In this paper Andrew Norton argues that a more realistic loan cap needs to be implemented so that the federal government’s FEE-HELP scheme can achieve its stated objectives of reducing unmet demand and assisting students to access their preferred course. FEE-HELP has the potential to reform higher education radically, as it extends loans to all full-fee students, undergraduate or postgraduate, at both public and private institutions, says Norton, but the scheme’s effectiveness is undermined by a maximum lifetime loan of $50,950 (with $80,000 proposed for medicine).