Members’ Finances#

Any Member struggling financially is encouraged to see the Registrar or Deputy Registrar as soon as possible. If you are struggling financially then you should consider the following:

• Are you in more expensive accommodation, e.g. an ensuite room or a one bedroom flat? Your House Administrator (Ljiljana in London House and Marco in Willie G) can advise on the possibility of switching to cheaper accommodation. This probably won’t be possible in the first few months as all the accommodation will be full but make sure you get on the waiting list as soon as possible;
• Are you doing all you can to manage your spending? London is an expensive city. Make sure you are shopping at cheaper supermarkets, such as Lidl, Aldi, Morrisons. Mid-priced supermarkets are Tesco and Sainsbury and the highest priced are Waitrose & Marks & Spencer.Although there are few cheap supermarkets locally, consider doing a large shop of non-perishable items (rice, pasta, tins etc) at these cheaper supermarkets occasionally. Find the nearest fruit and veg stalls - Marchmont Street, Chancery Lane or Leather Lane market.
• Make your own coffee and lunch. Buying these things every day in cafes adds up quickly.
• Sign up for a pay-as-you-go mobile such as Giff Gaff. Giff Gaff sims are available at both Receptions.
• Work out a weekly budget. Look at Money Saving Expert for an example.
• If you wish to find paid work, apply for your National Insurance Number. It can take a few weeks to get. You can start work without it but an employer will want it pretty soon after you start.

Scholarships#

There are a range of Scholarships available to new Members of the College. Members apply for these at the time of making their application and the selection is made based on a range of criteria including financial need, potential to contribute to College life, mostly likely to benefit from financial support and any specific criteria for the Scholarship. Scholarships are not available to Members of the College who have already started or who are starting a new course (e.g. a PhD following a Masters). Over 50% of the Scholarships we offer are from donated funds, often from alumni of the College.

Bursaries#

Members continuing at the College for a second or subsequent year are eligible to apply for a bursary if they will need financial assistance. Applications are available in May in each year and the funding starts in September for the following academic year. Assessment of those who be awarded a bursary is made on the basis of financial need, contribution to College life and other financial criteria such as current room type, working while studying, previous funding from the College and the number of years at the College.

Mecklenburgh Fund#

The Mecklenburgh Fund provides limited discretionary financial support for Members who are experiencing financial difficulty and are unable to meet the basic or unexpected additional costs from other sources of support. The fund can also offer limited support to Members who have experiences a change in financial circumstances due to unforeseen events. In order to be eligible to apply, you must be able to demonstrate that unforeseen financial difficulties occurred after you started your course with adequate funds arranged to cover tuition fees and living costs for the entire duration of the course.

The Fund is intended to act as a safety net for those in financial difficulty rather than a main source of income. The size of the Fund is limited and we may not be able to meet your need in full or guarantee that funds will be available. Awards are discretionary and are paid in the form of a non-repayable grant, normally credited towards the monthly accommodation fees.

The Mecklenburgh Fund is open to long-term Members currently in residence and normally only to those in full-time post-graduate education. The Fund will not assist with tuition, course fees, conference fees or equipment.

Assessment#

You are expected to have funding in place to cover both your tuition fees and living costs before starting your course. Where adequate provision has not been made to cover your core living costs before you started your course you may not qualify for the Mecklenburgh Fund.

If you have encountered financial difficulty due to verifiable mitigating circumstances or one off unexpected cost then we may be able to assist, though please note that the Mecklenburgh Fund is discretionary and no guarantee of an award can be made.

Our assessment will consider a notional postgraduate income (NPI which is based on guidance from the National Association of Student Money Advisors). This can be from a variety of sources loans, grants, scholarships, stipends, savings, part-time work and family/partner/spouse support. The NPI is £250 for single members and £250 each for couples where both are full-time students and £190 for family Members with children or a disability preventing work. Over the academic year, this amounts to up to £13,000. Members will need to have met at least 70% of the set NPI to qualify for assistance from the fund. The assessment will include either the MPI or actual income, whichever is highest.

Living costs - this will be expected to be a maximum of £110 a week (£476 a month) or less with an additional amount for each child dependent. You are expected to be living in the cheapest accommodation available in the College. For single Members this is a Single B room and for couples a Studio A unless there is compelling reasons why you must live in other accommodation such as medical need. If this is the case, you should include details in your application.

When can I apply?#

You can apply at any time during the year except within your final four weeks at the College. You may apply more than once during an academic year, but subsequent applications may only be considered if your circumstances have changed.

Awards#

Awards can range from £100 to £3,500. Due to the limitation on funding, the Mecklenburgh Fund award will be at 75% of the estimated shortfall for a fixed period, i.e. not over the whole year. A full award rather than a 75% limited award may be made to those who have dependents with them at the College or a work limiting disability. The exact award amount is determined on a case-by-case basis and maximum awards are granted only in exceptional circumstances.

To discuss any aspect of your finances, or to apply to the Mecklenburgh Fund, do speak to the Registrar or Deputy Registrar.