition Payment Plan) for programmes of 1 year or less in duration, or;
• A minimum of the annual course fee paid by a 30% deposit and monthly instalment amounts (as agreed to in the Tuition Payment Plan) for programmes of greater than 1 year in duration.

Students will not be officially enrolled by LSBM until a minimum of the required deposit has been paid. In the case of students choosing the instalment option, a signed Tuition Payment Plan is required before students can commence their studies.

Payment of Fees – Current Students

Non EU and EU Students:

All students who are currently enrolled at LSBM may apply to be accepted onto the Tuition Payment Plan from their second year (or programme) of study with the School. As a result of this, current students have a choice to pay their fees in the following ways:

• Full fees paid in advance for the remainder of the programme, or;
• A minimum of the annual course fee paid in advance, or;
• The payment of a 30% deposit and monthly instalment amounts (as agreed by the Tuition Payment Plan).

Tuition Payment Plan

The Tuition Payment Plan (TPP) allows eligible students to pay their annual course fees by means of a 30% deposit and 10 instalment amounts.

To be accepted onto the payment plan, students must sign the TPP agreement and pay an upfront £200 fee. TPP payments should be made by standing order.

Once undertaken, the TPP becomes a regular monthly commitment, and payments may have to be made during examination and holiday periods. Students should make provision for such payments in advance.

The TPP agreement is valid for 1 year only, and must be renewed on an annual basis.

No official academic transcripts or qualifications will be issued to students until their TPP agreements have been fulfilled.


Additional Fees

The LSBM fees include the following:

• All tuition expenses;
• A student ID card;
• A student email address;
• Core module handouts;
• Access to the LSBM resource centre;
• Access to Birkbeck College Central Computer Services;
• A monthly printing allowance at Birkbeck College (200 copies per month),
• Associate membership to the University of London Union (ULU), and;
• Subsidised student events.

The registration and examination costs for students studying academic programmes where the qualifications are awarded by external institutions are also included in the LSBM fees. This means that LSBM students do not have to pay any additional monies to external bodies.

However, please note that students are liable for any costs incurred due to late registration, re-sitting examinations, or the repeating of modules/subjects.

Students are required to purchase prescribed textbooks at their own cost, and should budget about £250 per year to cover this expense.

Students may apply through LSBM for membership to the Senate House and British libraries.

Student will be charged for the logistical costs (transport, entry, etc.) associated with class excursions.

Penalty Fees

Students who make little or no use of the computer and library services provided by LSBM will be required to cover the cost of these subscriptions themselves.

LSBM obtains usage reports from both Birkbeck College Central Computer Services and Senate House Library every quarter.

Fee Increases

Programme fees are reviewed annually and any increases will be published on the website.

Students who are studying programmes that are greater than 1 year in duration can avoid annual fee increases by paying for their entire programme in advance.

Payment Deadlines

There are 3 important payment deadlines that must be followed:

• For new Non EU students, the correct fee payment must be received before any visa support documentation will be issued by LSBM, or;
• For new EU and current students, the correct fee payment must be received before classes commence, and;
• For new EU and current students who agree to a TPP, the instalment payments must be made in advance by the 5th day of each month.

Methods of Payment

Cash Payments:

• Cash payments may only be made in person, and all payments must be in GBP currency.
• A receipt will immediately be issued for all cash payments.

Credit/Debit Card Payments:

• Credit cards (VISA, MasterCard) may be used to pay tuition for students. All charges to LSBM by the credit card company (ie. 2.9% Convenience Fee) will be added to the student’s account.
• Debit cards may be used in person at the LSBM office.

Payments by Cheque:

• Cheques must be made payable to the London School of Business and Management.
• Include the student’s name and application/student number on the back of the cheque.
• Any person who presents to the school a cheque that is not accepted for payment by the bank because of insufficient funds, stopped payment, nonexistent account, or other reason for which the person is responsible, will be liable for the bank charges incurred.
• Cheques returned because of bank errors will be re-deposited after written notification is received from the bank and the student will be liable for the bank charges incurred.
• Cheques can be posted to:

General Manager
London School of Business and Management
Central House
14 Upper Woburn lace
London
WC1H 0NN
England

Payment by Bank draft:

• Bank Drafts must be made payable to the London School of Business and Management.
• Include the student’s name and application/student number on the back of the draft.
• Post the draft to the address indicated above.


