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Dear Mike, Yes, that is the correct interpretation of the table and the implications. I suspect it is unlikely that institutions who appear to be 'under-funded' will get more money however - rather they will be expected to recruit more students. On the other hand, if they appear 'over-funded' I expect money will be clawed back rather than HEFCE allow them to 'shed' students! Although we were not in a migration situation previously, I seem to recall that this was the effect for those who were. There are so many provisos to the simulations (for example, they do not include the proposals for changes to the WA and IR funding) that it remains difficult to fully grasp (and therefore comment on) the proposals! Hopefully the further information due to be sent to individual institutions, simulating Tables B to E, might help us get a better feel for the 'real' effect, as well as the long-term implications for our position in the tolerance band. Best wishes, Judy -- Judy Evans Head of Management Information London Metropolitan University London North Campus 166-220 Holloway Road London N7 8DB tel: 020 7133 2006 fax: 020 7133 2065 email: [log in to unmask]