Money Matters
Welcome to the Finance pages
Finance Office
Telephone: + 44 (020) 7795 4241
Fax: + 44 (020) 7795 4200
E-mail: finance_office@heythrop.ac.uk
The Finance Office handles everything to do with student finances. Here you will find all the information on when and how to pay your tuition fees to help you complete your payments, plus further information of financial support available to you. If you would require further assistance please contact the Finance Office, preferably by email in the first instance.
Money is a matter of concern for most students. It is a factor for part-time postgraduates (who have to pay fees, sometimes travel some distance to classes, and may find earning time squeezed), but it can be even more of an issue for full-time undergraduates budgeting for themselves for the first time and living in a city full of temptations as well as opportunities. One estimate is that, over three years and counting all your fees and living costs, getting a degree can cost around £34,000 for a UK or EU student. On the other hand, surveys also show that a degree significantly enhances your lifetime earnings. There is also the less quantifiable positive impact on your quality of life, both when you are at University and after.
Tuition fees
In 2010-11, the fee for UK and EU students taking most full-time first degrees was £3290 for the year. This is the same as in most other Universities. The fee for 2011 is not yet known: a slight increase in line with inflation is usual, and inflation has been very low. The fee is higher for non-EU overseas students because the College does not receive additional money from the UK government to cover the real cost.
Bursaries are sometimes offered for students in specific circumstances joining specific courses – usually postgraduate. Bursaries cover part of the fee.
Help available
These pages give a brief summary of what is available, both through national scheme and from Heythrop. Up to date details of the national loan and grant schemes, with explanations of who is eligible and how to apply on-line, can be found on www.direct.gov.uk/studentfinance.
Tuition fee loans: All UK and EU students can apply for a tuition fee loan. The loan company then pays your fees directly to Heythrop. You should apply for before you enrol. The loan coves our whole tuition fee and you do not begin to it pay back until you have graduated and are earning more than £15,000 per annum.
Maintenance loans: UK and EU students can also apply for maintenance loans up to a limit which is higher if you live away from your parental home. The calculator on the www.direct.gov/studentfinance allows you to work out what you might be entitled to. A student living in London and away from the parental home can receive (in 2010) a loan of up to £6928 a year. Again, you start to pay it back when you have left your course and are earning more than £15,000 per annum.
Higher Education Maintenance Grants: Students from the UK and EU may be eligible for a non-repayable means-tested maintenance grant, but it depends on your household income and the precise arrangements vary according to whether you live in England, Wales, Northern Ireland, Scotland or another EU country. In general, in 2010, those with a household income under £25,000, or who were receiving certain other benefits, could get the maximum grant. If you do get a grant, the amount you can borrow as a loan is reduced. Special support grants may also be available to those who are not eligible for a maintenance grant but who have special circumstances or are already receiving certain benefits – for example the scheme covers single parents and those who qualify for the Disability Premium or Severe Disability Premium. The College Information sheet on financial assistance tells you how to get further information.
Heythrop Bursaries: If you receive a higher education maintenance grant, the College will match it with a bursary equal to 50% of the grant, up to a maximum, which in 2009/10 was £1453.
The Disabled Student Allowance: UK students with a disability may be eligible for the Disabled Student Allowance. This covers extra costs associated with your study which arise because of your disability. If you are disabled, it helps to mention this in the relevant part of your application form, so that you can get advice about applying for the allowance, and to ensure that a decision is made before you start your course, or as soon as possible afterwards.
The Access to Learning Fund: This is a fund made up of government money which the College administers. The College uses the money to make meet the needs of UK students in hardship. It is a finite resource, not a bottomless pool.
Self-help and earning money
Most students undertake some paid work, both in term-time and in the vacation. On the whole, finding part-time work in London is not usually difficult. You need to remember that work commitments will never be regarded as an acceptable reason for missing classes or assessment deadlines – but some paid work is normal and often makes a useful contribution to your learning, and you might expect to try some work before making repeated calls on the Access to Learning Fund.
Living Costs
You will need to learn to budget. The Student Support Office provides a basic briefing on managing your money, and you should always seek advice there if you realise your finances are getting out of control. When you are budgeting you need to bear in mind costs which are occasional rather than regular – like insurance, clothing, a television licence, or utility bills if you are renting a house of flat. One recent estimate is that, in London, living as a student might cost around £220 a week over a 36 week academic year – i.e. term-time plus the Christmas and Easter vacations. The figure assumes that you earn, or live on air at home, in the summer vacation.