Payments into any HSBC bank:

• Students may pay their tuition fees into any UK HSBC bank as follows:

Bank HSBC Bank Plc
Branch Kings Cross
Sort code 40/04/07
Account Name London School of Business and Management
Account Number 71324470

• If required for international transfers, the additional bank information is:

IBAN number GB98 MIDL 4004 0771 324 470
SWIFT code MIDLGB2106W

• When making the payment, a reference (student’s name) should be given to the cashier and the receipt of transaction should be kept.

Account Statements

Account statements are emailed to students on a monthly basis. The statements are sent to the LSBM email address that is provided for each student. It is the students’ responsibility to request that the statement be sent to an alternative email and/or postal address.

Invoices are available on request.

Sponsors

Some students may be sponsored by a third party such as a family member or an employer. In this case the student’s record should contain an original letter of sponsorship (faxes or photocopies are not acceptable) stating the amount and duration of the sponsorship and the appropriate invoice/statement address. All letters of sponsorship will be verified.

A letter of sponsorship does not remove the responsibility for payment from the student.

Student Expenses

LSBM reserves the right to apply any expenses incurred by students to their accounts for payment.

Students will be charged for any damage/destruction to LSBM property.

Overdue Payments

Overdue payments will be subject to a late payment charge of £20 per month and added to the student’s account.

It is imperative that a student informs the General Manager should a situation arise that may influence their ability to make payment on time.

Accounts in Arrears

No official LSBM academic documentation of qualifications will be issued to students who have fees outstanding.

A student account that is more than 2 months in arrears can result in the student being suspended from LSBM, the whole amount owing becoming immediately due, and the account being handed over to a solicitor for collection.

In serious cases, a student may be un-enrolled from LSBM should their fees be significantly in arrears. In order to re-enrol, the account will have to be fully paid and a written appeal submitted to the General Manager for consideration.

Students are liable for any costs incurred in the collection of outstanding fees.

List of Common Chargeable Items and Amounts

• Fees (as published on the LSBM website)
• Tuition Payment Plan (£200)
• Late Payment Charge (£20 per month)
• Programme materials (actual costs)
• Postal or courier charges incurred on a student’s behalf (actual costs)

LSBM academic programmes only:

• LSBM programme Re-sit Fee - the price of re-sitting the final examination only (£50)
• LSBM programme Re-take Fee - the price of re-taking the subject again (subject fee)
• LSBM programme of additional Official Transcripts (£5)
• LSBM programme Graduation Ceremony Fee (£65.00)
• LSBM programme Replacement Diploma Fee (£50)

Cancellations and Refunds

Cancellations due to UK visa refusal:

• Any fees paid prior to registration are refundable if a student is refused a visa to study in the UK.
• The cancellation of the student and any resulting refund requests must be made in writing to LSBM and will only be considered if accompanied by the original “Visa Denial” letter issued by the British High Commission Visa Office.
• A letter confirming the cancellation will be sent from LSBM to the student’s home address, the Home Office in Britain, and the relevant British High Commission/Embassy in the student’s home country.
• A £150 charge is levied on each refund and this will be deducted from the total amount refundable.

Cancellation due to death:

• The portion of any unused fees will be refunded in the event of the death of the student.
Cancellation by LSBM:

• Should the school, at its sole discretion, determine not to offer a particular programme, then any student who has paid fees for that programme will receive a full refund of their fees.

No other form of cancellation is permitted, and any student who withdraws from LSBM once a visa has been granted (in the case of non EU students), or classes have started (in the case of all students) will be liable to pay their full programme fee.

In order to be considered, any cancellation request must be submitted in writing.

Payment of Refunds

Students should allow up to 4 weeks from the date of LSBM approving the refund for the payment to be made. Refund payments are transacted using electronic bank transfers, and students are therefore required to provide the following banking details:

UK based students:

• Account Name
• Sort Code
• Bank Account number.

International students:

• Account Name
• Bank Identifier Code (BIC)
• Bank Name
• Bank Address
• IBAN number/account number

Student Status Definitions

Applied: The student has submitted a complete Application Form.

Registered: The student has been accepted to study at LSBM, submitted all required documentation, paid the necessary initial fees, and obtained a visa to study in the UK (if required by non EU students).

Enrolled: The student has arrived at LSBM, and attended a class.

