I went to a red brick university. Among my house mates, the one who got a 2:2 in Human Geography (!) earns the most. I got a first and earn virtually nothing as a lecturer.
I do think that many degrees ought not to be offered. Rather, apprenticeships for subjects, such as Restaurant Management and Tourism, would be far more effective in teaching the necessary skills and in accumulating experience. The Tories killing Polytechnics was a major mistake. They would have been ideal for such apprenticeships.
I think labour's pledge to have 50% of all school-leavers in higher education was also a mistake. I really do not believe that University should be for the many. There was a time when grandparents used to brag about their grandchildren going to university; in a few years the bragging rights will be reserved to grandparent's bragging about their grandchildren not being on the list of those who missed out!