The transaction between prospective students and universities has always been unlike that of any other buyer/seller. Students chose their preferred universities and then universities chose the students they wanted. There was a balance between demand and supply which under the grant-funded regime used to seemed to work. It didn’t matter if only a handful of students chose a particularly obscure degree with no job prospects. The government grant would subsidise it, and the student would enter the job market with no debt to speak of.

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