The old Polys (or any establishment for that matter) shouldn't be allowed to hold university status unless it upholds a certain level of quality. Stupid, mickey mouse degrees should be abolished, should be the likes of STEM, medicine, law, classics, the better of the humanities etc that remain. Further encourage other options for after A-levels. Basically try to pull it down so a lot less people are going to university.
As far as expense goes though, with our current system people just need to run the figures. People who are opposed just shout about the huge amounts of money that don't get repaid without considering the actual benefit to the state. For one, the interest means that you don't have to pay back fully to have covered your initial expense. More importantly, however, is the higher earnings. Given the current system, not accounting for the fact that the average income for those without degrees is going to be lower than the national mean income, instead treating the national mean as the baseline, a graduate only has to earn about £1000 above that average income (making various assumptions along the way, of course) when they start work to offset any remaining expense when the loan is written off via income tax.
For example. With a 50 year working life, RPI at 4%, CPI and annual pay rise both at 3%, about 111k is written off the loan, however this actually only translates into an expense of £4,763 because so much interest was added. From this you can trivially see that a slightly higher income would have lead to the graduate paying back more than they borrowed, despite still having a very substantial outstanding loan. At the time of retirement inflation would have brough this sum of £4,763 up to £8,862, however, that slightly higher starting wage (£29,500 vs the average of £28,957) means that they have paid, over their lifetime and inflation adjusted, £23,099.97 more income tax than the average, leading to a grand total of £14,237.94 profit to the state.