Purpose -This editorial aims to review key changes in the legislation that governs student finance in England, showing how these changes will have a significant impact on the concept of the public university in Britain. Design/methodology/approach -The assumptions behind the 2010 review of student financing in England are analysed in the context of key aspects of the political philosophy of the British coalition government, elected in 2010. Findings -While presented as an immediate solution to challenges in public financing, the introduction of full-cost graduate contributions will significantly affect the balance between the recognition of private benefit and public good in the role of the university as an institution. Practical implications -The review will contribute to informed discussion and debate for a key aspect of public policy in the UK. Originality/value -The review moves discussion from immediate concerns about the level of graduate contribution to aspects of the long-term structure of the higher education system in Britain.