I also know that if they had not gone to university their life chances would have been severely curtailed

But in how many cases is that not because the university degree enables people to be sure of a well paid job, but because if kids don't have a degree their chances of competing in the job market is very much reduced?

Many young people end up doing the same kind of job they could obtained without a degree before graduates became a glut on the market, but with massive debts hanging over them, ready to kick in whenever they start earning more, and damaging their credit options even before that.