In most OECD countries, more women than men enrol in undergraduate degrees. I analyse this gap in enrolment using the elicited subjective beliefs of a sample of 240 17-18-year-olds living in England. I use these beliefs to estimate a discrete choice model. The results from this model can explain the majority of the gender gap in enrolment. Gender differences in preferences over future outcomes rather than differences in subjective beliefs account for most of the gap. An important difference between men and women is women value feeling independent whereas men do not.