When I was young hardly anyone took degrees. Only the privileged went to university. Now it has become a necessity and rite of passage. Unfortunately, in the UK, with changes to the attainment of university fees and rising costs, it is costing students far more and they are now entering adult life with huge debt. Universities continually increase their fees, or appear to. There has recently been some expressed concerns about teaching, especially in the traditional, older universities (Where I went to, and with which accusations I am in agreement . The best teacher there, stimulating and innovative, was Italian).
It seems to me that we need to re-look at first degrees, make them shorter and cheaper, with fewer holidays. Make sure there are far more ways open to students, those who want the qualification but can do without the experience, to study rather than say attending in this committed way to a single school/university. This is an extension of school life surely. Weekend study perhaps? As long as the standards are kept up, should there really be a problem?
Kingsley Amis, the British novelist, considered extending degrees to so much of the population a mistake as thereby degrees get diluted, but in the modern world it is essential for as many people as possible to obtain qualifications. Need they be degrees? Amis himself was the product of university life being extended in the UK to the Middle and Lower MIddle-Class (British obsessions of the time), now the poor can can as long as they get into debt. Degrees function after all as a way of influencing and ensuring social mobility.
In Amis' day professional work and jobs in general gave day to day training (TV, journalism), but usually there was little for young entrants to learn compared to today and competition now is fiercer. Amis taught at many of the New Universities of the times (such as Wales) but never acquired a PhD (not generally popular then) nor a BLitt, the equivalent of a Masters. How times have changed!