It depends on term too, such as who retains copyright. I would expect £300 for 3 hours for full copyright, plus model and makeup fees (bearing in mind that make up and hair usually takes an hour, the photographer would be contributing but not photographing, so I would expect solid photography to be more). That is a reputable, established photographer. A new one should be less. Depends on your market too if you want to attract students you would charge less. Also depends on your equipment set up / rates etc. best thing is do some research in your local area, see what competition is and what they are charging.
Em