The results of the National Student Survey show that overall student satisfaction was stable at 82–83% between 2017 and 2020, falling to 75% in 2021.44 The OfS measures students’ perception of value for money in a separate survey, which, unlike the National Student Survey, is not restricted to final-year undergraduates. In this survey, the proportion of then-current undergraduates saying that university offered good value for money fell from 38% in 2020 to 33% in 2021, and the proportion saying it did not rose from 48% to 54%.45 We asked the OfS whether it was concerned by these figures. The OfS told us that value for money is one of its four regulatory priorities. It agreed that the proportion of students thinking that their course was value for money was a very low figure and “absolutely” a cause for concern. The OfS assured us that it saw tackling the situation as a priority. It explained that a lot of the OfS’s work would be looking to reverse that, primarily by addressing issues of quality, where students think they are not getting the quality that they deserve.46