@CooCooCachoo: Thanks for the reply... it is pretty much consistent with everything else I've heard from people at Oxford. The only external funding that I still might receive is a $20,000/year scholarship (which, as I'm sure you know, does not even cover tuition), so I'm assuming that I would have to take out a loan or something to cover my costs.
I'm assuming that you're at Oxford... what motivated your decision to study there? Particular faculty members that you wanted to work with? The prestige/employment prospects of having an Oxford D.Phil? Being offered my placement was kind of a dream come true, though now that the initial euphoria has worn off, I'm starting to get nervous about the financial implications and beginning to second-guess whether or not Oxford is the right move to make. Don't get me wrong - I realize that this is a privileged dilemma to have - but it is a dilemma nonetheless!