The following Student Financial Policies have been
approved by the TASMAC London Directors and serve as the
central instrument for determining student financial
matters.
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Student Account System |
TASMAC London conducts student financial matters through
the Student Account system. Please see details of how this
works below. All charges and credits (without exception)
must be posted and paid using the student account system.
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Payments Due Dates |
For all programmes except the BA all tuition and fees are
due at initial enrolment as per the Terms of Payment
guidelines of the London School of Business and Management.
Any deposits already paid will be credited towards the
student account and the balance of the fees will be due at
that time. For the BA programme the fist year’s tuition
fees are due at initial registration and tuition fees are
to be paid annually thereafter. There is no deferment of
fees or payment plan.
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Frequency of
Invoice/Statements |
All accounts will be sent an Invoice/Statement each
academic term and delinquent accounts may be sent to a
collection agency.
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Application of Payments |
The School reserves the right to apply any/all student
payments or deposits to any unpaid student balances on that
student’s account.
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Tuition Fees |
The entire tuition fees must be paid at enrolment, prior to
registration and the commencement of the programme. For
international students the balance of the tuition fees must
be paid to the representing agency before departure for the
UK. Any deposits paid previously will be credited towards
tuition.
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Tuition Payment Plan |
To assist students in the payment of their fees TASMAC
London will allow payments to be made according to a
Tuition Payment Plan. This plan is a legally binding
document and students, parents, and sponsors should
consider carefully whether this is the best strategy for
them. All students on a tuition payment plan must have a
signed Tuition Payment Plan agreement in place. Students
who arrive expecting a payment plan and do not have this
plan in place will be allowed to set up a short term
payment plan (Deposit + 2 payments within 2 terms) locally
but will not be enrolled or be entitled to student services
until a plan is in place.
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Delinquent Payments |
Charges may be placed on a student’s account for a number
of reasons. (Please see the List of Chargeable Items below)
Students are expected to make their payments on time and in
accordance with the payment policies set out in their
account and in their payment Plan. Students with
outstanding balances beyond the due date will initially be
contacted and a financial advising session scheduled. The
following control mechanisms are in place for delinquent
payments:
- Students who arrive and do not make their initial
payment as agreed in their Tuition Payment Plan will be
allowed to attend classes but will not be formally
enrolled or allowed any student services until their
account is brought current.
- Students carrying any negative balance on their
account for up to 14 weeks, including (but not limited
to) library charges, late payment penalties, assessment
fees, and book store, will have their assessment results
withheld, student services withdrawn, and library
services suspended.
- Students in arrears for longer than 14 weeks will be
withdrawn from classes and not be allowed to take their
final exams.
- Students in arrears for greater than 20 weeks will
be withdrawn from school and their account submitted to
a collection agency for collection and possible legal
action.
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Price Increases |
From time to time it may become necessary to increase the
tuition fees for the programmes. Once a student has
enrolled and paid full fees, provided that they continue on
their programme without breaks or deferrals, they will not
be subject to subsequent price increases, which may occur.
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Financial Holds |
A student may not participate in graduation ceremonies,
register for further sessions, or receive any diploma,
grades, certificates, transcript, or letters of
recommendation until all financial obligations have been
satisfied in accordance with these TASMAC London financial
policies. Any diploma, grades, certificates, transcript, or
letters of recommendation shall be retained by the School
as a security interest until all such obligations are
satisfied. Release of any such security interest prior to,
or subsequent to, any default by the debtors shall not be
considered a binding precedent or modification of this
policy.
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Current Address |
It is UK law and the policy of the school that students in
this country studying on a student visa must keep the
school informed of their current address. It is the
student’s responsibility to keep the school informed of
their current accommodation and invoicing postal addresses.
This policy has been incorporated into the academic,
financial, admissions, student records, and student
services policy statements. Most communication with
students will be sent through the post. Students who fail
to maintain an accurate postal address will not receive
their grades, financial statements, registration
communication, and may be in violation of their student
visa requirements.
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Setting up an invoicing
address |
Statements of accounts are mailed to students at either
their accommodation address or optional invoicing address
on file with the School. To set up an invoicing address
please see the Director of Finance.
