Heythrop College has announced it will not be admitting undergraduate students for September 2015.
The 400-year-old Jesuit-run institution says it is facing financial challenges in meeting the costs of being an autonomous college of the University of London.
Latest accounts for the college, which has around 650 students, show losses of just under £600,000 and reveal that the Society of Jesus agreed to provide a £3.5 million subsidy over a three-year period.
The decision not to admit undergraduates was taken following a meeting of the governors last week where it was also confirmed that current students would continue to be eligible for University of London degrees.
Heythrop, based in Kensington, West London, also stressed that recruitment would continue for postgraduate programmes and those training for the priesthood.
Fr Michael Holman SJ, the principal, said: "The governors of Heythrop College have been looking at ways in which its valuable and important mission in the teaching and research of theology and philosophy can be maintained and developed in years ahead.
He explained: “We are all well aware of the challenges we face in meeting the costs of an autonomous college of the University of London. These challenges are all the greater in the more competitive world of higher education which this government has been introducing. The gap between income and expenditure has been bridged for many years by the Society of Jesus but their capacity to continue to do this is limited.”
Heythrop, which specialises in Theology and Philosophy, is currently in talks with St Mary’s University, Twickenham, South West London, regarding a “strategic partnership.”
The college said in a statement that a decision on a partnership would be taken by Easter next year.
“The discussions with St Mary's offer us an opportunity to secure Heythrop’s mission in the form of a strategic partnership with another institution which shares our Catholic educational tradition,” the statement said.
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