The funding of students in UK higher education (HE) has undergone radical reform over the past two decades. Using a unique dataset, this paper investigates student expectations of debt. We find that a student's gender, ethnicity, and year of study play an important role in determining their expected debt. Students in receipt of financial support from their parents and those with part-time jobs anticipate a lower level of debt. We also find that the higher a student discounts future income, the greater their expected debt, and the more risk averse a student the lower the expected debt. Our findings also suggest that a student's expected earnings post-graduation has a positive impact on current debt. If the level of student debt--which is expected to rise in the future--compromises access to HE, then the close targeting of student financial aid is warranted and an equitable repayment framework needs development.