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Deposits |
International students who require a visa to study in the
UK will be asked for a deposit upon application. This
requirement may come from TASMAC London or one of the
school’s representing agents. The amount of this deposit
may vary depending on the representing agency, time of
year, and part of the world the student applies from. Visa
support documents will not be issued until the deposit has
been received. All deposits are credited towards the
tuition fees. Please see the refund policy for deposits
below.
Deposits are required of all international students before
visa support documents are issued. Deposits must be made in
the form of British pounds and should be transferred by
electronic bank wire transfer. Deposits will be held in the
school deposit escrow account. Deposits may also be
accepted by bank draft but the student should be aware that
postal delivery times may add several weeks onto the visa
process. This deposit will be refunded if the applicant’s
student visa application is refused. To be eligible for
this refund the applicant must produce an original “Visa
Refusal Letter” from the British High Commission to whom
they applied for the visa.
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Enrolment and
Registration |
For the purposes of clarity the terms Enrolment and
Registration are defined here:
Enrolment is defined as the process of admitting
students to one or more programs of study, setting up the
student account, and paying the tuition fees. A student who
has not paid their tuition fees and/or has not made
arrangements regarding their fees with the Finance Office
cannot become an enrolled student. Payment of a deposit or
application fee does not constitute payment of fees and
will not qualify the student for enrolment.
Registration is the process of the Director of
Studies entering a student’s name onto the roster of a
specific module of study prior to the start of each term.
The sending out of the invoice/statement signals the start
of registration for the next academic term. The student
must have a financial clearance form from the School’s
Finance Office to be registered. Registration is necessary
every term and by registering for classes a student agrees
that the tuition fees for that term may be deducted from
their student account. It is not possible to register
students who have not paid their fees into their student
account. Students that are not registered for a module will
not be allowed to attend the class sessions of that module.
A student who fails to register for classes before the 1st
day of classes for that term will be assessed a “Late
Registration Charge” A student who registers for classes
and then fails to attend is not entitled to a refund of
those tuition fees.
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The Student Account
Invoice/Statement System |
Upon arrival at the School each newly accepted student must
go through the enrolment process. At enrolment they will be
assigned a student financial account to which charges and
payments will be posted. The first credit to your account
will be any deposits or application fees you have paid. The
first charge posted to your account will be the tuition
fees due before you start your classes.
The student invoice/statement is a reflection of your
student account. It is generated and mailed to you by the
Finance Office of the school once each term. Payment of any
due financial amount shown on the
invoice/statement/statement is due about one month before
the start of the next academic term.
The sending out of the invoice/statement/statement signals
the start of registration for the next academic term. Every
student must respond to this invoice/statement both by
paying the invoice/statement within the stated time and by
contacting the Director of Studies to register for next
term’s classes. This detailed response is required in order
to confirm your plans for each academic term. A timely
detailed response will ensure a smooth start up at the
beginning of each academic term. Students who fail to
respond will not be registered for classes, will not be
allowed to attend classes, and if there are outstanding
delinquent balances due on their account may be un-enrolled
from school.
Line by line instructions are found on the back of the
student invoice/statement.
The main purpose of the invoice/statement is to communicate
new activity (postings) on your account and initiate
payment and registration. This statement goes directly to
the student via the post. Students must ensure that their
postal address is current. Failure to receive an
invoice/statement does not alter the student’s
responsibilities for payment. You should monitor your
invoice/statement to confirm credits for your payments, or
to ensure that bank transfers have actually arrived at
TASMAC London and have been posted to your account.
You should also monitor this invoice/statement for
additional charges since the Finance Office acts as a
clearinghouse for student charges that originate from other
departments of the School. The student invoice/statement
will include tuition, miscellaneous fees, prior back
balance due, recent payments, and any financial assistance
that has been awarded. These additional charges should be
paid at this time.
The school posts the invoice/statements to the student
address near the end of each term. The student should share
this information with parents or guardians as appropriate.
Please retain the invoice/statement for your records.
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Class Changes and Your
Account |
Tuition and fees charged to your account are based upon
registration prior to the beginning of the academic term.
