You can choose to receive the Leeds Financial Support funding as cash, a discount against tuition fees or a discount against University accommodation.
If you do nothing, we will assume that you want to receive support in cash. If you are an EU student, you must receive the funding as a tuition fee discount.
All LFS recipients are asked to make a choice by 6 November. After this date, if you havent actively chosen, you will automatically receive your bursary as cash. It is advisable if you are planning on living in University accommodation that you consider the accommodation discount option as it can significantly lower payments over the year.
We always pay cash awards directly through BACS transfer. If you do not provide bank details, we cannot pay you.
The cash award is paid into your bank account in three instalments:
- term one: 25%
- term two: 50%
- term three: 25%
Receiving your support in a cash sum:
- gives you the greatest flexibility
- reduces the need to borrow money as an overdraft, credit card or loan
- gives you more disposable income if you already have a plan for paying your tuition fees or expect to receive tuition fee loan
However, a cash sum also means:
- a greater risk of making money-management mistakes
- you will not reduce your overall student-loan debt.
- We deduct the discount from your overall University accommodation bill, and split your reduced accommodation fees into your chosen instalment plan.
DISCOUNT ON UNIVERSITY-OWNED ACCOMMODATION
We deduct the discount from your overall University accommodation bill, and split your reduced accommodation fees into your chosen instalment plan.
We will send you an accommodation statement early October. If your Leeds Financial Support is agreed before then, the statement will reflect this adjustment. If your Leeds Financial Support is agreed after this date, you can request an amended statement by emailing firstname.lastname@example.org.
Receiving your support as a University-owned accommodation discount:
- reduces your accommodation instalments and the potential for large rent arrears
- may help you manage your money, as rent is often the largest expense.
- However, a University-owned accommodation discount also means:
- the bursary will not be paid to you directly if a sponsor or family member is paying your full accommodation charges
- the bursary will not reduce your student loan debt
Whether you choose cash, accommodation or tuition, you need to be registered on your course on the above instalment dates to receive that portion of your Leeds Financial Support.
All LFS recipients are asked to make a choice by 6 November. After this date you will automatically receive your bursary as cash.
TUITION FEE DISCOUNT
This discount is deducted from your overall tuition fee. If you are taking a tuition fee loan, we will inform Student Finance England about the reduced fee, and they will reduce your tuition fee loan accordingly. If you are paying the remaining tuition fees yourself, the reduced fee will be split into the instalment plan you have chosen.
Receiving your support as a tuition fee discount:
- reduces your tuition fee loan, which is helpful if you are likely to move into a high-earning career and are concerned about paying interest on your loan once you are earning
- is a simple way to receive the award, minimising confusion with other financial commitments
- However, a tuition fee discount also means:
- you may not benefit from taking a discount to reduce your overall debt as many students never repay their loans in full
- your monthly loan repayments would be the same regardless of whether you took a tuition fee loan for £9,000 or reduced it to £6,000 by using the tuition fee discount, as the repayment amount is calculated as a percentage of your earnings, not a percentage of your loan
- the bursary will not be paid to you directly
- the bursary will not help with short-term budgeting or money management
You may want to visit the Money Saving Expert website for an independent view. The Student Advice Centre in the students' union is always happy to help too. You can find them on the 1st floor and they're open from 9.30am to 5pm weekdays. Email email@example.com or call 0113 380 1290.