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Despite gains in access to and participation in higher education, students from low-SES backgrounds continue to be under-represented. By exploring differences among these students, this paper brings new insight into ways of achieving greater equity. Using a mixed method approach and data from 6492 school students, we utilise Bourdieu’s concepts of social and cultural capital, and Appadurai’s theory of the ‘capacity to aspire’ to investigate students’ aspirations for higher education. Differential access to social capital and a range demographic and school-related variables were associated with aspirations for university. We argue that equity initiatives should recognise heterogeneity, the role of teachers and the need to provide access to information for students and their parents and carers.