If a student makes changes to their classes or adds a class
this may affect these amounts. Students dropping a class
once the term has begun will not receive a refund of
tuition fees associated with that class. Students adding a
class will be invoiced for the additional fees associated
with that class. Tuition and fees adjustments are made at
the end of the first two weeks of the academic term.
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How to Read Your
Invoice/Statement |
The invoice/statement sheet lists information about the
student's classes, a breakdown of charges and credits, and
the summary of the amount due at the bottom right. The
amount due should be paid by the due date listed.
Invoicing statements are prepared each academic term and
represent activity on your account. The statement has
detailed financial information relating to each invoicing
period.
The invoice/statement is your official record of account
activity and should be kept for future reference.
Statements are mailed to your current address on file with
the Records Office, unless you have previously arranged to
have invoice/statements sent to a separate invoicing
address.
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Payments |
Advance Payment
To enable the School to make necessary plans for the
instruction and maintenance of the student body,
anticipated enrolment for the academic term must be
determined the prior term. This is why the School requires
advance payment of all student registrations to provide
numbers as accurate as possible for this planning.
All payments must be in British pounds sterling. Payment
may be in the form of a bankers draft, electronic bank
transfer, or cash. Personal cheques are accepted on UK
accounts only and with relevant guarantee cards.
Any student who completes registration agrees to pay the
School according to the payment terms documented in the
Terms of Payment and Refund policy.
Payment of all School charges is to be received in the
School Finance's Office by the due date to avoid late
payment penalties, late registration charges, and account
"holds".
The School will not register a student, confer a degree on
a student, or provide a transcript to any student or former
student who has any financial obligation to the School.
To encourage prompt payment, the School assesses a 1.5% per
month late charge on the past due amount if the payment
does not arrive by the due date. Failure to pay amounts due
may result in the referral of outstanding balances to a
collection agency.
Methods of Payment
Cash Payments
Cash payments may be made in person at the Finance's
Office. All payments must be in GBP currency.
Payments by Cheque
Make cheques payable to the TASMAC London School of
Business.
Include your student number (if you have been issued one)
on the cheque.
Payments by cheque are processed on the day received. We
cannot hold cheques.
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 is charged a
penalty as provided by law. (Please see Returned cheque
Charge in the List of Charges in this document) Do not
submit a cheque that you know will be returned by your
bank. We cannot accept two party cheques or pre or post
dated cheques.
Mail Cheques to:
TASMAC London School of Business
Finance Office
1 – 3 Valley Drive
Kingsbury
London NW9 9NG
England
Cheques returned because of bank errors will be
re-deposited after written notification is received from
the bank and a £25 service charge is paid by the student.
No late registration fee is assessed for cheques returned
because of a bank error. Students should request
reimbursement of the service charge from their bank.
A stop payment of a cheque does not constitute a formal
withdrawal and is considered a returned cheque. Writing a
non-sufficient funds cheque or stopping payment on a cheque
does not cancel registration. Students whose cheque is
returned for non-sufficient funds or who places a stop
payment on a cheque must honour the cheque and pay the
service charges before withdrawing from the School. After
honouring a returned or stop-payment cheque and formally
withdrawing in the office of Student Affairs, the student
will receive a refund, if applicable.
A student whose cheque for tuition is returned will be
dropped from their class roster. When the cheque and
applicable charges are paid, the student will be added back
to the class roster. If the cheque and charges are not
paid, the student's account will be placed on "hold" and
the cheques will have their registration status placed on
"hold".
Credit/Debit Card Payments
Credit cards (VISA, MasterCard) may be used to pay tuition
for students. All charges to TASMAC LONDON by the credit
card company (ie. 2.9% Convenience Fee) will be added to
the students account. The person whose credit card is being
used to pay tuition must be present to sign the charge
slip.
Debit cards may be used in person at the Finance's Office.
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Short Courses and
Professional Training Classes |
Fees for short courses and professional training classes
are announced for each academic term when the course is
scheduled by the School. Students who formally withdraw
from a short course or conference up to 1 week prior to the
first class meeting will receive a full refund of fees
paid. No refunds will be made for withdrawals after the
first class meeting.
