Measures that economise education are typically accompanied by discourses that prime society for change by framing the policy in individualistic and consumeristic terms. This article explores the emergence of 'value for money' (VfM) discourses in the English higher education sector. Using Bourdieu's thinking tools, we explore how VfM is conceptualised by final year undergraduates paying different levels of 'headline' tuition fees at a Russell Group and a Post-92 university. Unsurprisingly, we find qualitative evidence of an increase in VfM negativity as fees rise. However, this does not distribute evenly across different groups of students. At both institutions, undergraduates approach VfM in complex and unexpected ways, drawing on different capitals and often pushing back against dominant discourses. A key finding is that many students report high levels of satisfaction with their institution, course and teaching, while simultaneously expressing VfM negativity because they feel tuition fees are too high.