I've rented out a couple of flats to students in a nearby University town for the last fifteen years or so. It's interesting because it's given me an insight into the changing nature of the University Student. Several things I can say with certainty:
1) Although there are students who are extremely bright, there are also some who are literally as thick as what pigs do on their straw. If they are British then they will be on some nonsense course such as Film Studies but if they are foreign then they could be doing anything as the BBC has just discovered (about 10 years after it started happening). Universities love Foreign Students because they pay so much and will do anything to avoid throwing them out. I have never had a tenant who has failed to get a degree (even if they cannot read the rental contract, or use the bathroom)
2) There is definitely a growing feeling of resentment amongst the bright kids that Degrees are being devalued because they are given out like confetti. They know that the taxpayer would be able to afford to give them a decent grant and their lectures wouldn't be interrupted by endless stupid questions if there were fewer duffers sitting there. They also realise that there isn't anything that they can do about it. The Universities encourage them to do a Masters or PhD in order 'to stand out from the crowd' (and obviously generate more fees)
3) There is also a feeling of resentment amongst those who were encouraged by their teachers to take some daft course at a No Hopers University and left with a debt of £20k and nothing more than the offer of a job stacking shelves at Tesco.