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A report released today by Universities UK attempts to answer the question of where student fees are going, chronicling investments in financial aid, infrastructure, teaching, student services and career placement. The funding model for England’s universities has shifted drastically in recent years; public funding has fallen and been replaced by tuition fees, which were first introduced in 1997 and are now capped at £9,000 (about $14,150) for domestic students. Under the new funding regime, some universities have seen net reductions in their income and others net increases.