This study examines the impact of universities' reputation on teaching income and demonstrates how strongly reputation may affect the fees that they can charge. Higher Education is increasingly competitive and international, and institutions are preoccupied with national and international prestige. Research output is demonstrably central to reputation and, specifically, to global rankings, but less has been written about the benefits of high prestige for teaching income and the ability to charge high fees. This article uses English data to show the impact when fees are partially deregulated. Public universities with high rankings in global league tables and on domestic measures can command teaching income per student which is very much higher (in this case typically more than a third) than lower-prestige institutions. This financial return to prestige further increases universities' incentives to seek high positions in league tables and establish a reputational brand.