Failure to achieve equitable access to university studies has contributed to turning the focus to the funding of higher education systems. This paper aims to review critically the literature assessing the effectiveness of existing financing schemes and changes in them as a means for reducing the prevalent under-representation of students from a socially disadvantaged background. While the theoretical literature fails to be consensual with respect to the equity effects of student funding schemes, empirical studies remain scarce and inconclusive due to the lack of harmonized data that comprehensively describe the social make-up of higher education attendees. For reasons of space, references are kept at a minimum but can be found elsewhere. (Contains 2 tables, 1 figure, and 10 notes.)