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List of Chargeable Items
and Amounts |
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Tuition fees (as stated on
the consolidated price sheet, subject to change)
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Part time credit bearing
tuition fees. (The price of a single class in the
programme the student is studying times the number of
classes taken, not available to students on a student
visa.)
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Additional Official
Transcripts £3
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Retake Fee (The price of a
single class in the programme the student is studying
less 40%)
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Audit, non credit bearing
(per course) non-refundable £425
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Course overload charge (BBA
programme only) £425
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Application Fee
(non-refundable but applied to tuition) £50
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Identification Card
Replacement £35
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Returned Cheque Charge £50
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Readmission Fee £250
(non-refundable, but applied to tuition)
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Replacement Diploma Fee £50
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Course Materials Charge
(determined per course)
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TASMAC LONDON Graduation
Ceremony Fee £47.00
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Bank Error Charge £25
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Late Registration Fee £48.00
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Postal or courier charges
incurred on a student’s behalf (Actual costs)
All fees must be paid in order
to enrol. There is an automatic hold on registration,
transcripts and diplomas for anyone whose student account
is not paid in full. Items for which payment was deferred
must also be paid before a transcript may be released.
Please note: fees and charges
are subject to change without notice. When such changes
are made, notice will be given as far in advance as
possible.
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Discounts |
Tuition Prepayment Discount
Any student who enrols in a programme of more than 18
months in length may pay by the year. However, students in
these programmes who pay their entire tuition fees in
advance are eligible for a 10% discount in their entire
tuition fees plus a guarantee of no increase in tuition
and fees for continuous enrolment. This option is only
available for payment of full tuition.
Late Payment Penalties
To encourage prompt payment, the School assesses a 1.5%
per month late charge on the past due amount if the
payment does not arrive prior to the start of the next
term.
In addition to the late charge
penalty, the School will assess a financial "hold" which
restricts access to the registration system and restricts
the release of transcripts and diploma.
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3rd Party sponsorship |
Some students may be sponsored by a third party such as a
family member or an employer. In this case the students
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 it simply
alters the billing address. Deposits and application fees
must still be made according to the policies stated here.
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Refunds |
Deposits
Deposits from international students are refundable only
if the student’s visa application is rejected by the
British High Commission Visa Office in their home country.
Upon TASMAC London’s receipt of an original “Visa Denial”
letter issued by the British High Commission Visa Office,
the deposit received will be refunded. All other deposits
are credited towards the tuition fees. Refunds of deposits
are made by electronic bank transfer directly into the
student’s account once the application fee has been
deducted.
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Cancellations |
Cancellations will only be honoured as a result of an
entry visa refusal. Cancellation and any resulting refund
requests must be made in writing to the admissions office
at TASMAC London and must be accompanied by the Visa
Denial letter. Tuition fees paid prior to the start of the
relevant semester are refundable only if the student has
been refused a visa to study in the UK. Proof of this must
be provided as above.
A letter confirming the
cancellation will be sent from TASMAC London to the
student’s home address, the Home Office in Britain, and
the relevant British High Commission/Embassy in the
student’s home country.
Once fees are paid no refunds
will be made under any circumstance other than that stated
above.
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Death |
A refund of all unused tuition and other mandatory fees
will be made in the event of the death of a student at any
time during an academic term.
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Deferrals |
If an accepted applicant has paid for their classes but
has to postpone their entry to the school for one or two
terms due to a genuine emergency and intends to arrive in
a later semester, all fees will be held and applied
towards the subsequent term for which the student
registers. 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/registration. If the student
fails to return for the stated re-entry date (except in
the case of a visa denial) the tuition fees/deposit will
be forfeited.
Students who defer are subject
to any fee increases that occur during the period of their
postponement.
International students in the UK on a student visa must
remain a full time student during the duration of their
stay and are not permitted to defer. International
students who find they need to defer must do so before
arrival in Britain or return to their home country during
their period of postponement.
Dropping out once a semester
has begun: Please see “Cancellations” or “Deferrals”
above.