Deferrals

If an accepted applicant has paid the required fees but has to postpone their entry to the School for one or two terms due to a genuine emergency, all fees will be held and applied towards the term in which the student plans to start studying. This also applies to students who intend to re-apply for their visa after an original denial.

In order for a student to be eligible for a deferment status the student must state a subsequent term of study. If the student fails to return for the stated re-entry date (except in the case of a visa denial) the fees paid will be forfeited.

Students who defer are subject to any fee increases that occur during the period of their postponement.

Foreign students who are in the UK on a student visa must remain a full-time student during the duration of their stay. They are not permitted to remain in the UK if they defer. Therefore, foreign students who wish to defer must do so before arrival in the UK, or return to their home country during the period of postponement.

Hold

A hold is defined as the removal of an enrolled student from the School due to a genuine emergency. This status is only for those students who intend to return in a later term and all fees will be held and applied towards that subsequent term.

A hold is unlike a deferral in that the student has already begun their studies. Permission to go on hold must be granted by the school prior to the student’s departure.

In order for a student to be eligible to go on hold, the student’s account must be paid in full and they must state the term of return. If the student fails to return for the stated re-entry date the fees will be forfeited. Student may also not be on hold for more than 1 (one) calendar year.

Students on hold are subject to any fee increases that occur during the period of their postponement, and students who have signed a TPP agreement are still liable for their monthly payments.

Foreign students who are in the UK on a student visa must remain a full-time student during the duration of their stay. They are not permitted to remain in the UK if they go on hold. Therefore, foreign students who wish to go on hold must return to their home country during the period of postponement.

Exceptions

At its sole discretion, LSBM may at times agree to terms and conditions that differ from the rules and regulations contained within this policy. Such decisions are evaluated on case-by-case basis, and should in no way be interpreted as being applicable to the general student body.

Revision

LSBM reserves the right to amend the rules and regulations contained within this policy at any time.

Students will be notified of any changes to the LSBM Full-Time Student Financial Policies.
 

PART-TIME STUDENT FINANCIAL POLICY


Scope of the Policy

The purpose of this policy is to explain the financial rules and regulations of the London School of Business and Management (LSBM). All part-time students are required to adhere to and abide by this policy.

Policy Version

This policy (2008.V1) is effective from the 1 January 2008, and replaces all previously published versions of the Part-Time Student Financial Policy.

Definition

A part-time student is defined by LSBM to be any individual studying on an academic programme that requires no more than 6 hours contact time per week. Part-time students predominantly study at LSBM in the evenings and on weekends.

Non EU students cannot qualify for a UK student visa by studying a part-time academic programme.

Fee Schedule

The fees for all LSBM part-time programmes are published on the School’s website. Students should consult the Fee Schedule for the current price structure and information about future fee increases.

VAT

All LSBM fees are inclusive of UK VAT (currently 17.5%).

Application Fee

There is no application fee for part-time courses.

Payment of fees

The cost of the first Certificate programme studied at LSBM is £450, thereafter a £50 discount is applicable to any further Certificate courses studied.

Payment for Certificate programmes can be made in full before the course commences, or in 2 equal instalment amounts (the first instalment being due before the course commences, and the second in the 4th week of the course).

Payment for the Diploma programme can be made in advance before the course commences, or via a £1200 deposit and 10 monthly instalments of £200 each.

Late payment of fees will be subject to a £20 monthly charge.

Cancellations and Refunds

Students who withdraw from an Evening Course prior to its commencement will be entitled to a full refund of fees paid.

Students who withdraw from an Evening Course after the first week of classes will be required to pay only for the class attended.

Students who withdraw from an Evening Course after the second week of classes onwards will be liable for the full course fee. In such an event, the
School will hold the portion of unused fees as a credit on the student’s account, to be used by the student at LSBM within a 1 (one) year period.

In order to be considered, any cancellation request must be submitted in writing.

Payment of Refunds

Students should allow up to 4 weeks from the date of LSBM approving the refund for payment to be made. Refund payments are made by electronic bank transfer and students must provide LSBM with their Sort Code and Bank Account number.

Exceptions

At its sole discretion, LSBM may at times agree to terms and conditions that differ from the rules and regulations contained within this policy. Such decisions are evaluated on case-by-case basis, and should in no way be interpreted as being applicable to the general student body.

Revision

LSBM reserves the right to amend the rules and regulations contained within this policy at any time. Students will be notified of any changes to the LSBM Part-Time Student Financial Policy.



 

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