The new English system of student finance seeks to resolve a higher education policy trilemma created by government's desire to switch more of the costs on to students, whilst seeking to promote both increased and widening participation. The rationale for this new funding system is based upon orthodox economic analysis which, the authors argue, rests upon inappropriate assumptions. Survey evidence from recent entrants is presented to support this critique and to question whether the current system can promote both informed student decision-making and widening participation. (Contains 1 figure, 2 tables and 1 note.)