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Oxford University is teaming up with Princeton, Stanford and Yale universities to create a $12 million virtual college.

The University Alliance for Lifelong Learning will provide online courses in the arts and sciences in a distance-learning venture for the institutions' 500,000 alumni.

The non-profit alliance will charge former students to keep up with research and teaching through interactive seminars, topical websites, video links to campus events, lectures and other offerings. There are also plans to offer the facilities to a wider public in future.