Rhodes scholarships cut amid financial difficulties

The Rhodes Trust has restricted funding for professional degrees, introduced tighter limits on doctoral study, and reduced spending on events for scholars at Oxford amid financial difficulties.

Scholars pursuing a Master of Public Policy, Master of Business Administration, or Master of Financial Economics will now be limited to one year of funding, preventing them from combining any of these qualifications with another degree. Rhodes recipients wishing to pursue a DPhil also face restrictions.

Under conditions of tenure published in September, scholars are formally discouraged from undertaking courses of study longer than two years. If a scholar wishes to pursue doctoral studies after selection as a Rhodes Scholar, they must secure additional approval from the Rhodes Academic Review Board and prepare an alternative two-year course of study.

Places on the route combining a one-year master’s with a DPhil are described as “very restricted” in the conditions of tenure. In general, doctoral study is described as “non-standard” and limited to students for whom “undertaking the DPhil at Oxford at this stage of their academic and professional journey is a necessary next step towards achieving their long-term aspirations”.

Previous conditions allowed scholars to undertake professional degrees as part of a two-year programme with another academic master’s degree, and contained no restrictions on direct DPhil entry.

The changes extend to social life at Rhodes House. In conversation with Cherwell, numerous new scholars have noted considerably fewer induction events. Cherwell understands that alcohol will also no longer be provided at House events.

“It’s a stressful situation”, explained one Rhodes Scholar who is planning on doing a DPhil next year. “There’s a lot of uncertainty.” Another scholar said that it was “disappointing” to see that the Trust had ended the Global Constituency, which provided opportunities for students from countries not previously eligible for the scholarship. 

The measures narrow the academic options available through one of Oxford’s oldest scholarships. Established under the will of Cecil Rhodes in 1902, the Rhodes Scholarship is one of the most prestigious scholarship programmes in the world. Currently, it awards scholarships at Oxford to over 100 students each year. Previous Rhodes Scholars include former US president Bill Clinton, astronomer Edwin Hubble, and singer Kris Kristofferson. The scholarship has been subject to much scrutiny in recent years due to Rhodes’s colonial legacy. 

The restrictions come amid pressure on the Trust’s finances. Its report for the year to June 2025 recorded £27.7 million in scholarship expenditure, with an average annual cost of approximately £85,000 per scholar once overheads were allocated. It identified cost inflation, including university fees, stipends, and staffing, and outlined the trustees’ intention to reduce withdrawals from the endowment. Rising overseas student fees are a particularly significant drain on the Trust’s finances. A 2025 Cherwell investigation revealed that international student fees had risen by 37% from 2022, with fees on some courses rising by over 60%.  

The financial pressures follow the £38 million redevelopment of Rhodes House, which was completed in 2023. The Trust reports approximately £800,000 in annual interest on a bond issued to finance the building project, alongside income from commercial events and accommodation that contributes towards operating costs.

Investment returns have also fallen short of the Trust’s goals. Most of its endowment is managed by Oxford University Endowment Management (OUem), which returned 3.6% in the year to June 2025, far short of its goal of inflation plus 5%. OUem has consistently missed this goal in the short and medium term.

The latest restrictions follow the suspension of the Global Scholarships in April 2026. This programme provided a route for applicants ineligible to apply through existing geographical constituencies, including those from many African countries. The Trust’s public notice attributed the suspension to “shifting strategic priorities”. 

Rhodes is not the only international scholarship programme to cut back recently. In August, the Jardine Foundation announced the end of its scholarship programme for undergraduate students from Southeast Asian countries to study at Oxbridge after 44 years, focusing instead on regional institutions.

In a statement to Cherwell, the Trust said that it is “in a solid financial position”. At the same time, it said that “the University of Oxford has dramatically increased international postgraduate course costs in recent years, and costs are expected to continue rising”, which “will inevitably affect some future options”. It states that previously approved study plans will be honoured.