icanhandthemback
^Loans carry interest if a student gets a graduate work they can easily repay the loan interest...^
That just isn't true. Loans start earning interest from the day they are paid which meant that my son had 4 years of interest payments on top of a very large loan. He is paying the required amount from his earnings. Even though he pays every month, it isn't credited to his loan account until the end of the year so he pays interest on an amount he has already paid for. On top of that, when he earns more, he has an extra 2% interest charged. He might earn that amount relatively quickly but he has to work in the City and pay huge rents in order to live. Obviously his pay is weighted for the London area but his loan and interest isn't.
You are wasting your time, icanhandthemback. The idea that there are 'graduate jobs* (still undefined) and that a degree is wasteful' unless a graduate gets one of these mysterious jobs and is therefore able to pay back her or his loan within a short space of time is so deeply embedded in those who write off education as 'Mickey Mouse' that they won't be shifted.
The Student Loan system is dreadful, and desperately needs an overhaul. As Martin Lewis pointed out to Kemi Badenoch, tinkering with the interest rates will make no difference to the vast majority of graduates, as they never pay off the capital - not because of low wages, but because of the structure of the system.
That is a separate issue though. The idea that people should be prevented from getting an education because educating them is 'wasteful' is denying people opportunities, and the motive of doing so in order to force them into roles where they will be told by others to carry out boring and repetitive tasks is abhorrent.
We know that graduates do, on average, earn more than those who do not go to university (although we can all point to friends and family who buck that trend on either side).
(https://ifs.org.uk/publications/impact-undergraduate-degrees-lifetime-earnings)
Graduates are more likely to have secure employment with a career structure that allows for promotion. Ironically, given the comments upthread, they are taught interpersonal skills, as well as how to meet simultaneous deadlines, work in groups and alone, lead others and more - all things that are useful in the workplace. Yes, there will be school leavers who can do all those things, and it is true that not all graduates master them, but course leaders have to show how employability is addressed across courses, and this is checked by validation committees and external examiners. If courses have professional accreditation the professional body examiners will insist on them too, on pain of losing their kitemarks.
This thread has wandered off course, and I am in no way saying that getting a trade is an inferior choice. As has been said, many people make good money and have very satisfying work as 'tradies'. They are far more likely to survive the AI revolution than, say, accountants, whose skills will soon be relatively easily be carried out by computers. What I am arguing against is the 'either/or' mentality that separates people into those worthy of higher education and those not, and the notion that people's lives 'should' be ruled by the economy, with places in HE being restricted so that wages are depressed - it smacks of Stalinism or Mao's China.