A venture capitalist has made one of the biggest philanthropic donations in European history by giving scholarships to poor students to attend Oxford.
The funds have been gifted to the institution by a multimillionaire businessman Michael Moritz and his novelist wife Harriet Heyman.
The cash will be used to start a new £300m scholarship program to help students who have their family income considerably lower than £16,000, and the scheme can benefit hundreds of students.
All those beneficiary students who will be awarded with Moritz-Heyman scholarships are exempted from study or living expense at the university. They will also get financial assistance during the holidays and can apply in a tailor-made internship program.
The university administration stated that this step by Micheal and his wife was the "biggest philanthropic gift for undergraduate financial support in European history".
The event was organized in central London, where Mr Moritz said that the step was taken to ensure "every headteacher throughout the UK understands that there is no obstacle whatsoever for any of their students, any pupil, who has the academic ability and talent to take a place at Oxford, to be able to gain admission to the university".
Now every student can fulfill his dream of getting education from Oxford University, he added.
According to the university's stats, one out of 10 university undergraduates come from homes with annual incomes less than £16,000 and in the next three years it is expected that almost half of the students will be granted the new scholarships.
It is expected that more than 100 students will be given scholarships this autumn, and gradually all students in this group will be rewarded.
Professor Andrew Hamilton, the vice chancellor of Oxford University said that the university is already providing financial assistance to many undergraduate students. But this huge donation from Michael and Harriet will certainly help to achieve their goals in providing high quality education to every individual who wants to study at Oxford University.
"It provides extraordinary support – financial and personal – for outstanding students," he added.