That is the message from college chiefs after the college became one of only a handful in the country to receive the funding.
The decision marks a new era for the college, said principal and chief executive Dr Julie Mills.
Students will be able to study full- and part-time for degrees in subjects ranging from engineering, computing and business to graphic design, journalism and the performing arts.
The courses will be taught at the college’s Chaffron Way and Bletchley campuses and at University Centre Milton Keynes.
The degrees will be awarded by universities including the University of Bedfordshire.
Dr Mills said: “For the first time this gives the college and the city a degree of independence in higher education, allowing us to offer worthwhile and desirable degree-level education to people in our own way.
"The increased range of HE courses we will now be able to offer will have enormous benefits for students in and around Milton Keynes who wish to continue to live and work in the area while still being able to study towards degree level qualifications.”