Oxford University uses record donation to cut fees for students of low income families
A record donation to Oxford University from Michael Mortiz and his wife Harriet Heyman means that students from the poorest backgrounds in the UK can benefit from an education at one of the world’s finest educational establishments. The couple have have generously donated £75 million pounds to the university and with match funding this could rise to as much as £300 million.
This new donation claimed as the biggest financial support package in European university history has allowed Oxford University to drop the maximum tuition fee of £9,000 down to £3,500 for students from low income families significantly lowering their debt upon graduation. Additionally students that qualify for the reduction in tuition fees will also benefit from funding for their living costs.
The financial package equates to £11,000 per student per year and is available to students from families that have an income lower than £16,000 per year. About 1 in 10 oxford students could be eligible for this and the first group will benefit from this in autumn, within three years it is hoped that half of students that qualify for it will benefit from the scheme, with the final aim of all students from lower income families benefiting from it.
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