A key determinant of the new relationship between students and universities in Australia is the changing nature of higher education funding arrangements and the shift towards "user-pays". In 2007, the Centre for the Study of Higher Education (CSHE) completed a commissioned national study, "Australian University Student Finances 2006: Final Report of a National Survey of Students in Public Universities." Drawing on the project report, this article discusses selected findings relating to student expectations and engagement to present a worrying picture of financial duress and involvement in paid work and examines the possible effects on the quality of higher education. (Contains 3 tables.)