This article aims to identify the most favourable components of the tax-benefit system for pursuing higher education in an environment with uncertainty on life trajectories and academic success. We use a dynamic microsimulation model of careers to decompose returns to higher education and to define the effect of the tax-benefit system on the risk of low valuation of education. We find that the components most likely to minimise the risk are unemployment insurance, the retirement system and–to a lesser degree– income tax. These components actually increase returns at the bottom of the distribution.