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Withdrawals |
A withdrawal is defined as the removal of an enrolled
student from 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
the subsequent term for which the student registers.
It is unlike a deferral in
that the student has already begun their studies.
A request for withdrawal must
be completed by the student prior to their departure.
In order for a student to be eligible for a withdrawal the
student’s account must be paid in full and they must state
a subsequent term of study/registration. If the student
fails to return for the stated re-entry date the tuition
fees/deposit will be forfeited.
Students who withdraw are
subject to any fee increases that occur during the period
of their postponement.
Students who’s withdrawal
exceeds 1 calendar year will be subject to a “Readmission
Fee”
International students in the
UK on a student visa must remain a full time student
during the duration of their stay and are not permitted to
withdraw. International students who find they need to
withdraw must do so before arrival in Britain or return to
their home country during their period of postponement.
Dropping out once a semester
has begun: Please see “Cancellations” or “Deferrals”
above.
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Holds |
A student may not participate in graduation ceremonies,
register for further sessions, or receive any diploma,
grades, certificates, transcript, or letters of
recommendation until all financial obligations have been
satisfied in accordance with these TASMAC LONDON financial
policies. This is known as placing the student account of
“Hold”. Any diploma, grades, certificates, transcript, or
letters of recommendation shall be retained by the School
as a security interest until all such obligations are
satisfied. Release of any such security interest prior to,
or subsequent to, any default by the debtors shall not be
considered a binding precedent or modification of this
policy.
"Holds" can be placed on the
student account by a variety of departments. Contact that
department if your account has been placed on "hold".
Types of hold include:
Academic – Transcripts, Degrees, Diplomas
Library – Books, Class supplies, borrowing privileges,
Computer lab access
Student Services – Letters of Recommendation, Visa
Documents, Internships, Student ID cards, Bank accounts,
Travel discount cards
Registrar – Incomplete file
Financial – Unpaid accounts
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Special Policies |
Course Overload Charge Policy
Students who achieve a GPA of 2.5 or better may, with the
permission of their academic advisor and the Director of
Studies, take an additional class each term. These
students are charged a special tuition rate for extra
courses or degree credits. (See the list of Chargeable
Items above) School Academic Policy requires approval for
a course overload (see academic regulations for details).
The academic petition process begins in the Director of
Studies office. Students who add a class are required to
pay the additional fees which will be added to the
student’s account. Non-attendance of an added class does
not waive the charges or academic requirements for that
class.
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Un-enrolment for
Financial Reasons Policy |
A student may not register for a succeeding term if the
student’s account is not paid or satisfactorily settled
for the previous term.
TASMAC London will not carry
students on their list of currently enrolled students if
they have not paid their account in full and subsequently
not registered for classes. A student with an account that
has not been paid in full for an entire academic term must
meet the payment provisions made at enrolment or face
immediate Un-enrolment. This will affect the student’s
visa status and their claim to legally stay in the UK.
Students wishing to re-enrol after Un-enrolment will be
assessed a readmission fee.
Upon written appeal, the
Director of Finance may reconsider, and in specific cases
where good and sufficient reasons exist, grant exception
to the policy. Such exceptions will generally be based
upon circumstances which were beyond the control of the
individual student.
If past due accounts are paid
within 10 days of the start of term, interest charges of
l.5% per month on the unpaid balance (18%/year) will be
waived. Any account placed with a collection agency will
be subject to collection and legal costs.
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Student Status |
A student and/or accepted applicant will, at any given
moment, have one of the following status assignments on
their student record:
Enrolled – A student’s tuition fees have been paid but has
not registered for the current term.
Registered – An enrolled student’s tuition fees have been
paid and is registered for the current term.
Un-enrolled – The school has removed the student from the
roster of enrolled students for reasons of academic
misconduct, or non-payment of their financial account.
Withdrawn - An enrolled student who’s fee have been paid
but for reasons of a genuine emergency has had to
temporarily remove themselves from study.
Deferred – An accepted applicant has paid a deposit but
for reasons of a genuine emergency has had to temporarily
postpone their arrival at the school.
Re-enrolled –An un-enrolled student who has settled their
student account or rectified their academic penalties.
