HIGHER EDUCATION BUBBLE UPDATE, BRITISH EDITION: A-level students must be told the whole truth about the value of a degree: Mis-selling of higher education is one of the least remarked upon scandals of our time.

Least remarked upon? Some of us have been trying! And this sounds familiar:

From the moment that John Major started to abolish student grants, the British government has been in the business of selling (rather than simply providing) higher education. Yes, studying costs, runs the argument, but it is an investment: what students pay is a small fraction of what they will get back.

Then came the proliferation of courses and institutions, from BA (Hons) in Golf Management at the University of the Highlands and Islands to Trade Union Studies at Blackpool College. The definition of a degree has changed massively, but the financial argument used for getting one has not changed at all.

Costs have gone up, value has gone down. Plus this:

Of recent graduates, almost a third are in jobs that don’t require anything more than GCSEs. One in 10 recent graduates is now on the dole. All youth unemployment is tragic, but there is something especially scandalous about young people who have been sold a vision of graduate life, only to find it was a piece of spin to sweeten the bitter pill of student loans. The mis-selling of higher education is one of the least remarked-upon scandals of our time.

Indeed.