Fees and finance
As an exchange student from one of our Erasmus+ partner institutions, you will not have to pay any tuition or bench fees at Queen Mary.
Erasmus+ ICM Programme grant
One of the significant advantages of the Erasmus+ International Credit Mobility (ICM) Programme is the financial assistance it gives you to study abroad.
If your institution selects and nominates you for the programme, you are eligible to receive a support grant to help towards the additional costs of going on an exchange. It’s important to note that this is a grant towards your costs: it won’t cover them entirely. You will also get a grant to contribute towards travel.
The fixed grant amount varies from year to year and it depends on where you are studying. Your Erasmus+ Coordinator will be able to tell you how much your grant will be before you start your exchange.
Erasmus+ grant payments
As an Erasmus+ ICM student, Queen Mary will administer your Erasmus+ ICM grant while you study with us. The grant is made up as follows:
- Erasmus+ Individual support grant: EUR 900/month of exchange1.
- Erasmus+ Travel grant: between EUR 360 and 1,2002
In addition to the Erasmus+ grant, you remain eligible to existing bursaries and loans from your home country.
Before you go on your placement, you will have to submit two contractual documents to secure your grant/s: the Grant Agreement and Learning Agreement. You are also required to complete a BACS form for Finance and submit evidence of complementary insurance cover and an obtained visa (if applicable).
Your Grant Agreement
Before you go on your exchange, you will have to sign a grant agreement with Queen Mary, formally accepting the grant and acknowledging the obligations you enter into when you accept it. This agreement will be issued by Queen Mary's Erasmus+ Institutional Coordinator.
Your Learning Agreement
You also need to submit your Learning Agreement (which is linked to your grant agreement) before you begin your exchange. This agreement includes your forecasted study plan (modules for undergraduate and postgraduate taught students; research plan for postgraduate research students) and must be approved and signed by all three parties prior to submission (yourself, the Erasmus+ Coordinator from your home institution’s academic department and Queen Mary).
If you do not submit these documents before you start your placement, you won’t be eligible for funding.
These are the funding rules of the European Commission.
How the support grant is calculated
The support grant is calculated from the first day you have to attend your place of study, including any induction days etc. The end date is the last date you need to be present at your placement. (This is your Erasmus+ "mobility period.")
Payment of the grant
The support grant will be converted into3 and paid in Sterling and only into partner country bank accounts in the respective country of residence.
You have to be the account holder: the grant cannot be paid into another person’s account.
The grant is paid in three instalments:
- you will receive the first payment, representing your entire travel grant plus 30 per cent of your support grant, before the start of your Erasmus+ period.
- you will receive the second payment, (representing 50 per cent of your support grant) upon arrival at Queen Mary.
- you will receive the third and final payment (representing the remaining 20 per cent of your support grant) after the end of your Erasmus+ period and upon submission of the online EU survey.
1. The individual support grant awarded is a contribution towards (not to cover) your subsistence costs (e.g. accommodation, food, living expenses) during the exchange, as well as towards the costs of any required visa and insurance relative to coming to and residing in the UK.
2. The travel grant is calculated following the EU Distance Calculator tool on the European Commission’s website. The distance is to be calculated one-way– ie from your destination city to Queen Mary. This one-off travel grant is intended to contribute towards (not to cover) the total cost of your outward and return journeys.
3. Queen Mary uses the conversion rate from the day it receives the grants from the UK Erasmus+ National Agency. Any financial transaction fees charged to the participant by the participant’s bank to receive, withdraw or convert the payments into local currency will be paid by the participant and cannot be claimed for reimbursement.
Queen Mary's Advice and Counselling Service has a wealth of information and advice on various topics to support you during your studies and life in London, in particular with regard to finances, budgeting and banking in the UK. You can prepare for your stay with us by visiting the below pages:
- Planning a budget and managing your money
- Budgeting for the cost of living in London
- Banking in the UK
Also, we have some tips on how to make the most of you time in London (and save money) here: London on a budget.