Applying to Oxford - Money

It is a commonly held misconception that Oxford is more expensive than other universities. This is very wrong: especially when you stay at Merton. With cheap accommodation for your whole degree, subsidised food and numerous book grants that everyone can apply for, travel funds and exam prizes, Merton is very affordable.

Staying in college accommodation is very cheap because you only have to pay rent during term time and not the holidays. Merton has its own hardship grants that can help anyone through slightly leaner times. The library provision at Merton is first class so that means most books can be borrowed not bought. Oxford University bans you getting a job during term time and to be honest you will not have time. However, our holidays are much longer than most other universities allowing you to work more then, if you wish, so it all balances out.

To help anyone with a low income there is a new university wide 'Oxford Opportunity Bursary'. It provides £3000 per year (£4000 in the first) as a grant (i.e. doesn't have to be paid back!) on a sliding scale which depends on your household income, to be paid every year of your degree to anyone with fee remissions.

Oxford will be charging the full £3000 top-up fees, just like many other universities - but this doesn't make any difference to you now as your loan will cover it. Once you have graduated you don't pay anything back until you earn over £15,000 p.a. - and then you pay back simply a proportion of your earnings (which is actually quite a low proportion) just like any other tax - you only ever pay what you can afford. The money is also loaned at a rate of interest that is equal to inflation, so you only pay back the current value of exactly what you borrowed*.

With high and increasing levels of support, financial considerations should not put anyone off applying.