For the generation of students entering the College in October 2017, we aim to offer bursaries to all UK undergraduate students whose annual household incomes are lower than around £52,000. These bursaries extend support beyond the government thresholds for maintenance grant support.
How much will living in Oxford cost?
We estimate that the annual cost of living in Oxford (including rent, food, travel and reasonable entertainment costs) in 2017-18 will be between £9,021-£13,237 for 9 months (October-June). People often think that living and studying at Oxford University is more expensive than at other universities. We think that the various sources of financial support available means that this isn’t the case.
How will I pay for this?
There are three sources of funding available to all Home/EU students who come to Oxford:
1. Government support via the Student Loan Company: maintenance grants and maintenance loans (Home students only), and tuition fee loans (Home/EU students only).
2. Oxford Bursaries which are funded jointly by the colleges and the University (Home/EU students only).
3. Parental support: there is the expectation that parents or guardians will provide some level of support. The government makes some assumptions about how much parents and guardians should be able to contribute according to their ‘household residual income’
What if the funding from these three sources doesn’t add up to £9,021?
Students can reasonably be expected to take full advantage of all the financial support that is available to them. But we recognise that some students may still not have enough to meet the cost of living (£9,021) and so for students from households with annual incomes lower than around £52,000 we will aim to fill the gap with an Old Members’ Trust Bursary.
"My Univ bursary gave me peace of mind and freedom to enjoy my time at Oxford"
Is there any other support available from the College?
There are two other ways in which the College may be able to help. First, the government’s student support arrangements, added to the Oxford Bursaries, mean that some UK students will already have access to more than the £9,021 minimum 9-month cost of living. However, these students may additionally be eligible for support from the Old Members’ Trust Bursary scheme, which will help meet living costs during the Long Vacation (July-September). These supplementary vacation bursaries will allow students to spend more time over the summer on their academic work, or to undertake unpaid internships, rather than take on paid employment. Undergraduates in their final year, who already have access to the minimum 9-month cost of living, will not be eligible for an Old Members' Long Vacation Bursary, but may be offered additional vacation residence during the Easter Vacation, allowing them to prepare for Finals. Secondly, both UK and non-UK students who run into unexpected and unforeseeable financial hardship are eligible to apply to the College for an award from the Student Support Fund.
How can the College afford these bursaries?
The College can afford to offer such generous levels of support because former students (known as Old Members) have donated money over many years to help students meet the costs of studying and living in Oxford. This money is looked after by the Old Members’ Trust, which takes decisions about the best sort of bursary to offer. One of the other goals of the Old Members’ Trust is to encourage pupils to apply to Univ from schools and communities that have not traditionally sent students to Oxford.