This report estimates the impact on earnings of attending HE compared with not going. The authors detail how this varies by subject and institution of study, as well as how these returns vary by gender, prior educational attainment and the sorts of subjects individuals have studied up to age 18. The report makes use of the Longitudinal Education Outcomes (LEO) dataset, which links together tax, benefit, higher education and school records to provide a rich description of individuals’ trajectories through the education system and into the labour market.