In the light of the forthcoming policy shift to full-cost fees for English undergraduates, this study examines the impact of fee changes on how students weigh up their university choices. Conjoint analysis is used to examine the importance that students attach to various attributes of a university. It also explores differences across subsections of the student population in terms of patterns of utility. A key finding is that students from families where there is no history of attending university will experience more disutility from the higher fees. Other patterns in utility are identified including differences between social classes and between genders. The implications for "inclusiveness" in higher education are discussed. (Contains 8 tables and 2 figures.)