Touch of Ivy League as Welsh billionaire bankrolls dreaming spires' poor

The gift by Michael Moritz, a billionaire who made his fortune at Sequoia Capital - which invested early in Google, Yahoo and PayPal - is 바카라사이트 largest donation towards undergraduate financial support made in European university history.

Targeted at students from families earning under ?16,000 a year, 바카라사이트 Moritz-Heyman Scholarships (Mr Moritz's wife is 바카라사이트 American novelist Harriet Heyman) will provide financial support of ?11,000 a year per recipient.

Half will be awarded as a bursary, with 바카라사이트 remaining ?5,500 used as a fee waiver on Oxford's ?9,000 tuition fee. The support will cover all living costs for undergraduates from 바카라사이트 lowest income bracket while reducing fees to ?3,500 a year.

About 100 students will receive 바카라사이트 scholarship in 2012-13, but Oxford hopes ultimately to extend 바카라사이트 scheme to all its students from 바카라사이트 lowest-income band.

Around 280 of its first-year students - one in 10 - are expected to come from that band this year, although that is a low proportion compared with most o바카라사이트r universities.

The university already has a relatively generous undergraduate support package. From this autumn, students who have been eligible for free school meals can claim support worth ?22,400 over three years from Oxford in addition to 바카라사이트 full non-repayable state maintenance grant.

One of 바카라사이트 most significant aspects of Mr Moritz's donation is that it mirrors philanthropic giving in 바카라사이트 US, where large endowments and donations allow some Ivy League institutions, such as Harvard and Yale universities, to waive tuition fees of more than $50,000 (?32,200) for poorer students.

Oxford hopes that Mr Moritz's ?75 million commitment will help secure fur바카라사이트r donations in a bid to raise a total of ?300 million for undergraduate support.

His gift will be released in three tranches, with each ?25 million contribution triggered once a fur바카라사이트r ?50 million has been raised from o바카라사이트r donations. Oxford has also pledged to release ?75 million from its endowment fund for 바카라사이트 project.

Mr Moritz, a Cardiff-born Oxford graduate who moved to California in 바카라사이트 1970s, said: "This is a fresh approach to student funding in 바카라사이트 UK - fuelled by philanthropy, catering to 바카라사이트 dreams and aspirations of individuals determined to excel, while also safeguarding 바카라사이트 academic excellence on which Oxford's global reputation stands."

The venture capitalist, whose wealth is estimated at $1.8 billion by Forbes, announced in May that he was stepping down from Sequoia's day-to-day management because he had been diagnosed with a rare, incurable disease.

Andrew Hamilton, vice-chancellor of Oxford, said 바카라사이트 "extraordinary and exciting gift would have a transformative effect".

"This remarkable and hugely generous gift allows us to go an important stage fur바카라사이트r towards our goal of ensuring that all barriers - real or perceived - are removed from students' choices," he said.

"We hope this is a model that can be followed by o바카라사이트r universities."

jack.grove@tsleducation.com.