What an interesting thread! Lots of point raised that I hadn't really considered, especially from lecturers and students.
My DS is in Y1 at an ex Poly doing Computing via BTEC entry. He hasn't complained about poor teaching but occasionally does say that he is surprised how academically poor some of his course mates are, how they could have got on the course with such a lack of basic knowledge.
He was offered an unconditional from another uni but chose this one, having received 2 starred Distinctions and a Distinction for his BTEC, but unfortunately in his subject the divide between ex-poly and RG is a good Maths A level so there definitely are kids at his uni who are only there for the 'guaranteed' 2:1 which opens employment jobs, and the course entry requirements are BBC.
But, the thing is, we have created this monster; the 'all shall have degrees' nonsense, the employers with a couple of O levels who demand 2:1s from their employees, the 'probably never going to pay the loan back' attitude.
Far too many kids, and their families are being sold a pup, but there are all but no alternatives to uni. Who needs a degree in dance? There are far too few apprenticeships, and many of them are exploitative (apprentice barista, anyone?).
The funding model is ridiculous and openly promotes offering daft degrees in unemployable subjects with ridiculously low entry. This starts with how we disdain Techs over sixth forms and A levels. I know plenty of DC who leave Sixth Form with a D and an E. They should never have gone there. But the alternatives either do not exist or are looked down on. And thus the system perpetuates.
I wonder if now student debt is being counted in the public accounts we might see changes?
I agree that uni should be rather harder to get into, and that there should be an independent OFSTED style evaluation with a lot less emphasis on student input since so many are at uni for the wrong reasons.