Given his wealth of 1.5m, and that this will eventually cost him about 150k a year, and he's not just fronting a charity looking for donations, this is really a significantly generous act for him and as such I applaud it - putting your money where your mouth is.
I don't really like the message though - that you need this gift to attend Cambridge. Everyone who gets the grades can attend Cambridge, Oxford, or anywhere they like. What they don't get is the confidence to apply in the first place or to get past the interview.
Honestly, I know the loans put a lot of people off, but all his money is doing is avoiding the worry of big loans for some people who already have unconditional offers from Cambridge. It's not enough. Put the money into careers advice so all young people can have the confidence that they can go to Cambridge, loans won't ruin them, and have the coaching to get through the interview.
Middle class kids don't worry about the loans because their parents understand debt and know the loans are nothing. Poor kids are told by their parents loans will blight their lives - it's not bright house. Some types of debt really don't matter.
Frankly I believe careers advice needs to be taken out of schools - mine was done by a PE teacher for god's sake. It should have a wealth of information and speakers from local employers, big industry, apprenticeships, milk round employers and be staffed by people who went to various universities - ex-polys, red brick, lse, oxbridge. If there's only one center per 50 schools that's fine - not every school has a swimming pool either - they get bused in. Even better young people could visit as they liked in their own time - like public libraries, where they still exist.
I thought it was factual that is was nonsense by now, loads of black people made videos about how ridiculous it was.
I prefer to type on my pc, but I'm in bed and don't bother to fight my phone's auto correct. Lack of care will be the end of us all.