Oxford University receives £75m scholarship boost from Michael Moritz

[12.07.2012]

The University of Oxford has received a £75 million donation that will be used to provide financial support to the poorest students - the largest philanthropic gift for undergraduates the institution has ever received.

Billionaire Michael Moritz and wife Harriet Heyman have made the contribution, which will provide students entitled to the scholarship money with zero living costs and university fees limited at £3,500 per year.

The £75 million will form the basis of a £300 million support package for undergraduates from low income backgrounds, whose families have earnings below £16,000.

Oxford Vice Chancellor Professor Andrew Hamilton said: "This remarkable and hugely generous gift and initiative from Michael and Harriet allows us to go an important stage further towards our goal of ensuring that all barriers - real or perceived - are removed from students' choices."

Professional investor Mr Moritz is an Oxford graduate who says he owes his very existence to the generosity of strangers, having been removed from Nazi Germany as a teenager, receiving his own school education on a scholarship.

Posted by Jennifer Smith