I could go on and on about the problems, but I'll add one thing that doesn't get a lot of coverage:
I think its atrocious that we force children to make huge decisions at such young ages. At the age of 16, we give kids the choice to drop core subjects that are so so useful for them later in life, and then at the age of 18 we ask them to pick, there and then, pick and commit to what you want to do for the rest of your life - else face a world of trouble when you try and change.
We are out of sync with many countries here.. especially with the choices at 16. Quite simply, I cannot see any justification for making/letting 16 year olds choose to drop science, maths, english. In most countries you can't - right up until the end of highschool you have to study the core subjects (although they often have various degrees of difficulty you can study at), and for me, although kids hate this, its so so useful for you later in life to have those transferable and applicable skills that are useful for any occupation.
Similarly at 18, if they want to go to university, they in most cases pick just one subject and that's that. You want to change? well better hope your rich because student fiannce only covers your first degree, and a limmited years, so if you realise your mistake 2 years in (when your at the mature age of... 20...) your now ****ed. The amount of problems this causes for young people who make the wrong decision, or get stuck with useless qualifications is just crazy.
There are plenty of university systems where you start off studying multiple things and can choose from a range of diciplines, and then as your degree goes on you specialise more and more into what you exactly want to do, as you learn more and more and develop. At least, if you want to make 18 year olds choose one degree and one only, give them the option to take out student finance for a second degree, because plenty of them will **** up the choice first time around.
There are some 16+18 year olds who know exactly what they want to do, and do it. But for the vast majority, they would be better suited with less decisions forced upon them, and a more american system of majors/selective coruses where they can choose to focus in certain areas, but still have to cover the core and basics.