About a decade ago I was supervising an American Masters student at Oxford. He was very bright and thoroughly deserved his place and was not rich but he told me candidly that American students used to play a game called 'spot the Brit' on their course. There were so many overseas students on his Masters course that he said it was hard to believe he was in the UK sometimes.
Going back some 25 years as an undergraduatre myself we had rich American students who came over for a year to do a 'Masters' but who actually just sat in on our undergraduate course. They paid very high fees.
This has been going on for years. There is only so much money for free or partly funded places and Universities have to make up the numbers somehow so why not allow some rich UK students to pay?
It is still possible for UK students to get some funding for undergraduate degrees and PhD funding (where you complete a Masters course first) but it is getting harder every year. I did a paid Masters course back in 1990 and then a PhD funded by UK Govt after that.
All in all, this is a bit of a non story as it is not really a change from what is already happening and has been going on for years. I note the article says that ony 3000 UK/EU student undergrad places were awarded in the current academic year at Oxford but 17,000 overseas students places. Says it all really.
In lesser universities, lets face it, so many undergraduate courses have been dumbed down and pretty much run on a 'bums on seats' basis to get the cash in that most of them would have to shut down if they were prevented from doing it. Whether it be undergraduate or Masters courses it is no different.
Before WWII it was commonplace for wealthy students to buy a place at a top UK university with a few very bright students from poor backgrounds coming in on a variey of scolarships for which competition was fierce. Then full student grants came in in the 1960s so it became much more meritocratic but the true cost and lack of sustainability of that model has now been exposed and we are moving back to a pre WWII model where either only the rich or extreley able student can attend university
I strongly believe we have too many UK univeristies and that the way to continue with a more meritocratic model is to shut down all UK universites except the Russel Group and then fund them properly so that only the very brightest UK students get a fully funded place. We just dont need as many universities or courses or students as we have currently.
The fact is that a UK university education is now so devalued that it is almost 'a con' to encourage poorly informed students into debt. This is now very apparent in America where student debt is out of control and rapidly becoming a national scandal. The UK is only a decade behind that outcome. To avoid it we need fewer but properly funded university places for our top 25% of students.