Finance for Registration: FAQs
Please click the questions below for answers to our most frequently asked questions
Please specify what it means by instalments. How many instalments are given?
Instalments are usually split into either two or three equal parts, which are paid termly.
Payment by instalment can only be set up through the RCM online payment system. This process must be completed before Induction Week. Please note that you will need a debit or credit card to make payment online.
If you wish to pay by debit card, you can pay in three equal instalments payable at the start of each term.
If you wish to pay by credit card, you can only pay in two equal instalments payable at the start of the Autumn and Spring Terms.
Are more instalments available?
If you require more instalments, please set up your instalment plan online after which you may contact the Finance Department. You will be required to pay the first instalment as set out online.
Future instalments can be amended with the Manager’s approval. The amendment of future instalments will only be considered in special circumstances and there is no guarantee that this will be granted.
Have I got an instalment plan already from last year?
No. Previous instalment plans are not valid and only relate to the academic year previously applied for. If you would like to pay your fees this year in instalments, you must go through the process again.
What payment methods are available for paying my fees?
Payment by instalment can only be made online with either a debit or credit card.
Full payment can be made online with either a debit or credit card or via Paypal or via the following methods:
Please make your cheque payable to the Royal College of Music and send it to the Finance Department before Induction Week.
The College’s bank details are
Bank: Royal Bank of Scotland
Address: 62 – 63 Threadneedle Street, LONDON, EC2R 8LA
Account Name: RCM General Account
Sort Code: 15-10-00
Account Number: 21543414
SWIFT Code: RBOS GB 2L
IBAN: GB 24 RBOS 151000 21543414
Please note that it can take up to 5 working days for payments to reach the RCM’s bank account and payment must be received by the RCM prior to Induction week. If making a payment by bank transfer, you must cover the cost of any bank charges levied. If your payment involves a currency change, you must also ensure your payment covers any foreign currency transaction charge applicable. Please ensure that you quote your name or student ID as a reference on the transfer to enable the RCM to identify who the payment is from. If you do not do this, we will assume that you have not yet paid and will ask you to provide confirmation.
I will be paying in a different currency. I would like to know what the equivalent amount will be.
We can not specify the equivalent amount in a foreign currency since the exchange rate varies from day to day. The rate offered by your bank may not be the same as the rate offered by the College's bank. We suggest that you check with your bank before arranging payment. If there is a shortfall in your payment, you can top this up during Induction week. If you pay more than required, the overpayment can be carried over to the next academic year or refunded to you.
When to Pay
Is payment required before Induction Week?
Yes. If you are paying via bank transfer, payments must be sent one week in advance of Induction Week in order for the RCM to receive your payment prior to the start of term. If you are paying by card, this can be done online. Cash payers should bring cash to the Finance Department prior to Induction Week. Payment by cheque can either be sent to the RCM’s address or brought in person to the Finance Department.
What do I do if I am not arriving in London until after Induction Week?
If you will not be arriving by Induction Week, please ensure that you have advised the Academic Registrar of this. In terms of payment, if you would like to apply for an instalment plan, please do so online. Full payment of fees can also be made online. If you wish to pay the full amount by cheque or card, you may bring this with you when you arrive.
Student Loans and Career Development Loans
What if my fees are being covered by the Student Loan Company?
If your tuition fees are covered in full by a Tuition Fee Loan from the Student Loans Company, you will have no fees to pay and the RCM will be notified when your application is approved by the SLC.
What do I do if my Student Loan application is pending?
Please provide proof of your application or a document from the Student Loans Company stating that your application has been received and is being processed. You will also be required to sign and date this document to state that you agree to pay the full amount of your tuition fee if your application is not successful.
What if my fees are partly being covered by a Student Loan (SLC or SAAS) and the remainder is to be paid through a Career Development Loan? What if one or both of the applications is still pending confirmation? Is this going to cause problems?
This should not be a problem provided that you can provide proof of your funding and present them by Induction week. You must provide a copy of your confirmation or proof that your application is still in the process of being considered. You must also sign a copy of the document to state that you agree to pay the balance of the fees if your application is not successful.
Fees Covered by a Sponsor, Foundation or Trust
If my fees are being covered by a sponsor, foundation or trust, can payment be made to the RCM directly?
The RCM will accept direct payment from sponsor’s either by cheque or via bank transfer. However, please ask them to reference your name to enable the RCM to identify the payment in order to allocate the funds. If your sponsor does not cover the full cost of your fees, you will be required to pay the difference. Furthermore, you will be required to provide proof that your fees are being paid by a sponsor (a letter, email or any correspondence with the sponsor is acceptable). The above also applies in cases where your sponsor is contributing towards your fees or paying only a part of it.
If your sponsor requires an invoice from the RCM, please send the letter/email from the sponsor to the Finance Department. An invoice to your sponsor will be raised in October. Invoices to sponsors cannot be sent in advance of the academic year as confirmation of registration must be on record.
If my fees are being paid to the RCM directly by a sponsor, foundation or trust, can payment be sent in a different currency?
Yes this is possible; however we would be able to tell you the equivalent in pounds sterling only after the money has cleared in the RCM's bank account.
You will be required to pay the difference or any shortfall by Induction week or have arranged an instalment plan and paid the first instalment. Where possible, we advise that your sponsor pays the RCM a week in advance of Induction week and references your name with the payment.
For the RCM’s records, we require written confirmation that your sponsor will be paying your fees (a letter, email or any correspondence with the sponsor is acceptable). The above also applies in cases where your sponsor is contributing towards your fees or paying only a part of it.
RCM Scholarships and Henry Wood Awards
I have been awarded an RCM Scholarship. Does this count as or part of my first instalment?
No. All scholarships and awards including fees paid by sponsors to the RCM directly are deducted from the total before the balance is split into either 2 or 3 equal parts. The balance remaining after all deductions is the amount payable by yourself.
I have been granted an award from the Henry Wood Trust. Why has this not been deducted from the total I have to pay?
Henry Wood Awards are not to be allocated against tuition fees. This is an accommodation award and will be paid out to you once term has started.
You will receive a separate email regarding this during August.
I have already paid my fees in advance or sent payment for my first instalment. Can I have a receipt?
If you need a receipt for tax purposes urgently, please contact Sonal Bakshi stating an address to which you would like the receipt sent. If you require a receipt for your personal records, then we would greatly appreciate if you could wait till after Induction week since the run up to Registration is a very busy time for Finance.
I have been charged the wrong amount.
If you feel you have been charged the wrong amount, please contact Sonal Bakshi if the charge relates to your tuition fees or scholarship (if you have been granted one).
If I have already made payment via a bank transfer, am I required to do anything else?
Yes – please bring proof/confirmation of your bank transfer with you when you arrive. Your bank will be able to provide you with a receipt. Printed confirmation from the internet is also acceptable.
What is my account reference?
This is your student ID and will have been emailed to you by the Registry Department. Please quote this reference on all payments made to the RCM in addition to your name.
UK Bank Accounts for Foreign Nationals
If you are currently enrolled at the RCM, would like to open a bank account in the UK and require a letter from the RCM please complete the required form in Request a Letter on MUSE.