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Transcripts and Diploma
Release Policy |
Students are entitled to one official academic transcript.
This will usually be their final transcript from the
school. Official transcripts bear the signature of the
Director of Studies and the seal of the school and are
acceptable as employment and educational application
documentation. Additional official transcripts will
attract a charge. (Please see the List of Charges in this
document) There is no charge for unofficial transcripts.
Please allow 10 business days for release of transcript
when the charge is paid by personal cheque. All
transcripts charges must be posted and paid using the
student account system. Immediate release is allowed when
payment is made by money order, bank cheque or credit
card. We accept VISA, DISCOVER and MasterCard.
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Identification Card
Replacement Charge |
Students are issued with a
Student ID card when they enrol. This card should be
sufficient to last the duration of their study. If a
student needs a new card because of expiration or a change
in their programme a new one will be issued free of charge
as long as the student turns in their old card. If their
card has been lost or stolen and they cannot produce it
there will be charge for replacement. (Please see the List
of Charges in this document)
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FAQs on Student Finance |
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When do I pay and how much?
For all programmes except the BBA all tuition and fees
are due at initial registration as per the Terms of
Payment guidelines of the London School of Business and
Management. For the BBA programme the first year’s
tuition fees are due at initial registration and tuition
fees are to be paid annually thereafter. Additionally
each student will receive a Student Account
Invoice/Statement each term. This statement will reflect
charges assessed within the last term and charges for
classes for next term and indicate a due date by which
payment must arrive at the School’s Finance Office. The
amount due will be clearly shown on the
invoice/statement/statement and that amount must be
paid?
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What happens if the amount
due is not paid by the due date?
Students who do not pay their account balance by the due
date will not be allowed to register for classes for the
next term and will be assessed a late registration fee
once the amount is paid. Students with an account
overdue for an entire academic term may face
un-enrolment and additional fees. Any student who
completes registration agrees to pay the School
according to the payment terms documented in the Terms
of Payment and Refund Policy.
To encourage prompt payment, the School assesses a 1.5%
per month late charge on the past due amount if the
payment does not arrive by the due date. In addition to
the late charge penalty, the School will assess a
financial "hold" which restricts access to the
registration system and restricts the release of
transcripts and diploma.
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Where are my
invoice/statements mailed?
Statements are automatically mailed to students at their
current mailing address on file with the School. The
School will mail your statement to the most current
address on record. In most cases this will be your local
London address. If you wish for your statement/invoice
to be mailed to a different address you must fill out a
request to this effect at the Finance Office.
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May I have my
invoice/statements mailed home?
Yes. The School provides an alternate invoicing address
option that may be used at the student's request. The
invoicing address will remain in effect until changed by
the student. A change to the student's primary mailing
address will not change or delete the invoicing address.
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What is full-time Part -time
enrolment?
The Director of Studies and the British Home Office
considers “Full time” enrolment to be 15 contact hours
(actual classroom hours) to be full time. Less that 15
contact hours per week is considered “Part time” study
and is not available to student requiring a visa for
their study and is priced on a per module basis.
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Do my class changes impact
my student account?
Yes. Adding a class will attract an additional charge.
Please see the Course Overload Fee in the list of
Charges.
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What happens if I completely
withdraw from all of my classes during the course?
Charges for the current term in which you withdrew still
apply and will be posted to your account. Remaining
credit on your account will be held until your return.
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Who can answer questions
about my student account?
The Student Account Invoice/Statement is designed to be
very self explanatory. First, please review your
account. If you still have questions about your student
account contact the Director of Finance.
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What’s the difference
between enrolment and registration?
Enrolment happens when you first arrive and includes
issuing you a student number, payment of fees, creating
your student account, and entering you onto a programme
of study (ie. MBA). Registration is the process of you
bringing your account current and registering for
classes each term.
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What happens if I just quit
coming to school?
First you will obviously fail the modules you are
currently registered in. Additionally any outstanding
tuition fees are still due and any credit on your
account will be applied towards those fees.
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What other charges might
there be on my account?
Please see the List of Charges in the Student Financial
Policies.
