Of course it depends on the industry. I will be realistically hoping to be on a upper end 5 figure salary after 15 years in the workplace, I don't see how 9000 a year is value for money. The emphasis here is on the value part. Even though the students might not need to ever pay it back, that is still money that is being passed over that in my opinion just simply isn't warranted, when some uni's have become cattle grounds for the most students they can find.
Undergrad Funding
And it's an argument for a graduate tax, where you pay 9% of your income above £21k for the rest of eternity rather than stopping after earning 300k over 21k/year (so say 510k in 10 years, or averaging 31k a year over 20 years)
However that would mean those that can would study abroad, thus never becoming liable for the graduate tax, and those that are liable would have more incentive to move abroad and move themselves out of the UK tax system. If you expect to earn an average 60K for 40 years, a 9% tax over 21k would mean paying £140k in graduate tax, you can get ivy league tuition for half that I believe.
Another way to fund universities would be to increase the higher threshold from 40% to 49%, on the assumption that most people earning in the 40% threshold benefited from tertiary education at some point, but that money just goes into the general pot, and is liable to be used to fund other areas.
The system in olden times was that tuition was paid for by the general population, just like it is for secondary and primary education.
The current system claws some of that cost back, from those that can most afford it. There's a moral statement that the population as a whole should pay for university education for all, in the same way that we pay for school education, or that we pay for libraries. It's an interesting argument, but what point do you stop? Why not pay for gym membership for all, increasing the countries health levels?
University population
There is a seperate issue regarding the number of people going to university, which is at an all time high, and by no means neccersarily a "good thing". Not neccersarilly a "bad thing" either though. If there's 50 million people aged 16 through 66, that's 1 million people per year. In the past, 70% would leave education at 16, 20% at 18, and 10% at 21. This would mean that the total in the labour pool would be 45 million (over 21), plus 0.6 million (over 18) plus 3.5 million (over 16), a total of 49.1 million.
By getting 100% to school at 18 and 50% to 21, the labour pool reduces, to 45 million (over 21), plus 1.5 million (over 18), a total of 46.5 million, but have the same demand for jobs (the same people exist)
You've reduced unemployment by 2.6 million. Trebbles all round.
The future
The age of leaving education has increased throughout some posters lifetimes. Those born in the 1930s would have left school at 15, or even 14. Nowadays you're in education until you're 18, and I don't see any sign of it decreasing.
(In the olden days more families were single-earning, so the labour pool in the 21+ bracket was far lower than it is nowadays)
There's the other issue, you used to be able to leave school at 14, go down the pit or in the factory, work for 50 years, then retire. Those jobs just don't exist now, either through offshoring or automation.
However lets assume that we go back to 10% of people going to university and 90% of people not. If you accept the premise that most jobs require a degree (and I don't accept that - mine certainly doesn't, but in practice they do), what are the 90% of people that don't go to university going to do?
In theory a highly skilled workforce of 50 million can produce the same (or more) economic output of a highly skilled workforce of 25 million and unemployed of 25 million, but have individuals only work for 20 hours a week rather than 40. What to do with the population in the face of increased automation and globalisation is probably the biggest challenge of the 21st century, and not one anyone seems to want to tackle.
As time goes on, if university extends to having 70% of the population going, or 90%, or even becomes compulsory, there's a strong argument for it to be free at the point of use and paid for by general taxation, just like health and primary/secondary education is, but I don't think that that should happen. I'd far rather fund free university places for 40 or 50 year olds, or even new retirees, rather than just turn it into year 14, 15 and 16 of school.