This report analyses the evidence of the cost of the Government’s reforms to the funding of higher education effective from this year.

It concludes that the cost will be much higher than has been admitted, both because repayments of loans is likely to be much lower than claimed and also because the inflationary impact of the fees will mean that the level of benefits will be increased.

The report concludes that not only will the new arrangements prove much more expensive than previously thought, but even that they may be more expensive than the arrangements they replaced.