This article investigates the ways in which students are constructed in contemporary English higher education policy. First, it contends that, contrary to assumptions made in the academic literature, students are not conceptualised as 'empowered consumers'; instead their vulnerability is emphasised by both government and unions. Second, it identifies other dominant discourses, namely that of 'future worker' and 'hard-worker.' These articulate with extant debates about both the repositioning of higher education as an economic good and the use of the 'hard-working' trope across other areas of social policy. Third, it shows that differences are drawn between groups of students. Contrasts are drawn, for example, between international students, juxtaposing the 'brightest and best' with those who are considered 'sham'. Finally, the article argues that the figure of the 'vulnerable' student and 'thwarted consumer' feeds into broader government narratives about its policy trajectory, legitimising contemporary reforms and excusing the apparent failure of previous policies.