Bifröst University - Borgarnes, Iceland

Founded in 1918 in Reykjavík, Bifröst University was originally called Samvinnuskólinn, or the Cooperative College. Modeled after Ruskin College, Oxford, it was established to educate leaders for business and society. In 1955, it was relocated to Bifröst in Borgarfjörður. After gaining accreditation from the Icelandic Ministry of Education in 1988, Bifröst started offering degrees in business, law, and social science. In 2006, its name was changed to Bifröst University to reflect its expanded offerings. Bifröst is a self-governing, non-profit institution which receives 40% of its income from the Icelandic state, 40% from tuition fees, and 20% from other sources. Located 110km, or 90 minutes' driving distance, from Reykjavík, the Bifröst campus is a peaceful, rural setting.