When I went to university in 1987 to read mechanical engineering, the rate was about 7% of school leavers. Employment rate afterwards if you passed was close to 100%, though of the seventy odd blokes and us six women that started, the failure rate was high and less than fifty obtained their degrees. Student loans came in my final year with the push to get more people into uni/poly, admissions steadily increased under Labour as the drive was to get 50% of school leavers into further education, this meant that this could not be achieved by Government finance alone and thus tuition fees became into being. When my daughter went to the same university, to study, fashion design, we had finally achieved this >50% target.
The downside of this, are numerous, what and where you study is massively important to your employment prospects and earning potential. If you do any of the vocational degrees like medicine or engineering, your employment prospects are excellent. History of art, not so much. Do I wish my daughter to have done something different, no not at all, life is about the journey not the destination.
Talking about having a nice car when you're young, during my first year I was in halls, for the second year I got a £20k mortgage and bought a one bedroom flat in Fallowfield opposite the park, I was twenty! This I feel is the biggest thing wrong with todays society. And before you all get going and blaming immigration, this isn't the main reason, rather it is about supply and demand, there are just to few properties on the market, planning rules, stamp duty, investment firms and stricter finance rules are.