| 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 (2010.V1) is effective from the 1 January 2010, and replaces all previously published versions of the LSBM Full-Time Student Financial Policy.
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
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 deposit of the annual course fee paid in advance for programmes greater than 1 year in duration
In addition to the course fee a registration fee is also applicable.
Students will not be officially registered by LSBM until the required deposit has been paid.
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 50%deposit and monthly instalment amounts (as agreed by the Tuition Payment Plan).
Tuition Payment Plan
The Tuition Payment Plan (TPP) allows (current) eligible students to pay their annual course fees by means of a 50% 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 they have fully satisfied their accounts with the school.
Additional Fees
The LSBM fees include the following:
All tuition expenses;
· A student ID card;
· Core module handouts;
· Access to the LSBM resource centre;
· Access to Senate House Library
· Access to Birkbeck College Central Computer Services;
· A printing allowance at Birkbeck College.
· Associate membership to the University of London Union (ULU), and;
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.
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,
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 and existing Non EU students, the correct fee payment must be received before any visa support documentation will be issued by LSBM, or;
For new EU students, payment must be made to allow a student to move to the registration end enrolment stages.
For 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.
Cheques should 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:
Admissions Manager
London School of Business and Management
Dilke House
1 Malet Street
London
WC1E 7JN
England
Payment by Bank draft:
Bank Drafts must be made payable to the London School of Business and Management.
Bank Drafts should 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
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 presented to students on a monthly basis.
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 or any associated 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 Finance 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 falls into 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:
(CROSS REFERENCE THE ACADEMIC HANDBOOK)
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 Policy
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.
It is possible for a refusal to be appealed within 28 days of the initial refusal, therefore a request will not be addressed until after this time.
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. In addition the registration fee will be forfeited.
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 to the Academic Admissions Board.
No refund will be given in the event of:
- you being asked to leave the College because of gross misconduct (i.e. abusive behaviour) on your part.
- you are asked to leave the country by the British Authorities e.g. UKBA
- self-cancellation after course start
- you are refused re-entry if you leave the UK during the course without a covering letter from LSBM
- a refusal by the British Authorities to give you a visa extension because you have not attended a minimum of 80% of the course for which you have been enrolled.
- No refunds will be made if the student leaves the UK without permission from the school and is refused re-entry.
Payment of Refunds
Students should allow up to 4 weeks from the date of LSBM approving the refund for the payment to be made. The student will be liable for any bank charges that arise. 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
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 and must be evidenced.
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.
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