Moritz-Heyman Scholarships press pack 3: Oxford University's standard financial support programme
The University of Oxford's standard student finance support package from 2012/13
UKI and EU students starting at Oxford in October 2012 not receiving a Moritz-Heyman Scholarship will still be under the umbrella of one of the most generous and wide-ranging support packages in the UK. All students up to household incomes of £42,600 will receive support automatically. |
As soon as the details of the national funding regime changes from 2012/13 became available, Oxford University put deep thought into ensuring finance was no barrier – real or perceived – to students starting in 2012 and beyond.
The result is one of the most of the most generous schemes of any university in the country; and the most generous for the lowest-income students.
- While many universities are offering either fee waivers or bursaries, Oxford will provide both.
- Based on current student profiles, one in six students will receive a fee waiver and a quarter of all Oxford students will receive a bursary.
- Students from household incomes of under £16,000 will receive support totalling £10,000 in their first year and over £6,000 in every later year – more than £22,000 over three years, the most generous support of any university in the country. This package will be given to every student in this income group who does not get a Moritz-Heyman Scholarship.
- The financial support Oxford is giving is in addition to the government support available.
- Oxford is no more expensive than any other university – in fact, its world-class facilities and college provision keep living costs down.
- The Moritz-Heyman Scholarship Programme enhances Oxford’s overall support provision yet further, making this provision head and shoulders above any other UK university.
SEE TABLES AT END OF DOCUMENT FOR FULL DETAILS OF STUDENT SUPPORT
What are students from household incomes of over £42,600 getting from Oxford?
- Exceptional value. We believe Oxford offers the best undergraduate education system in the world. The tutorial and collegiate systems are globally renowned.
- Tuition that is free at the point of entry. Government arrangements mean that no-one must pay fees upfront: they are covered by a government-backed loan and repayable only after graduation, only once earning over £21,000, and then in line with income, through the tax system. The system operates more like a graduate tax than, say, credit card debt. The fees are written off automatically if after 30 years they are not yet repaid.
- A heavily-subsidised education. Oxford’s world-class education system is expensive to provide, costing the University on average £16,000 per student, per year. Even those students looking at repaying fees of £9,000 a year are being charged far less than the true cost of their education.
- An average or lower-than-average cost of living. Oxford's world-class facilities and college provision not only support study, but keep living costs down, making Oxford compare favourably financially to any other university. In addition, Oxford colleges provide accommodation for at least two and often three or four years, compared to one at most universities - protecting students from the private rental market.
- Outstanding career prospects. Even in one of the toughest economic climates in recent memory, the number of employers coming to recruit Oxford graduates has risen year on year. 95% of Oxford’s graduates are employed or in further study six months after graduating. Oxford undergraduates who go on to full-time jobs have a median salary that is 20% higher than the UK average six months after graduating. 20% of Oxford undergraduate leavers earn more than £30,000 per year within six months of graduating. 60% of employers report that Oxford graduates are more likely or much more likely than other UK students to have all of the key employment skills that businesses find most valuable.
The national student finance scheme
For all students, UK-wide, the national government-backed finance scheme means that:
- No-one must pay fees upfront: they are covered by a government-backed loan
- The loan is repayable only after graduation, only once earning over £21,000
- Repayments are taken as a proportion of income, like a tax. If income falls, repayments fall; if it drops below £21,000, they stop altogether. It is more like a graduate tax in this way than a mortgage.
- The fees are written off automatically if after 30 years they are not yet repaid.
For more information see
www.moneysavingexpert.com/students/
Total value of Oxford University’s 2012/13 financial support package
| Household income | Moritz-Heyman scholarships (every year of study) (waiver + bursary) | Standard package, first year of study (waiver + bursary)(given
if not a Moritz-Heyman scholar) | Standard package, subsequent years of study (waiver + bursary)(given
if not a Moritz-Heyman scholar) | Government non-repayable grant (for all students in relevant income bracket) (every year of study) | Total over three years, including govt grant (Moritz-Heyman scholars) | Total over three years, including govt grant (non-Moritz-Heyman
Scholars) |
| £0 - £16,000 | £11,000 | £9,800 | £6,300 | £3,250 | £42,750 | £32,150 |
| £16,001 - £20,000 | - | £5,500 | £5,000 | £3,250 | - | £25,250 |
| £20,001 - £25,000 | - | £4,000 | £3,500 | £3,250 | - | £20,750 |
| £25,001 - £30,000 | - | £2,500 | £2,000 | £3,250 - £2,341 | - | £16,250 - £13,523 |
| £30,001 - £35,000 | - | £2,000 | £1,500 | £2,431 - £1,432 | - | £12,293 - £9,296 |
| £35,001 - £40,000 | - | £1,500 | £1,000 | £1,432 - £523 | - | £7,796 - £5,069 |
| £40,001 - £42,600 | - | £1,000 | £500 | £523 - £50 | - | £3,569 - £2,150 |
NB: Information correct for English students. There are subtle differences in the government versus university balance for other parts of UK; however, all UK students will be equally well provided for
(Note that government-backed loans are also available to UK and EU students; these are not represented here)
Oxford effective tuition charges for 2012 entry (after fee waivers applied)
| Household income | Moritz-Heyman scholarships (every year of study) (waiver + bursary) | Standard package, first year of study (given if not a
Moritz-Heyman scholar) | Standard package, subsequent years of study (if not a Moritz-Heyman
scholar) |
| £0 - £16,000 | £3,500 | £3,500 | £6,000 |
| £16,001 - £20,000 | - | £7,000 | £7,000 |
| £20,001 - £25,000 | - | £8,000 | £8,000 |
| £25,001 + | - | £9,000 | £9,000 |
Oxford bursary support for 2012 entry
| Household income | Moritz-Heyman scholarships (every year of study) | Standard package, first year of study | Standard package, subsequent years of study | Government non-repayable bursary (each year) |
| £0 - £16,000 | £5,500 | £4,300 | £3,300 | £3,250 |
| £16,001 - £20,000 | £3,500 | £3,000 | £3,250 | |
| £20,001 - £25,000 | £3,000 | £2,500 | £3,250 | |
| £25,001 - £30,000 | £2,500 | £2,000 | £3,250 - £2,341 | |
| £30,001 - £35,000 | £2,000 | £1,500 | £2,431 - £1,432 | |
| £35,001 - £40,000 | £1,500 | £1,000 | £1,432 - £523 | |
| £40,001 - £42,600 | £1,000 | £500 | £523 - £5 |
For more information see www.ox.ac.uk/admissions/undergraduate_courses/student_funding/