Increased bursaries offered to offset maximum top-up
The cost of an Oxford degree will spiral to £26,000 from next year, but bursaries up to £10,000 will be available to the poorest students.
With annual living costs estimated at £5,700 plus £3,000 fees which 80 per cent of students will pay, an Oxford degree will be more expensive than ever for the majority of students.
Just three per cent of undergraduates are likely to be eligible for the full "opportunity bursary", while 17 per cent will qualify for some assistance.
Students whose household income is less than £16,000 will qualify for £4,000 in the first year and £3,000 in each subsequent year of their course.
Bursary amounts are then judged on a sliding scale depending on parental income. However the majority of students will pay full fees.
The University has claimed that there will be no competition for money. Despite there being no cap on the number of bursaries it is expected that they will be awarded in a minority of cases.
The University has said undergraduate degrees will remain a "loss-making activity" despite the higher fees.
Commenting on the bursaries, Vice Chancellor John Hood said they offered a "golden opportunity" to talented young people who had previously been deterred by the cost of studying at Oxford, adding that the scheme would make Oxford "the most affordable place to study for talented British students from families with the least financial resources".
President of the Student Union John Blake added: "Within the system which has been set up, the new bursaries are an excellent provision. It's very good news for students on the lowest incomes.
"Certainly, reinvesting a third of expected income from top up fees is quite high in terms of other universities."
13th Jan 2005