LONDON — Oxford University revealed Wednesday the largest donation for student support in its modern history, a $115 million gift from a Silicon Valley venture capitalist.
Michael Moritz and his wife, Harriet Heyman, gave the money to provide financial assistance to undergraduates from low-income backgrounds. The donation is expected to be combined with Oxford’s own commitment of $115 million and a campaign to raise an additional $230 million, according to a university statement. The campaign would allow Oxford to compete with elite US universities in offering admissions in which an applicant’s financial situation is not considered.
The money would also counteract the British government’s recent move to triple tuition fees at English universities.
Starting this autumn, any student admitted to Oxford whose family’s annual income is below about $24,000 would be eligible for a Moritz-Heyman Scholarship. In addition to receiving financial support of about $16,000 per year, students will be placed in internships. The total cost to students would be $5,250 a year — an amount equal to the university tuition before the recent fee rise — which would be funded by government loans repayable only after graduates start earning more than $31,000 a year.
“This is designed as a pathway to help students go from their high school classroom to their eventual professions,’’ Moritz said at a news conference Wednesday in London where he announced the gift.
He is the chairman of Sequoia Capital and an early investor in Google, LinkedIn, YouTube, and PayPal. In June 2008, Moritz and Heyman donated $50 million to Christ Church College at Oxford, Moritz’s alma mater.
“I hope that today marks the day for which every teacher throughout the country understands that there is no barrier for any student who has the ability to go to Oxford, and that students realize there is no financial barrier between them and Oxford,’’ Moritz said.
The new program will provide funds for 100 scholarships during the 2012-13 academic year.