The UK Treasury announced a £925 per‑student levy on international students from August 2028 and confirmed tuition caps will rise to about £9,790 for 2026‑27 and breach £10,000 the following year. The government said levy proceeds will fund targeted maintenance grants worth £1,000 for low‑income domestic students beginning in 2028‑29, tied to priority subjects. Documents published alongside the autumn budget exempt the first 220 international students for smaller providers and assign levy administration to the Office for Students. Ministers framed the package as reinvesting international fee income into widening access; the Russell Group welcomed a flat fee, but smaller and non‑elite institutions warned the measure could exacerbate financial pressures if universities pass the cost to students. For sector finance officers, the levy and rolling fee caps create a complex tradeoff: maintenance grants offer a politically salient support but the levy introduces a new per‑head cost during a period of tight budgets and uncertain international recruitment. Universities must now model price sensitivity and adjust recruitment and scholarship strategies ahead of the 2028 implementation.