A GBP 10,000 waiver directly reduces tuition fees. That can be a major practical help, especially for creative postgraduate courses where international tuition can be high. However, the student still needs to confirm the course's total fee and calculate the remaining balance after the waiver.
London living costs are a separate issue. Rent, transport, food, materials, printing, software, equipment, exhibitions, visa, immigration health surcharge, and personal expenses can be significant. Creative courses can also involve project costs that are not obvious from tuition alone.
Before accepting, students should make a spreadsheet: total tuition, scholarship waiver, remaining tuition, deposit, visa/IHS, monthly rent, transport, food, materials, and emergency reserve. A tuition waiver helps only if the rest of the budget is still workable.